State Bank of India (SBI) has launched an overseas education loan ‘SBI Global Ed-Vantage’, for students who want to pursue higher education abroad.
SBI Scholar Loan scheme has been specifically designed for those students who get admission to a specific list of 100+ top institutions in India, covering engineering, management, medicine, law etc.
The loan is collateral free and is available at low interest rates. In recent years, there have been a steady increase in enquiries for educational finance for foreign Universities. But due to high cost of education, the students often find it difficult to pursue their studies for want of adequate finance.
The SBI Global Ed-Vantage aims to support those students who are pursuing full-time regular courses in foreign colleges and universities. This will cover courses from regular full-time graduate, postgraduate and doctorate courses in engineering, technology, science, medicine, mathematics and management in institutions of countries including the USA, the UK, Canada, Australia, Singapore, Japan, Hong Kong and Europe.
The amount of the loan is from Rs 20 lakh to Rs 1.5 crore and up to 80 per cent of cost of course is eligible for financing. There is a special concession of 0.5 per cent for girl students.