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SBI Global Aid-Vantage Education Loan: SBI Global Aid-Vantage Overseas Education Loan Eligibility, Loan Amount and Interest Rate – Benefits of SBI Global Aid-Vantage Overseas Education Loan

SBI Global Aid-Vantage Education Loan: SBI Global Aid-Vantage Overseas Education Loan Eligibility, Loan Amount and Interest Rate – Benefits of SBI Global Aid-Vantage Overseas Education Loan
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SBI Global Aid-Vantage Education Loan: SBI Global Aid-Vantage Overseas Education Loan Eligibility, Loan Amount and Interest Rate – Benefits of SBI Global Aid-Vantage Overseas Education Loan

SBI Global Aid-Vantage Education Loan: SBI Global Aid-Vantage Overseas Education Loan Eligibility, Loan Amount and Interest Rate – Benefits of SBI Global Aid-Vantage Overseas Education Loan

SBI Global Ad-Vantage Education Loan: An education loan was introduced to help oneself or one’s children afford expensive higher education. Through education loans, not only existing universities / colleges in the country but also higher education abroad can be covered. Banks offer loans for various courses abroad. One such loan is the SBI Global Ad-Vantage Overseas Education Loan. This loan is a foreign education loan especially for those who want to do full time regular courses in foreign colleges and universities. This is a custom finance solution from SBI for students who prefer to study abroad to fulfill their career goals.

These include courses and countries

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The loan scheme includes regular degree courses, postgraduate courses, diplomas, certificate / doctoral courses from foreign institutes / universities. These courses can be in any subject. USA, UK, Australia, Canada, Europe, Japan, Singapore, Hong Kong and New Zealand, Europe (Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Poland, , Russia, Spain, Sweden, Switzerland, United Kingdom) Colleges / Universities in any branch.

Loan amount, interest rate and repayment period

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Loans under SBI Global Ed-Vantage Education Loan range from Rs 7.50 lakh to Rs 1.50 crore. The interest rate on this loan is 8.65 per cent. SBI offers special discounts of 0.50 per cent to women applicants on interest rates on loans. Simple interest will be charged between course duration + postponement period. The loan repayment period is up to 15 years. This period will start 6 months after the completion of the course.

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Expenses incurred under SBI Global Ad-Vantage Scheme

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– Travel expenses / route expenses

– Tuition fees

– Examination / Library / Laboratory Charges

– Expenses on purchase of essential items like books / equipment / tools / uniforms / computers at reasonable cost and additional requirements like project work / thesis / study tour can also be considered for the loan, if the cost is not more after completion of the course. More than 20% of the total tuition fee

Loans may be considered for other expenses like repayable deposit through precautionary money / building fund / institution bills / receipts, if it does not exceed 10% of the total tuition fee.

Features and benefits of the loan

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– Convenient and fast online application process through SBI website. Applicants can click on ‘Apply Now’, fill in the required details and submit the application.

– Initial loan approval: The loan will be approved before the student’s I-20 / visa

– Tax benefits under Section 80 (e) of the Income Tax Act

– Direct payment of college / school / hostel fees

– The applicant can provide tangible collateral security

Collateral protection provided by third parties (in addition to parents) may also be accepted.

Documents required for application process

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– Tenth and twelfth grade marks, degree (if applicable) and results of entrance examination

– Admission card / offer letter / identity card if available from the university as proof of admission

– Expenditure schedule for the course

Copy of letter providing scholarship, free ship etc.

– Gap Certificate, if applicable (self declaration by students for study distance)

– Passport size photo of student / parent / co-borrower / guarantor (1 copy each)

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– Asset Liability Statement of Co-Applicant / Guarantor (Applicable for loans above Rs. 7.50 lakhs)

For salaried people: (a) Latest Salary Slip (b) Form 16 or Latest IT Return (ITR5)

For non-salaried people: (a) Proof of business address (if applicable) (b) Latest IT return (if applicable)

– Bank account details of parents / guardians / guarantors for last six months

– In the case of immovable property offered as collateral security, a copy of the sale document of the property and a photocopy of the liquid security offered as other documents / collateral.

Permanent account number (PAN) of student / parent / co-borrower / guarantor

– Aadhaar (Mandatory, if eligible under various interest subsidy schemes of Government of India)

– Passport

Officially valid documents as proof of identity and addressPassport / Driving License / Voter Identity Card, Job Card issued by NREGA, Letter issued by National Population Register containing name and address details.

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