State Bank of India on Monday announced an overseas loan exclusively for students who want to pursue full-time regular courses at foreign colleges and universities.

The country’s largest lender said students can avail this loan starting from Rs 7.50 lakh to Rs 1.50 crore.

Named SBI Global Ed-Vantage, the loan will attract an interest of 8.65%, with a 0.50% concession for women applicants. Repayment will start six months after the course is complete. The repayment period can stretch to a maximum of 15 years.

Courses covered under SBI Global Ed-Vantage loan scheme

· Regular Graduate Degree

· Post-Graduate Degree

· Diploma

· Certificate / Doctorate Courses

Students can pursue these courses in any discipline from colleges/universities in the USA, UK, Australia, Canada, Europe, Japan, Singapore, Hong Kong and New Zealand.

Loan amount: Individuals can avail of this loan of starting Rs 7.50 lakh up to Rs 1.50 crore

Interest Rate: SBI provides an interest rate of 8.65% with a special 0.50% concession for female applicants

Repayment

· Repayment will commence 6 months after completion of course

· Repayment up to a maximum of 15 years

Expenses covered in the SBI Global Ed-Vantage scheme

· Travel expense/passage money

· Tuition fees

· Examination/library/lab fees

· Books/equipment/instruments/uniform/computers’ fees at reasonable cost

· Cost of additional requirements like project work/thesis/study tours (not exceeding 20% of total tuition fees)

· Other expenses like caution deposit/building fund/refundable deposit supported by institution bills/receipts (not exceeding 10% of total tuition fees)

Features and Benefits:

· Convenient and fast online application process through SBI’s website

· Applicants can click on ‘Apply Now’, fill in the required details and submit the application process

· Early loan approval: The loan will be sanctioned before the student’s I-20/visa

· Tax exemption under Section 80(E) of the Income Tax Act

· Fee payable to college/school/hostel

Documents required for the application process:

· Mark sheet of class 10th and 12th, Graduation (if applicable) and Entrance Exam result

· Admission letter/offer letter/id card from the university as proof of admission

· Schedule of expenses for course

· Copies of letter conferring scholarship, free-ship, etc.

· Gap certificate, if applicable (self-declaration from thestudent for agap in studies)

· Passport size photographs of Student / Parent / Co-borrower / Guarantor (1 copy each)

· Asset-Liability Statement of Co-applicant / Guarantor (Applicable for loans above Rs 7.50 lacs)

For Salaried People:

(a) Latest Salary Slip

(b) Form 16 or latest IT Return (ITR V)

For other than Salaried People:

(a) Business address proof (if applicable)

(b) Latest IT Returns (if applicable)

· Bank Account Statement for the last six months of Parent / Guardian/ Guarantor

· Copy of Sale Deed and other documents of title to theproperty in respect of immovable property offered as collateral security / Photocopy of Liquid Security offered as collateral

· Permanent Account Number (PAN) of Student / Parent / Co-borrower / Guarantor

· Aadhaar (mandatory, if eligible under various interest subsidy schemes of GOI)

· Passport

· Submission of Officially Valid Document as proof of identity and address

· Passport/Driving License/ Voter’s ID card

Security

· An applicant can provide tangible collateral security

· Collateral security offered by third party (other than parents) can also be accepted.