Embarking on a abroad education journey is a life-changing experience, and State Bank of India (SBI), helps in making this dream a reality. In this guide, we will delve into the world of education loans at SBI, shedding light on the various schemes designed to empower students in pursuing higher studies abroad. Whether you're considering undergraduate, postgraduate, or specialized courses, SBI is committed to supporting your educational aspirations. Let's navigate through the key features, eligibility criteria, and application processes for the three flagship SBI education loan schemes – the SBI Student Loan Scheme, SBI Global Ed-Vantage Scheme, and Shaurya Education Loan Scheme.

SBI Student Loan Scheme:

The SBI Student Loan Scheme stands as a beacon for aspiring students seeking financial assistance for their international education endeavors. Here's a detailed breakdown of this scheme:

Loan Limit:

- Non-collateralized loan up to Rs. 7.5 lakhs.

- Collateralized loan up to 100% of the collateral value.

- Higher loan amounts available based on the loan profile and eligibility.

Covered Expenses:

- Tuition or course fees

- Caution money

- Travel expenses

- Insurance premium

- Examination fees

- Books and stationery charges

- Laptop or computer purchasing cost

Acceptable Co-applicants:

- Parents, parents-in-law, siblings, spouse

Interest Rate:

- 9-11% for loans with collateral.

- Interest-rate discounts for girl students and loans with insurance.

Loan Margin:

- Up to Rs. 4 lakhs - 0%

- Above Rs. 4 lakhs - Depends on the type of collateral

Moratorium Period:

- Course duration plus 12 months

Repayment Duration:

- Up to 15 years after the moratorium period

Repayment Policy:

- Students are charged simple interest during the moratorium period, with flexibility in payment.

Eligibility Criteria:

- Confirmation of admission in a foreign university

Acceptable Collaterals:

- Immovable property (Non-agricultural land, building, flat)

- Liquid security (Govt. bonds, LIC policies, Fixed deposits)

Processing Fees:

- Up to Rs 20 lakhs: NIL

- Above Rs 20 lakhs: Rs 10,000 + TAX

Courses Covered:

- Graduation, Post Graduation, Ph.D., CPA, CIMA, Diploma/Degree in specialized fields

This scheme not only provides financial support but also ensures that students can focus on their education without the burden of immediate repayment, making international education dreams accessible for all.

SBI Global Ed-Vantage Scheme:

The SBI Global Ed-Vantage Scheme is tailored to empower students with financial support for pursuing international education. Here's an in-depth exploration of this scheme:

Loan Limit:

- Non-collateralized loan up to Rs. 7.5 lakhs.

- Collateralized loan up to 100% of the collateral value.

- Higher amounts available based on the student's profile.

Covered Charges and Expenses:

- Course fees or tuition fees

- Cautionary deposit

- Insurance premium

- Examination fees

- Travel expenses

- Purchase of course books

- Purchase of a laptop or computer

Acceptable Co-applicant:

- Parents, parents-in-law, siblings, spouse

Interest Rate:

- 9-11% for loans with collateral.

- Interest-rate discounts for girl children and meritorious students.

Loan Margin:

- Up to Rs. 4 lakhs - 0%

- Above Rs. 4 lakhs - Depends on collateral type

Moratorium Period:

- Course duration + 12 months or 6 months after getting a job

Repayment Duration:

- Up to 15 years after the moratorium period

Repayment Policy:

- Simple interest during the course and moratorium period, optional to pay.

Eligibility Criteria:

- Indian citizen with entrance exam qualification

Acceptable Collaterals:

- Immovable property, Liquid security

Processing Fees:

- Up to Rs 20 lakhs: NIL

- Above Rs 20 lakhs: Rs 10,000 + TAX

Courses Covered:

- Graduation, Post Graduation, Certificate/Diploma courses, Ph.D., CPA, CIMA, etc.

The SBI Global Ed-Vantage Scheme not only extends financial assistance but also recognizes and rewards merit, making global education a feasible reality for Indian students.

Shaurya Education Loan Scheme:

The Shaurya Education Loan Scheme, designed specifically for the children of DSP/ICGSP officers, offers robust financial support for pursuing international education. Here's a comprehensive overview:

Loan Limit:

- Non-collateralized loan up to Rs. 7.5 lakhs.

- Collateralized loan up to Rs. 1.5 crores.

- Higher amounts available for strong profiles.

Expenses Covered:

- Course fees

- Caution deposit

- Examination fees

- Travel expenses

- Insurance premium

- Purchase of a Laptop or computer

- Purchase of Books and stationeries

Acceptable Co-applicant:

- Parents, parents-in-law, siblings, spouse

Interest Rate:

- 9-11% for loans with collateral.

- Interest-rate discounts for girl students and loans with insurance.

Loan Margin:

- Up to Rs. 4 lakhs - 0%

- Above Rs. 4 lakhs - Depends on collateral type

Moratorium Period:

- Course duration + 12 months or 6 months after getting a job

Repayment Duration:

- Up to 15 years after the moratorium period

Repayment Policy:

- Students are charged simple interest during the moratorium period, but it depends on students if they want to pay then or not. Students can opt to add that interest amount to the loan amount and repay it later, with EMIs

Eligibility Criteria:

- DSP/ICGSP officer’s children are considered eligible to apply for abroad education loans under this scheme

- The co-applicant (DSP/ICGSP officer) must be a Diamond/Platinum account holder in SBI

Acceptable Collaterals:

- Immovable property - Building, Non-agricultural land, flat

- Liquid security - Fixed deposits, Govt. bonds, LIC policies

Processing Fees:

- Up to Rs 20 lakhs: NIL

- Above Rs 20 lakhs: Rs 10,000 + tax

Eligible courses under Shaurya Education Loan:

- Graduation: Professional or technical courses being run by prestigious institutions for job purposes

- Post-graduation: Job-oriented professional/technical courses such as MCA, MS, MBA, etc.

- Certificate or diploma of postgraduate courses offered by prestigious institutions.

- Doctorate programs (Ph.D.)

- Courses conducted by CPA (Certified Public Accountant) in the USA, CIMA (Chartered Institute of Management Accountants) - London, etc.

- Diploma or degree courses offered in pilot training, aeronautical engineering, shipping, etc. run by competent authorities in India and abroad for the purpose of employment in India or abroad

The Shaurya Education Loan Scheme reflects SBI's commitment to supporting the education of those who serve the nation, ensuring that financial constraints do not hinder academic pursuits.

In conclusion, State Bank of India's suite of education loan schemes stands as a gateway to realizing your international education aspirations. The SBI Student Loan Scheme, SBI Global Ed-Vantage Scheme, and Shaurya Education Loan Scheme are meticulously designed to provide comprehensive financial support for students pursuing higher studies abroad.

These schemes cater to a diverse range of academic pursuits, from traditional degrees to specialized courses, ensuring that no dream is left unfulfilled due to financial constraints. The transparent loan parameters, flexible repayment options, and interest rate incentives make SBI's education loans a preferred choice for students and their families.

How to Apply for an Education Loan ?

Applying for an education loan independently can be a tedious and time-consuming process, requiring meticulous attention to detail and navigating through various procedures.

At Klassfin, we understand the challenges associated with this endeavor, and we are here to simplify the entire process for you. 

Our dedicated team takes on the responsibility of conducting thorough due diligence on your behalf, streamlining the application process, and ensuring that all necessary documentation is handled efficiently. 

Through our exclusive negotiations with financial institutions, we secure the best possible interest rates for your education loan. 

At Klassfin, our mission is to alleviate the burdensome aspects of the application process, allowing you to focus on your education while we take care of the financial intricacies.