Want A Loan To Study Abroad? SBI Offers Global Ed-Vantage Loan. Details Here

Want A Loan To Study Abroad? SBI Offers Global Ed-Vantage Loan. Details Here

SBI’s Global Ed-Vantage loan amount can be repaid up to maximum of 15 years.

State Bank of India (SBI) offers various kinds of education loans. SBI offers an early approval facility for its Global Ed-Vantage scheme. This was said by the country’s largest bank on microblogging website, Twitter. SBI’s Global Ed-Vantage loan is an overseas education loan exclusively for those who wish to pursue full-time regular courses at foreign colleges or universities, according to SBI’s official website – sbi.co.in. Under SBI’s Global Ed-Vantage scheme, one can avail a minimum loan of Rs. 20 lakh and a maximum of Rs. 1.5 crore.
Here are all the details you need to know about SBI’s Global Ed-Vantage loan:

Eligible courses: Candidates pursuing regular graduate, post graduate or doctorate courses in any discipline offered by foreign institutes or universities in USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong and New Zealand.

Margin: A margin is an amount you need to pay from your own funds, while the rest is paid by the bank.

Scholarship/assistantship to be included in margin.

Margin to be brought in on year-on-year basis as and when disbursements are made on a pro-rata basis.

Processing fee: One has to a processing fee of Rs. 10,000 per application.

Rate of interest: Simple interest rate will be charged during course period plus the moratorium period.

SBI GLOBAL ED-VANTAGE SCHEME
Loan Limit 1 year MCLR Spread Effective Interest Rate Reset Period
Above Rs. 20 lacs & Upto Rs. 1.5 Cr 8.15% 2.50% 10.65% 1 year
Concession 0.50% concession for students availing of SBI Rinn Raksha or any other existing life insurance policy assigned in favour of our Bank
Further Concession 0.50% concession for girl students
                         (Source: sbi.co.in)

Security: One needs to have a tangible collateral security.

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

Repayment And repayment holiday:

Accrued interest during the moratorium will be added to the principal and repayment in EMI (Equated Monthly Instalment) is fixed.

Repayment will commence 6 months after completion of course.

One can repay the amount up to maximum of 15 years

[“source-ndtv”]

Uttar Pradesh Government Want Madrassas In Mainstream Education: Minister

Uttar Pradesh Government Want Madrassas In Mainstream Education: Minister

Mumbai: The Uttar Pradesh government wants to bring madrassas into the mainstream education system, Minister of State for Minority Affairs Mohsin Raza said today.

The Uttar Pradesh minister also favoured introducing a “new dress code” for students at madrassas (Islamic schools) across the country and added that he will take up the issue with the centre.

However, Mr Raza did not elaborate on what should be the new dress code in these institutes, where students currently wear white kurta-pyjama.

He rued that no leader from his community has till date thought about standardising the madrassa system.

“Our government in Uttar Pradesh wants to bring madrassas in the mainstream education system. And why only in UP, I think all these religious institutions across the country should be brought into mainstream,” he told PTI.

Mr Raza said he intends to discuss the issue with Prime Minister Narendra Modi.

“I would meet Modiji in this regard and seek his advise on how we can have a formal education system in madrassas in the country. Regrettably, so far, no Muslim leader has ever thought about standardisation and formalisation of the madrassa education system,” he said.

Last month, Mr Raza had said that the Uttar Pradesh government might “soon propose a new dress code” for madrassa students.

However, Cabinet Minister for Minority Welfare, Muslim Waqf and Haj Laxmi Narayan Chaudhary had contradicted Mr Raza, saying that “the government has not formed any new policy” in this regard.

Mr Raza was in the city to take part in the ‘Kajari’ festival organised by an NGO run by Mumbai BJP leader Amarjeet Mishra.

The minister said the Yogi Adityanath government is sincerely implementing the vision of ‘sabka saath sabka vikas’ (support of all, development of all) and has made “never before provisions” to uplift minorities in the country’s most populous state.

“Around Rs. 4,000 crore was allocated for minority welfare in this year’s budget. This kind of allocation has not been done before. Besides, we have restarted disbursing education loans to minority students, a practice shunned by previous governments.

