SBI online: Interested in overseas education? Check this loan scheme

SBI online: The State Bank of India's internet banking portal provides personal banking services that give you complete control over all your banking demands online along with facilitating Corporate Banking application features to administer and manage non-personal accounts online. The SBI Online also facilitates to fulfil your dream to pursue higher education within the country as well as abroad. If you are interested to study overseas, the largest public sector bank provides overseas education loan --Global Ed-Vantage.

According to SBI website, the "Global Ed-Vantage is an overseas education loan exclusively for those who wish to pursue full time regular courses at foreign colleges/universities." The key features of this scheme are given below:

1. Faster: Online application process
2. Lighter: Attractive interest rate
3. Higher: Loan amount of Rs 20 lakhs to Rs 1.5 Cr
4. Easier: Repayment through EMI upto 15 years
5. Early Approval: Loan sanction prior to i20/Visa

Those who apply for the Global Ed-Vantage will also be able to avail tax benefit under section 80(E).

Fulfill your dream of studying abroad with the SBI Global Ed-Vantage Scheme at attractive interest rate. To know more visit: https://t.co/6tpgZr1M1f pic.twitter.com/FmkrDMNb5c

— State Bank of India (@TheOfficialSBI) June 18, 2019

If you are interested, you can pursue courses including Regular Graduate/ Post Graduate/ Doctorate Courses in any discipline offered by foreign Institutes/ Universities in USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong and New Zealand, according to sbi.co.in.

Under this scheme, you can pay the fee payable to college/school/hostel, along with paying examination/Library/ Laboratory fee, besides travel expenses/passage money for studies abroad. This will also facilitate you to purchase of books/equipments/instruments/uniforms/ computer at reasonable cost if required for course completion. Any other expense required to complete the course– like study tours, project work, thesis, etc. can be considered for loan subject to the condition that these should be capped at 20% of the total tuition fees payable for completion of the course, the website stated. 

Notably, applicants need to pay processing fee of Rs 10,000/- per application, besides submitting tangible collateral security. Collateral security offered by Third Party (other than parents) can also be accepted, said the bank.
 
For repayment, beneficiary should know that accrued interest during the moratorium to be added to the principal and repayment in EMI fixed. The repayment will commence 6 months after completion of course, and it can be paid upto maximum of 15 years.