SBI Education Loan for Abroad: What You Need to Know
Indian students who aspire to study abroad often face financial challenges. One of the most popular solutions to this problem is taking an education loan from a trusted financial institution. State Bank of India (SBI) is one such institution that offers education loans to students who wish to go abroad for their studies.
We will go over all you need to know about SBI education loan for abroad in this extensive guide.
Also read: SBI Education Loan - Eligibility and Interest Rates (2024)
SBI Education Loan for Abroad: Overview
Let's explore how SBI Education loans in detail and see how it can help you achieve your educational aspirations and set you on the path to success.
Types of SBI Education Loans
There are several types of SBI Education Loans students can take advantage of. Here are their details:
*Note: The interest rates may vary depending on the market rates and the educational institution.
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Documents Required for SBI Education Loan
To apply for an SBI education loan, both the student applicant and co-applicant need to submit specific documents along with the completed loan application form. Here’s a structured list of the required documents:
Also read: Documents Required for Applying for an Education Loan
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SBI Education Loan for Abroad Eligibility
To be eligible for an SBI Education Loan for Abroad, Indian students studying abroad must meet the following criteria:
SBI Education Loan for Abroad: Rate of Interest
Here’s a detailed look at the interest rates and terms associated with SBI Education Loans:
Minimal Documentation. Higher Chances of Approval. Easy Online Processes. Check Your Eligibility.
How to Apply for an SBI Education Loan for Abroad?
It's simple to apply for an SBI Education Loan for Abroad. To guarantee a seamless application procedure, adhere to the following steps:
Step-by-Step Online Process:
1. Visit the Official Website
Go to the official SBI website and navigate to the Education Loan section.
2. Select the Loan Scheme
Choose the specific education loan scheme that suits your needs and click on "Apply Online."
3. Fill Out the Application Form
Complete the online application form with all the necessary details.
4. Upload Required Documents
Upload your signature, photograph, and any other required documents.
5. Submit the Form
Review all the entered information, submit the form, and print a copy of the submitted application.
6. Visit a Nearby SBI Branch
Take the printed application form to your nearest SBI branch for further processing and completion of the loan application.
Step-by-Step Offline Process
1. Visit the Bank
Go to your nearest SBI branch.
2. Request the Application Form
Ask the bank representative for an education loan application form.
3. Seek Guidance
The bank representative will provide you with all the necessary details and information about margin money, interest rates, and eligibility criteria for the suitable loan scheme.
5. Complete the Form
Provide accurate information when filling out the application.
6. Send in the application
Give the bank agent the completed application form and the necessary paperwork.
Expenses Covered Under SBI Student Loan Scheme
Here's a breakdown of the expenses covered under this scheme:
Advantages of SBI Education Loan
Here are the top advantages of opting for an SBI Education Loan:
1. Competitive Interest Rates
SBI offers competitive interest rates that make repayment manageable and affordable for students and their families.
2. Flexible Repayment Options
Enjoy flexible repayment terms, with repayment starting one year after course completion or six months after securing a job.
3. Wide Range of Courses Covered
Whether pursuing undergraduate, postgraduate, or vocational courses in India or abroad, SBI covers a broad spectrum of recognised programs.
4. High Loan Limits
Get large loan limits of up to INR 20 lakhs for studies overseas and INR 10 lakhs for studies in India. This will guarantee you have the money you need for living expenses, tuition, and other educational requirements.
5. No Processing Fee for Smaller Loans
For loans up to INR 4 lakhs, there is no processing fee, making it easier to access smaller amounts without additional costs.
6. No Collateral for Loans Up to INR 7.5 Lakhs
Loans up to INR 7.5 lakhs require only a co-borrower (parent/guardian) and do not require any collateral security or third-party guarantee.
7. Tax Benefits
Enjoy tax benefits on the interest paid under Section 80E of the Income Tax Act, making education loans more affordable.
8. Simple and Transparent Process
SBI offers a straightforward and transparent application process, ensuring you understand each step and requirement clearly.
Securing an SBI education loan can help fulfil your dream of studying abroad. However, Propelld simplifies the process with faster approvals, no collateral for most loans, and exceptional support.
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Benefits of Propelld Education Loan
Some more benefits of Propelld Education loan are:
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