“We plan to modernise madrassas and have introduced the NCERT curriculum for them. We want to see a computer in one hand and the Koran in the other hand of madrassa students as envisioned by our prime minister,” he said.

Mr Raza, a member of the Legislative Council, said under PM Modi’s leadership, the country has embarked on the path of progress.

To a query, he sought to downplay talks about a likely alliance between the Samajwadi Party and the Bahujan Samaj Party in Uttar Pradesh for the next Lok Sabha polls.

Such an alliance will have no impact on the BJP’s electoral prospects, the minister said.

“All opposition parties are zero. But as you know addition of only zeroes will never add up to a countable number. Modiji’s model of governance was discussed even in Pakistan. This proved Modiji is a world leader,” Mr Raza said.

He rejected the opposition’s claim of saffronisation of institutions in the state under the BJP rule.

“Even the Sun begins the day with saffron colour and ends with the same colour. This energising colour should not be confined with a particular religion,” the minister said.

Mr Raza, a former Ranji cricketer, termed incidents of violence by cow vigilantes as a “conspiracy” against the BJP by its opponents.

[“source-ndtv”]

Better To Reject Loan Than Running After Defaulters: Madras High Court

Better To Reject Loan Than Running After Defaulters: Madras High Court

Madras HC said banks were giving loans “under various political pressures”. (File)

Chennai: In significant observations amid bank fraud cases rocking the country, the Madras High Court yesterday said banks were giving loans to several persons “under various political pressures” and those who default on repaying them flee from the country.

Justice S Vaidyanathan made the observation in his order rejecting a petition by an aspiring nursing student seeking a direction to the State Bank of India for sanctioning her an education loan after the bank denied it on the ground that her father was a defaulter.

Noting that whether the amount was small or huge, it needed to be recovered from the defaulters, the judge said in this case the SBI was right in rejecting the petitioner’s loan application.

“Banks/Financial Institutions are giving loan to several persons under various political pressures and ultimately public money is being misappropriated and defaulters flee from the country. Innocent employees, who are forced to sign the loan grant are ultimately taken to task,” he said in the order.

“Rather than running behind the defaulters, a loan can better be rejected at the threshold by identifying a person’s credentials. In this case, the bank has rightly done so, as the petitioner’s father has defaulted in paying several loans,” Justice Vaidyanathan said.

The judge’s observations come at a time when the country has been rocked by the Rs. 13,000 crore Punjab National Bank fraud allegedly involving diamantaire Nirav Modi and the alleged default by liquour baron Vijay Mallya in paying loan of over Rs. 9,000 crore to various banks.

Petitioner submitted she belonged to a downtrodden community and had approached the SBI for an educational loan of Rs. 3.40 lakh for pursuing BSC Nursing course.

The bank insisted that she bring the income certificate, identity card, address proof and other relevant documents for obtaining the loan.

Though an application, along with relevant documents, was submitted, the bank refused to grant loan, saying the course does not come under Indian Banks Association’s (IBA) educational loan scheme and also that her father was a defaulter.

The bank submitted that the several suits for recovery of loan amounts were pending against the petitioner’s father.

[“source-ndtv”]

Education Loan: Single Window To Apply At Any Of The 34 Banks

Education Loan: Single Window To Apply At Any Of The 34 BanksIf you have managed to procure the much sought-after offer letter from any Ivy League University or a top institution in India or abroad, there might be chances that you would need a bank loan to be able to fund the studies. To be able to do so, you can explore a single window solution of ‘Vidya Lakshmi’ to apply for any of the 34 banks at one place.

Vidya Lakshmi is a portal developed under the guidance of Department of Financial Services, (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development) and Indian Banks Association (IBA).

Applying for loan at this portal is a cakewalk. A student only needs to do the login, followed by filing up of Common Education Loan Application Form (CELAF). The CELAF is a single form that students can fill to be able to apply for educational loan to multiple banks. This is the form prescribed by Indian Banks Association (IBA) and hence, accepted by all banks.Some of the banks registered with Vidya Lakshmi are Allahabad Bank, Bank of Baroda, Dena Bank, Bank of India, Canara Bank, Corporation Bank, IDBI Bank, ICICI Bank, Indian Bank, Indian Overseas Bank and Karur Vysya Bank, among others

Before applying, one can search for various loans on the portal and choose the offer depending on one’s requirement. Then one can apply for a loan at any of the banks registered with Vidya Lakshmi. In case the loan gets rejected then the student can apply for two more banks out of the remaining list of 33 banks.

