Maximum Education Loan Available for Study Abroad

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The State Bank of India provides the maximum education loan for abroad studies to students of Indian nationality. Students who have procured admission to a relevant course in approved foreign universities can avail of the SBI education loan of up to INR 1.5 cr, the highest study abroad education loan amount. Indian citizens, NRIs, OCIs, and PIOs can avail of this secured loan under the SBI Global Ed-Vantage Scheme. Furthermore, the wards of Defence personnel and Indian Coast Guard officials can apply for unsecured and secured loans of up to INR 1.5 cr under the Shaurya Education Loan. 

Maximum Education Loan for Abroad Studies

An Indian student opting for abroad studies can avail of a secured and unsecured education loan of up to INR 1 cr. He/she/they can apply for this loan at the State Bank of India (SBI) or through the Vidya Lakshmi Portal. SBI can provide a student loan of up to INR 45 lakhs without collateral and INR 1.5 cr with collateral. The SBI education loan amount is based on the academic profile of the applicant, the country and the course to which the applicant has applied, and the financial status of the applicant and the co-borrower. 

Mentioned below are the specifications of the maximum education loans available to study abroad students:

SBI Global Ed-Vantage Scheme

Students with Indian nationality can apply for this loan. Given below are the details of this study-abroad education loan:

ParticularsDetails
Type of LoanSecured
Loan LimitINR 7.5 lakh to INR 1.5 cr
External Benchmark Rate (EBR)9.15%
Credit Risk Premium (CRP)2%
Effective Interest Rate11.15%
Concession for Female Students0.50% rebate on interest rate
Common Concession0.50% rebate on the interest rate to students who have an existing life policy with the SBI or those who avail of the SBI Rinn Raksha

Also Read: Axis Bank Education Loan without Collateral for Studying Abroad

Shaurya Education Loan

This student loan is available to wards of the Indian Coast Guard and the Defence sector. The details of this loan are tabulated below:

ParticularsDetails
Loan TypesSecured and Unsecured
Loan LimitINR 7.5 lakh to INR 1.5 cr
EBR9.15% for Secured and Unsecured Loans
CRP2.0% for Secured and Unsecured Loans
Effective Interest Rate11.15% for Secured and Unsecured Loans
Concession for Female Candidates0.50% rebate on interest rate
Common Concession0.50% rebate on the interest rate to students who have an existing life policy with the SBI or those who avail of the SBI Rinn Raksha

Eligibility to get maximum education loan for abroad studies

An individual must meet these eligibility criteria to avail of the maximum education loan for abroad studies from SBI:

  • He/she/they must be an adult i.e; of 18 years of age or above
  • The applicant must be an Indian national
  • The candidate must have secured a seat in any of the approved foreign universities for education loans.
  • The student must have a co-applicant
  • The applicant must have collateral security. 

Application Process to get maximum education loan for abroad studies

Here is a guide to applying for the maximum education loan for abroad studies:

  • Visit the official website of SBI or the Vidya Lakshmi Portal
  • Check out the eligibility criteria
  • Download the loan application form
  • Fill out the application form
  • Upload the completed application along with the requisite documents
  • Download the application form and visit the nearby SBI branch with a copy of all the required documents. 
  • Get your collateral evaluated. Get a valuation certificate of your property from the concerned government department, for secured loans.
  • Submit the valuation report to the loan officer
  • After getting approval, the loan department will now check all the documents and provide the sanction letter.

Also Read: PNB Overseas Education Loan

Documents Required for maximum education loan for abroad studies

Applicants and co-applicants are required to submit KYC documents and address proof. Applicants need to provide their academic records as well. Additionally, salaried applicants and co-borrowers and self-employed co-applicants need to produce financial documents. 

Given below is the list of documents required to avail of the maximum education loan for abroad studies:

KYC Documents

Co-signers and students need to provide any one of the following:

  • PAN Card
  • Aadhar Card
  • Driving Licence

Address Proof Documents

Candidates and co-borrowers must submit either one of the following:

  • Passport
  • Aadhar Card
  • House Lease Agreement
  • Voter ID Card
  • Latest LPG Bill/ Electricity Bill/Water Bill

Academic Records

Applicants must present these documents:

Financial Documents

Salaried students and Co-applicants are required to submit the below-mentioned documents:

  • Salary slip for the preceding three months
  • Bank account statement for the last 6 months
  • Copy of Form 16 for the last two financial years

Self-employed Co-applicants have to present:

  • Address proof of the business place, if applicable
  • ITR of last 3 years
  • Form 16A of the last 2 financial years
  • Bank account statement for the last 6 months

Also Read: Corporation Bank Education Loan For Studies Abroad

Collateral Documents (for Secured Loans)

Students who avail of secured loans above INR 7.5 lakh from SBI need to submit the following collateral documents:

  • Sales contract
  • Title deed
  • Chain contract of last 30 years
  • Allotment letter
  • A copy of the latest electricity bill or property tax
  • Government-approved building plan
  • Completion certificate for a constructed property

FAQs

1. How much maximum loan can I get for abroad studies?

You can get a maximum of INR 45 lakh education loan without collateral and INR 1.5 cr with collateral from the SBI.

2. Which bank offers the maximum education loan?

The State Bank of India provides the maximum education loan of up to INR 1.5 cr to students going to study abroad. 

3. Can I get a 100% loan to study abroad?

Yes. You can get 100% student loans from the government of India through different nationalised banks. 

Know about different types of study abroad student loans on Fly Finance and Leverage Edu. Solve all your queries about abroad studies with a 30-minute free counselling session at 1800 572 000.

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