Dreaming of pursuing higher education abroad but concerned about financing your studies? Worried that providing collateral security would be difficult? Here’s an end to your worries.
The State Bank of India (SBI) is offering INR 50 Lakhs Overseas Education Loan without collateral for Indian students through SBI’s Global Ed-Vantage Scheme. Students can avail this loan for a Master’s Degree abroad at any of the top 100 Universities in leading study-abroad destinations like the United States, United Kingdom, Canada, and over 15 other countries.
In this blog, we will discuss everything you need to know about SBI’s Global Ed-Vantage Scheme. We will cover eligible study fields, expenses covered, Global Ed-Vantage’s SBI education loan for abroad eligibility, required documents, the application process, and more. By the end of this blog, you will have all the information you need to go ahead and apply for this loan scheme. So, let’s get started!
Through the Global Ed-Vantage Scheme, SBI is trying to support Indian students fulfil their dreams of studying at the top institutions across various countries. Here is the comprehensive list of 100 eligible universities for which you can fund your education with the SBI’s education loan without collateral.
|
Name
of the Institute/University |
Country |
|
The University of Melbourne The University of Sydney The University of New South Wales The Australian National University Monash University The University of Queensland The University of Western Australia The University of Adelaide University of Technology Sydney
|
Australia |
|
KU Leuven
|
Belgium |
|
University of Toronto McGill University University of British Columbia University of Alberta
|
Canada |
|
University of Copenhagen
|
Denmark |
|
University of Helsinki
|
Finland |
|
Université PSL Institut
Polytechnique de Paris Sorbonne University Université Paris-Saclay
|
France |
|
Technical University of Munich Ludwig-Maximilians-Universität
München Ruprecht-Karls-Universität
Heidelberg Freie
Universitaet Berlin Humboldt-Universität zu Berlin
|
Germany |
|
The University of Hong Kong The Chinese University of Hong Kong The Hong Kong University of Science
and Technology The Hong Kong Polytechnic
University City University of Hong Kong
|
Hong Kong SAR
|
|
Sapienza University of Rome Alma Mater Studiorum - University
of Bologna
|
Italy
|
|
The University of Tokyo Kyoto University
|
Japan
|
|
Delft University of Technology University of Amsterdam Utrecht University Leiden University Erasmus University Rotterdam University of Groningen
|
Netherlands
|
|
The University of Auckland
|
New Zealand |
|
University of Oslo
|
Norway |
|
National University of Singapore Nanyang Technological University,
Singapore
|
Singapore |
|
Lund University Uppsala University
|
Sweden |
|
ETH Zurich - Swiss Federal Institute of
Technology EPFL University of Zurich
|
Switzerland |
|
Imperial College London University of Oxford University of Cambridge University College London The University of Edinburgh The University of Manchester King's College London London School of Economics and Political
Science University of Bristol The University of Warwick University of Glasgow University of Southampton University of Birmingham University of Leeds The University of Sheffield University of Nottingham Queen Mary University of London
|
United Kingdom |
|
Massachusetts Institute of
Technology Harvard University Stanford University California Institute of Technology University of Pennsylvania University of California, Berkeley Cornell University University of Chicago Princeton University Yale University Johns Hopkins University Columbia University University of California, Los
Angeles New York University (NYU) University of Michigan-Ann Arbor Northwestern University Carnegie Mellon University Duke University University of Texas at Austin University of Illinois at
Urbana-Champaign University of California, San Diego University of Washington Brown University Purdue University Pennsylvania State University Boston University Georgia Institute of Technology University of Wisconsin-Madison University of Southern California University of California, Davis University of North Carolina,
Chapel Hill Washington University in St. Louis University of California, Santa
Barbara Emory University
|
United States |
So, if you wish to apply to any of the above listed institutions and are sure to get an admit then you can be rest assured about the funding through SBI.
But before that let’s look at the study fields covered under the SBI Global Ed-Vantage Scheme.
