The State Bank of India (SBI) has introduced an overseas loan particularly for scholars who wish to continue full-time regular programmes at foreign colleges and universities.

Under the SBI Global Ed-Vantage loan, the aim is to provide financial aid to students who wish to pursue overseas courses to achieve their career goals.

The interested students can avail the loan starting from Rs 7.50 lakh to Rs 1.50 crore at an interest of 8.65%. The women applicants can avail the loan with a 0.50% concession.

Eligibility Criteria: The students who will opt for Undergraduate, Postgraduate, Certificate, Diploma, and Doctorate programmes are eligible for the loan. The bank will sanction the loan before the students I-20/ visa, and is also eligible for tax exemption under Section 80(E).

Under the scheme, The covered countries include the US, Australia, UK, Canada, Japan, Europe, Singapore, New Zealand, and Hong Kong.

Loan Details: The bank will start the loan repayment 06 months after the completion of the course which can extend up to 15 years.

The bank, under the loan, will cover travel expenses, tuition fees, exam/ lab/ library fees, books/ uniform/ instruments/ equipment/ computer fees at reasonable cost, cost of additional requirements like project study tours/ work/ thesis not more than 20% of total tuition fees, and other miscellaneous expenses such as building fund/ caution deposit/ refundable deposit supported by institution receipts/ bills not more than 10% of total tuition fees.

Security: For loan, the applicants can provide tangible collateral security. The applicants can also provide collateral security offered by 3rd party, other than parents.