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|
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