The SBI education loan without collateral supports a wide range of academic programs offered by approved institutions, including:
Regular full-time Graduate, Post Graduate, Integrated Degree, and Post-Graduate Diploma Programs
Executive Management Programs
Medical Programs
Part-time Graduate/Post Graduate & PG Diploma/Certificate Programs for working professionals.
With such diverse study fields, you have ample opportunities to pursue your desired courses at any of the top 100 universities globally.
By now you must be keen to know the expenses covered under this scheme. So here are the details for you.
SBI’s Global Ed-Vantage Scheme which is the best abroad education loan option without collateral covers majority of the study abroad expenses. It is important for you to understand the specific expenses that are covered as it would help you effectively plan your finances. So, let’s see the details.
Tuition Fees
Accommodation Expenses
Living Expenses
Examination Fee
Health Insurance
Foreign Exchange & Conversion Charges
Books, Supplies & Equipments
Costs for Academic Materials
Flight Tickets
Travel Expenses for Abroad Studies
Costs for Study Tours, Project Work, etc.
It is important for you to understand the specific expenses that are covered as it would help you effectively plan your finances.
Let us now check the eligibility for this SBI Education Loan without collateral which can open avenues for your global education.
Understanding the eligibility criteria is crucial when applying for the SBI Global Ed-Vantage Scheme as this would help you check whether you meet all the requirements to apply for the loan. The State Bank of India stands out as one of the best bank for education loans, owing to its flexible eligibility requirements.
Indian National: You should be an Indian Citizen.
Letter of Acceptance: You should have a valid acceptance letter from one of the eligible universities listed under SBI Global Ed-Vantage Scheme for your Master’s Degree.
Co-applicant: You should have a co-signer or co-applicant to apply for the loan.
Age Requirement: You must be at least 18 years old to apply for the loan.
Once the basic eligibility criteria are met, the next step is to collect the necessary documents.
Here is the set of documents you and your co-applicant would be required to submit:
For The Applicant
Proof of Admission
Cost estimate from the University
Standardized Tests Sore Card
Copies of Letters Conferring Scholarship (if applicable)
Proof of Identity and the Proof of Residence
Bank Account Statements
Educational Marksheets & Certificates
Gap Certificate with a Self-Declaration (if applicable)
Income Documents for Co-applicant
- For Salaried Co-Applicant
Salary Slips
Form 16
Employer's ID Card
Income Tax Returns (ITR)
- For Self-Employed Co-Applicant
ITR
Financial Statements
Proof of Business Address
Depending on your profile, you may be required to submit additional documents to complete your loan application.
Moving on, in the next section, let us understand the application process for the SBI Global Ed-Vantage Scheme Non-Collateral Loan.
The application process for the SBI Global Ed-Vantage Scheme is similar to other overseas education loans that are offered by Indian National banks. Below is the step-by-step breakdown of the loan application process.
Step 1: Visit State Bank of India’s official website or apply through the Vidya Lakshmi Portal.
Step 2: Verify that you meet eligibility criteria for the SBI non-collateral loan.
Step 3: Download the student loan application form from the SBI website.
Step 4: Fill out the application form & upload the necessary documents.
Step 5: Visit your nearest SBI branch to submit the application and initiate the loan process.
Step 6: SBI’s loan department will verify your documents and then provide the loan sanction letter for further visa processing.
The processing fee for the SBI Global Ed-Vantage Scheme is INR 10000 + GST, and it typically takes around 7-10 working days for the loan amount to be sanctioned. Once approved, SBI will issue a loan sanction letter detailing the education loan terms, including the SBI student loan interest rate and repayment tenure. Depending on your university’s course fee structure, the bank will disburse the loan amount in stages or lump sum amount as required.
So, you see, you can accomplish your study abroad aspirations through this SBI Global Ed-Vantage Scheme wherein you can avail loan up to INR 50 Lakhs SBI education loan without collateral. So, if you find yourself eligible for this loan scheme, you can approach Élan Overseas Education Loans for loan application and processing. With the help of our loan experts, you will have a hassle-free experience.
Connect with our Élan loan experts today and take the first step towards your dream!
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