State Bank Of India  Education Loan For Study Abroad

Up to ₹7.5 lakh for overseas studies. 

Education loans under this scheme are available at interest rates starting from 9.90% p.a. Female students may also receive a 0.50% concession, subject to SBI’s conditions.

No collateral or third-party guarantee is required. However, a parent or guardian must join as a co-borrower. 

Job-oriented professional or technical graduate, postgraduate and diploma courses offered by reputed foreign universities. Courses such as MBA, MS, MCA, CIMA and CPA may be considered. 

Nil for loans up to ₹4 lakh. 15% for overseas education loans above ₹4 lakh. 

Course duration plus 12 months. 

Up to 15 years after course completion + moratorium period.  

No processing or upfront charges.  

The loan includes tuition fees, books, equipment, hostel expenses, travel, etc.  

Students can borrow above ₹7.5 lakh and up to ₹3 crore, subject to SBI’s eligibility criteria and approval. 

8.90% to 9.40% p.a. the applicable rate depends on whether the selected institution qualifies for SBI’s special rates and whether collateral is provided. 

The scheme covers institutions in the USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand, UAE and specified European countries. 

Full-time undergraduate, postgraduate, diploma, certificate, and doctoral courses in any discipline offered by recognized foreign institutions. 

Tangible collateral is generally required. However, collateral-free loans of up to ₹50 lakh may be available for institutions included in SBI’s select premier institution list. A third party other than the student’s parents may also offer collateral, subject to SBI’s approval. 

The required margin must be contributed according to SBI’s sanction terms. Scholarships and assistantships may be included, with the contribution generally made in proportion to each disbursement. 

SBI charges 0.50% of the sanctioned loan amount, subject to a minimum of ₹10,000 and a maximum of ₹50,000, plus applicable GST. 

Loan sanction or disbursement may be available even before receiving your I-20 or student visa. 

Interest paid on the education loan may qualify for a tax deduction under Section 80E, subject to applicable tax laws.  

Insurance coverage is mandatory for education loans exceeding ₹7.5 lakh. 

Course duration plus six months.  

Up to 15 years after repayment begins. 

For overseas studies, the loan amount follows the SBI Global Ed-Vantage guidelines and can go up to ₹3 crore, depending on the course cost, institution and applicant’s eligibility.

The interest rate ranges from 8.15% to 8.65% p.a. Students at select foreign institutions may receive the lower rate when collateral is provided. 

No collateral is required for loans up to ₹7.5 lakh. For loans above ₹7.5 lakh and up to ₹40 lakh, applicants may choose between secured and unsecured options, subject to SBI’s approval. Collateral is generally required above ₹40 lakh. 

Collateral-Free Option: 

Students admitted to select foreign institutions identified under the Global Ed- Vantage scheme may get a collateral- free loan of up to ₹50 lakh.

No margin contribution is required for loans up to ₹4 lakh. For loans above ₹4 lakh, the student or family must contribute 5% of the eligible education expenses. 

SBI does not charge a processing fee for loans up to ₹20 lakh. For loans above ₹20 lakh, a fee of ₹10,000 plus applicable taxes is charged. 

The loan can be repaid through monthly instalments over a maximum period of 15 years after the applicable moratorium period ends. 

The student must be the spouse or child of eligible Defence, Indian Coast Guard or CAPF personnel. The parent or spouse acting as co-borrower must maintain the applicable salary or pension account with SBI throughout the loan tenure. 

The loan may cover tuition fees, accommodation, overseas travel, examination charges, books, equipment, computers and other approved course related expenses.