MD: Get all your doubts cleared about the SBI Overseas education loan in this informative blog. Also, know how GyanDhan can help you get an SBI foreign education loan easily.
Why Are Education Loans The Best Way to Finance Your Education Abroad?
Contrary to popular perception, education loans are in fact one of the easiest ways to finance your education abroad. Here’s a quick run-through of the advantages of taking an education loan before we dive into SBI overseas education loan to help you get rid of any preconceived notions about education loans.
- With education loans financing their education abroad, students can keep their/parents’ personal savings safe and instead use them for other emergencies.
- Taking an education loan from a gazetted financial institution will make you eligible for tax deductions, under section 80E, for up to eight years.
- Students who take an education loan and repay in time build their credit score. This score can later be used in case they want to borrow in the future.
- Many countries, like Canada, Germany, Australia, etc, make it mandatory for students to show proof of funds for the complete program before granting a visa. In such a case, taking an education loan will prove to be helpful as it implies a steady flow of funds.
- Education loans also safeguard you against unexpected study-related expenses.
Now you may be wondering if scholarships are not a better and cheaper way to cover your education expenses. Well, GyanDhan does not deny that scholarships and financial aid are some of the other ways through which students can finance their education abroad. However, in most cases, these are not enough to cover the entire cost of studying abroad
Why Choose SBI Education Loan to Study Overseas?
Most public sector banks, private banks, and few NBFCs in India give education loans for studying abroad. Among all the various lenders present today, SBI has a distinctive edge.
SBI offers two education loans for study abroad aspirants – SBI Global Ed-vantage Loan and SBI Student Loan. In this blog, the focus is on SBI Global Ed-vantage Loan. Let us take a look at the reasons that make SBI student loan for study abroad or SBI Global Ed-vantage loan a popular and worthy choice and talk about its key advantages.
- SBI has recently come up with a fixed rate of interest overseas education loans for studying abroad. Unlike all other education loans that have a floating rate of interest, Global Ed-vantage loans with a fixed rate of interest offered by SBI assure that there are no fluctuations in the interest rates that a student has to pay. In this way, it becomes much easier for the students to make a substantial amount of savings and use them for other study-related expenses. For more information on this, students can read here.
- A third party, other than the parents of the student, too can offer collateral security.
- Education Loan for Abroad Studies in the SBI scheme includes scholarship/assistantship in the margin money.
- Students can opt for RiNn Raksha and get insurance-coverage for their loan.
What Are The Salient Features of SBI Overseas Education Loan?
Let us also discuss some salient features of SBI Global Ed-vantage loan:
- The bank gives an education loan for regular programs at the graduate, undergraduate and doctorate levels in countries such as the US, the UK, Australia, Canada, Singapore, Europe, Japan, New Zealand, and Hong Kong.
- The amount of loan provided ranges from INR 20 lakhs to INR 1.5 crores.
- The students get a repayment time of 15 years. Also, the repayment will start six months after the program gets completed.
- Students are also eligible for income tax benefits under Section 80E of the Income Tax of India.
- The bank sanctions the loan before the issue of visa or i20.
- The loan amount includes tuition fees, living expenses, and other study-related expenses (such as books, computers, uniform, equipment, laboratory fee, examination fee, project work, study tours, etc) too.
- The bank accepts tangible security for this loan.
- Students have to pay a processing fee of INR 10,000 plus GST.
- The bank charges simple interest during the duration of the courses and the moratorium period.
How GyanDhan Makes It Easy for Students To Get SBI Overseas Education Loan
Students can approach SBI directly and apply for this loan. However, the bank has stringent requirements and any single lapse on the part of the student may lead to his/her application being rejected. To avoid such a scenario and to make your loan application and sanction seamless and hassle-free, it’s always best to take guidance from the experts of the education loan market. Students can take SBI Overseas Education Loan via GyanDhan. A detailed insight into how GyanDhan makes the education loan journey a cakewalk.
- Firstly, once you check your loan eligibility or request for a callback, an education loan counselor from GyanDhan will call you and tell you if you are eligible for the Global Ed-vantage Loan. Then he/she will brief you on the subsequent procedures you need to undergo to apply for an overseas education loan from SBI.
- Submitting the correct and complete list of documents is extremely important for getting an education loan. To help you submit correct documents at one go, GyanDhan provides a customized list of documents that you need to submit along with your application. This ensures that students are able to fulfill all the requirements of the loan application and expedite loan processing.
- Now that GyanDhan does the major research related to documents on your behalf, you can also leave the task of document submission to them. They have partnered with SBI for door-step document pickup arrangement. Therefore, GyanDhan collects the documents right from your doorstep thus ensuring that you are able to complete the document submission from the comfort of your home.
- In the case of any missing documents or property issues, GyanDhan coordinates with SBI and helps find a solution in minimum time.
- GyanDhan’s turnaround time is very low and students can get their loan application sanctioned in just 12 days through them!
- The best part is that their services are free, and students have to pay no processing fee to them.
GyanDhan is committed to making your dream of studying abroad a reality. Just approach them now and apply for an abroad SBI Student Loan to give wings to your study abroad dreams.