SBI Global Ed-vantage Loan (for Study Abroad)

SBI Global Ed-vantage Loan (for Study Abroad)

This loan helps students pursue full-time courses at foreign colleges or universities across the world. The minimum loan amount for this loan is Rs. 20 lakh and the maximum loan amount is capped at Rs. 1.5crore.

Features of SBI Global Ed-vantage Loan for Higher Studies Abroad

Why this Loan?

  • The loan is meant for you if you have gained admission into a full-time course in a foreign college or university
  • The bank disburses the State Bank of India Global Ed-vantage Education Loan for Studies Abroad as a series of payments over the required number of terms or years to pay the fees or other approved charges
  • The maximum loan amount for this loan is Rs 1.5 crore which is higher than the maximum loan amount most Indian banks offer through foreign education loans
  • Borrowers can apply online which is a fast and effective loan  application process
  • SBI offers early approval service which means the student gets the loan sanction on time

Loan Amount

  • The maximum loan amount is capped at Rs. 1.5 crore


  • The rate of interest is a sum of 3-year MCLR and a factor of 2.00% where MCLR is the Marginal Cost of Funds-Based Lending Rate (MCLR). As of October 2020, the 3-year MCLR of State Bank of India is 7.30% which brings the effective rate of interest to 9.30%
  • Students who avail SBI Rinn Raksha or another similar policy assigned in favour of SBI, they can avail a concession of 0.50%
  • Girl students get a 0.5% concession in the interest rate
  • The moratorium period for this loan scheme is course period plus 6 months after the completion of the course


  • The repayment moratorium is for the course duration and an additional grace period of 6 months but simple interest is charged for this moratorium period
  • The loan must be repaid in 15 years as EMIs

Security Needed

  • This loan needs tangible security for the entire loan amount in addition to an assignment of future income of the student. The parents, guardian or spouse must be co-obligators


  • The borrower should be an Indian national
  • As a student, you should have secured admission in a full-time course at a foreign college/university

Eligible Courses

  • Regular Graduates Degree, Post-graduate Degree/Diploma/Certificate and Doctorate courses from recognised colleges and universities in USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand, Russia and Europe (Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Spain, Sweden and Switzerland). The list of eligible courses can be seen here
  • Loan applications for courses from countries other than the ones mentioned above are considered on a case to case basis

Borrower Contribution to Total Cost (Margin Money)

  • SBI takes a 10% margin for this loan.
  • Any contribution from payments received in the form of Scholarship or Assistantship is considered as a contribution to the margin from the borrowers

Note: Margin money refers to the amount the borrower contributes to the overall amount required. Suppose a course costs Rs. 40 lakh in a non-premier which case the borrower will have to pay 10% of Rs. 40 lakh which is Rs. 4 lakh. The bank will cover the rest

Processing and Other Charges

  • SBI charges Rs. 10,000 + applicable taxes as upfront processing charges for this loan

Uses of the Loan

  • The loan amount can be used to pay any fees or other charges that are a part of the standard tuition, hostel or any other institution-approved cost that are necessary to complete the course
  • The loan can also be met to cover any travel expenses, study tours and so on
  • The loan can be used to pay for any insurance premium if it is opted for by the student

Other Features to Know

  • The bank asks for details of expenses for the course that the applicant(s) need to obtain from the institution
  • The student’s progress report may have to be submitted with the bank at regular intervals
  • The loan is disbursed directly to the college, book seller or publisher, computer seller, and so on and not to the applicant(s)
  • If the student is unable to complete the course on time, SBI offers an extension of up to 2 years for completion of course subject to terms and conditions. Please check with the bank for more details on loan extension

Documents Needed

  • Application Form duly filled and signed by applicant and/or guarantor along with details of applicant and/or guarantor and family
  • Two Passport Size Photographs of student, applicant and/or guarantor
  • Personal Identification Proofs (Any One) of the Student and Co-borrower: Electoral I-Card, Passport, Driving License, PAN Card or Aadhaar Card
  • Residential Address Proof (Any One) of the Student and Co-borrower: Electricity Bill, Landline Telephone Bill, Electoral or Voter ID Card or Passport
  • Admission Letter, Course Details and Prospectus
  • Statement of the cost of study and Fee Details with Demand of Fee by the Institution
  • All Proofs of Past Academic Record including Mark Sheets and Certificates
  • Copy of Passport is mandatory
  • Proof of Income of the Co-borrower (Salaried): Salary Slip of last 3 months, Copy of Form 16 of last 2 years and Bank Account Statement of last 6 months
  • Proof of Income of the Co-borrower (Self-employed): Business Address Proof, IT return of last 2 years, TDS Certificate, Bank Account Statement of last 6 months and Certificate of Qualification if Doctor, CA, etc.
  • All documents must be self-attested

Reference Facts

  • State Bank of India Website: and (net banking)
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll-Free Number: 1800 11 2211, 1800 425 3800