SBI Bank Abroad Education Loan

State Bank of India is India’s largest public sector bank, having its origin since before the independence of India. Considering the demand, the bank has evolved its lending services over the years and launched special education loan products to fund abroad study aspirants.

The SBI bank has merged with the State Bank of Travancore, Bhartiya Mahila Bank, State Bank of Hyderabad, State Bank of Mysore, and State Bank of Patiala.

• SBI Student Loan Scheme
• SBI Global Ed-Vantage Scheme
• Shaurya Education Loan Scheme
• The takeover of the Education Loan Scheme

SBI student Loan Scheme

Courses covered under the SBI Student Loan Scheme

• Graduation: Job-oriented technical/ professional courses offered by prestigious  Institutions (including Foundation/Pathway/Integrated Courses)
• Post Graduate Diploma/ Certificate courses offered by reputed Institutions
• Post-graduation: MS, MCA, Job oriented professional/ technical courses, MBA, etc. 
• Ph.D. programs
• Courses conducted by Certified Public Accountants in the USA and Chartered Institute of Management Accountants in London, etc.
• Diploma/ degree courses like shipping, aeronautical engineering, pilot training, etc. provided these are recognized by competent regulatory bodies in India/abroad for employment in India/abroad

SBI GLOBAL ED-VANTAGE SCHEME

Shaurya Education Loan

This education loan scheme is forwarded to DSP/ ICGSP officers in all ranks for studies abroad.

Eligible courses under Shaurya Education Loan

• Graduation: Professional or technical courses being run by prestigious institutions for job purposes
• Post-graduation: Job-oriented professional/ technical courses such as MCA, MS, MBA, etc.
• Certificate or diploma of postgraduate courses offered by prestigious institutions.
• Doctorate programs (Ph.D.)
• Courses conducted by  CPA (Certified Public Accountant) in the USA, CIMA (Chartered Institute of Management Accountants) - London, etc.
• Diploma or degree courses offered in pilot training, aeronautical engineering, shipping, etc. run by competent authorities in India and abroad for employment in India or abroad

Takeover of Education Loan

State Bank of India offers an education loan transfer facility to students. Students can shift their currently running education loan from their present lender to the State Bank of India as per the following conditions:

Features and Facility under Takeover of Education Loan

• Students can take a top-up on their current education loan for further studies, without worrying about the cost of education.
• Students can use any of the payment options from Mobile Banking/ Cheques/ Net Banking to repay their education loan EMIs

State Bank of India does not charge any processing fees for taking an education loan of amount up to Rs 20 lacs, but if the loan amount is greater than Rs 20 lacs a processing fee of Rs 10,000 + taxes is charged from the students, irrespective of the fact that the education loan is to study in India or abroad.

Moreover, if students apply to take an education loan with collateral, then they will have to pay an amount of Rs 7,500 - Rs 10,000 additionally for legal and valuation reports.

But, WeMakeScholars being a government-funded initiative, offers its student-friendly premium education loan sanctioning services free of cost. To start your education loan process at the State Bank of India with WeMakeScholars, request a callback or fill out the common application form.

State Bank of India has a long list of documents required to process the education loan, check out the mandatory documents list here:

Application form   

- SBI education loan application form filled through the WeMakeScholars website  along with the applicant’s 2 passport-size photographs

Applicant and co-applicant documents

- Address Proof of applicant – Passport of applicant/ Voter ID Card/ Ration card/ Electricity Bill/ Telephone Bill/ Bank account statement/ Aadhar card. (If permanent and present addresses are the same then 2 different address proofs will be required) 
- Identity Proof – PAN Card, Passport (student, if going abroad)
- Proof of personal asset and liabilities statement approved by the bank’s branch personnel
- Bank account statement for the last 6 months (Personal/ Salary). For co-applicants, it should show the salary credits if salaried or 1-year business transactions if self-employed.

All the papers should be self-attested.