The portal enables banks and students to coordinate with each other at the portal. Not only can students apply for banks here, even the banks can download the student forms here. Besides this, the students can even send their grievances, if any, directly to the banks via the portal

After applying for loan here, the student can check the loan application status on the portal. If the bank happens to reject the loan, the student can try her luck at another bank registered with the portal. However, it must be noted that a student can apply for a

[“source-ndtv”]

SBI’s Latest Interest Rates On Home, Car, Education Loans

SBI's Latest Interest Rates On Home, Car, Education LoansFrom SBI‘s housing loan to car loan to education loan, the country’s largest bank offers a variety of loans under its personal finance portfolio. SBI or State Bank of India offers loan schemes such as housing loan, education loan and auto loan, among others, based on its MCLR or marginal cost of funds-based interest rate. Its interest rates applicable to different loans vary, depending upon the class of loan and term, among other factors. On its housing loans up to Rs. 30 lakh, for example, SBI charges an effective interest rate of 8.35-8.50 per cent, according to its website – sbi.co.in. For car loans, SBI charges a rate of interest ranging of 8.90 per cent to 9.40 per cent, according to the SBI website.

SBI’s current rates of interest on loans are based on a one-year marginal cost of funds-based lending rate (MCLR) of 8.15 per cent, according to the bank’s website. MCLR or marginal cost of funds-based lending rate is the minimum interest rate below which a bank cannot lend. (Also readSBI hikes lending rate (MCLR) for first time since April 2016)

Here are different interest rates charged by SBI on its housing loans, auto loans and education loans:

SBI housing loan

SBI’s home loan portfolio includes regular home loan, balance transfer home loan and NRI home loan. The minimum interest rate charged by SBI on its home loans is 8.35 per cent. This rate, 20 basis points above the MCLR, is applicable on loans up to Rs. 30 lakh to salaried women borrowers, according to the SBI website. For other salaried borrowers, SBI charges a rate of interest of 8.4 per cent for loans up to Rs. 30 lakh – 25 basis points above the one-year MCLR and 5 basis points above the rate offered to salaried women.

sbi housing loan sbi website
For the non-salaried individuals, SBI charges a rate of interest of 8.45-8.50 per cent on loans up to Rs. 30 lakh, according to the bank’s website. For non-salaried women borrowers, the interest rate is 8.45 per cent and for other non-salaried individuals, it is 8.5 per cent, according to the SBI website.

SBI auto loan

With effect from March 1, 2018, SBI charges a rate of interest of 8.9 per cent to 9.4 per cent on auto loans. These loans include car loans, NRI car loan and SME retail car loans (excluding taxi, transport operators and fleet segments), according to the SBI website.

sbi auto loan interest rate sbi website
Among the offerings under its auto loan products, SBI charges a rate of interest of 17.40 per cent on two-wheelers loans (Plz check the rate). This rate is 9.25 per cent above the 1-year MCLR of 8.15 per cent, according to the SBI website. SBI charges a rate of interest of 11.8 per cent on loan to own a super bike. This rate is 3.65 per cent above the 1-year MCLR of 8.15 per cent, according to the SBI website.

SBI education loan

COMMENT

SBI charges different types of loans for education, including student loan, scholar loan and loan to study abroad. For its student loan scheme, under which SBI offers up to Rs. 10 lakh for study in India and Rs. 20 lakh for studies abroad, the bank charges an effective rate of interest of 10.15 per cent for loans up 10 Rs. 7.5 lakh, with effect from March 1, 2018, according to its website. For loans above Rs. 7.5 lakh, the rate is 10.90 per cent, according to the SBI website. SBI offers a concession of 0.50 per cent on interest rates for female students. “One per cent concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including the course duration,” SBI mentions.

[“source-ndtv”]