State Bank of India launches overseas education loan
NEW DELHI: State Bank of India has launched ‘SBI Global Ed-Vantage’, an overseas education loan for students who wish to pursue higher education abroad.
SBI Scholar Loan scheme has been specifically tailored for those who get admission to a select list of 100+ top institutions in India covering management, engineering, medicine, law etc.
Its key features include a collateral free loan at a low interest rate. The recent years have seen a steady increase in enquiries for financing studies at foreign Universities. Students seeking global exposure are trying for prestigious Universities like Stanford, Harvard, MIT and INSEAD etc. But the cost of education being on the higher side, they often find it difficult to pursue their studies for want of adequate finance.
The SBI Global Ed-Vantage aims to help those who are pursuing full time regular courses in foreign colleges/ universities. It will cover courses from regular full time graduate/post-graduate/doctorate courses in science, technology, engineering, mathematics, medicine and management in institutions of the USA, UK, Canada, Australia, Europe, Singapore, Japan and Hong Kong. The loan amount is upwards of Rs 20 Lakh to Rs 1.5 crore at up to 80% of cost of course is eligible for financing with a 0.5% concession for girl students.
Student will be provided with upto six months post completion of the course to begin re-paying the loan via EMIs.