Students academic documents

- School, class 10th, 12th and graduation mark sheets
- Fee structure as given by the college or university
- Admission proof of the student in the course, showing the duration of the course
- Scorecard of qualifying entrance exams like IELTS,  GRE, GMAT etc

Co-applicant Income documents

If Salaried

- ITR of last 2 years
- Form 16 details of the last 2 years
- Salary slip for last 3 months
- Employers ID card

If Self-employed

- Proof of Business address
- Income Tax Return for the last 3 years
- Profit & Loss account statements in the balance sheet for the last 3 years

Other Documents

- Joint affidavit with the student and co-applicant in the standard format of the bank, that will be given to you by your assigned WeMakeScholars financial officer
- Co-applicant declaration stating that all other leftover expenses will be taken care of by the co-applicant only

Additional docs (if applicable)

- All loan account statements (1 year) if any pending loans.
- Payment receipt if made in the past 6 months
- Letter explaining the gap if the students had a failure/break in studies on Rs. 100 stamp paper. (Format to be provided by WeMakeScholars Financial officer)

Collateral documents (if taking a collateralized loan)

Only collateral loans are covered by it, and each state has a distinct set of papers. Don't forget to get the list of state-specific collateral papers from your WeMakeScholars financial officer.

After reviewing your loan profile, your financial officer will give you a specific paperwork checklist when you complete your college loan with WeMakeScholars. Get your documentation checklist by applying for a student loan with WeMakeScholars.

State Bank of India charges an education loan margin of generally 15% for any loan amount greater than Rs 4 lacs, however, the loan margin percentage also depends on the type of collateral which a student pledges when taking an education loan with collateral.

However, sometimes students find their loan margin amount to be a lot higher than their bearing capacity. But when you process your education loan with WeMakeScholars, you don’t have to worry about that. To know the loan margin for your loan profile also, tips to reduce your loan margin, ask your financial officer by requesting a callback or fill out the common application form.

State Bank of India provides an education loan EMI calculator on its website, to assist students regarding the calculation of their EMI, towards their education loan repayment. But, we suggest you use the WeMakeScholars education loan EMI calculator, as it is specially designed and offers the following advantages to students:

Detailed analysis - Repayment process analysis is also given to you, through which you can plan your repayment schedule accordingly 

100 % accurate results - The EMI calculation results obtained from the calculator are accurate, as it considers all the parameters that alter the EMI amount while calculating. 

Strategic benefit - Students can vary the repayment parameters to decide their repayment strategy, and take loans accordingly.

Free of cost - Like all other services of WeMakeScholars, the education loan EMI calculator is also free of cost.

Offline application process

- Visit your nearest State Bank of India Branch and enquire about the abroad education loan products
- Fill out the application form and ask for the documents required to start the education loan application process
- Visit the bank again to submit the documents to finally start your loan process.
- Take follow-ups from the banks till your loan is sanctioned.

Online application process via WeMakeScholars

Step 1 Speak to your financial officer at WeMakeScholars, by requesting a callback or filling up the application form.

Step 2 Give your loan details over the call so that your financial officer can analyze your loan profile.

After analyzing the loan profile, your financial officer will connect you with the lender that is offering you the best education loan deal.

Step 3 Submit your documents on the WeMakeScholars documents portal as per the documents checklist provided to you by your financial officer.

Step 4 Your financial officer will carry forward the process from here and will keep updating you about it.

Step 5 Collect your education loan sanction letter from your lender within 15-20 days, after you have submitted your documents. 

While processing your education loan with WeMakeScholars, you get the following benefits:

Negotiation support - Your financial officer will negotiate with your lender and try to negotiate for you, to get you the education loan at a cheaper rate of interest, if possible.

Better Interest rates - When students process their abroad through WeMakeScholars are 0.5% to 2% lower than what banks usually offer.

Free-of-cost services - All our prime education loan sanctioning services are free of cost for students as we are funded and supported by the IT Ministry under the Digital India Campaign.

Digitized application process - Students apply online for education loans by filling out the application form. Moreover, the WeMakeScholars documents portal makes it hassle-free for students to start their loan process.

End-to-end support - Your financial officer will continue to render their free services even after your loan is sanctioned, till you repay the last EMI of your loan.

Expert guidance - Your financial officer will set you up with the best lenders, as per your eligibility after analyzing your loan profile and guide you at every step of the process.

Tax benefits - We will assist in saving maximum tax by taking advantage of tax exemption under Section 80E, 80C, etc of the Income tax department, along with the tax collected at source (TCS).

Minimal Processing time - The process of sanctioning an education loan through WeMakeScholars is completed within 6-7 days if it is through a private bank of NBFC and it takes us around 15-20 days to get your education loan sanctioned from a public bank. Both timelines are 50% less than what it usually takes.

Cashback offer - You stand a chance to get a cashback of up to Rs 3,000 from us, at the time of your loan disbursement