SBI Education Loan for Abroad Studies Through GoStudy

GoStudy is India’s esteemed educational loan provider. With SBI, GoStudy offers the best loan terms and lowest interest rates to pursue your dreams!

GoStudy helps with the best SBI Education loan for foreign studies for talented students to pursue their career. Give wings to your dreams and set your career expectations high with SBI International Education loan through GoStudy - do not let financial struggle be the reason for compromising on your career goals. The technologically streamlined, transparent, and faster online process makes the SBI education loan for abroad studies through GoStudy an outstanding match for you.


9

Reasons to Opt for SBI Education Loan for Abroad Studies through GoStudy

1

Global Ed vantage Scheme Offering Low-Interest rates:

SBI education loan for abroad studies introduced a global Ed vantage scheme for students offering as low as 10.2% for female students and 10.7% for male students. Yes, female students have a 0.5% reduction in interest rates.

2

Faster Online Processing:

SBI International Education loan offers one of the fastest online loan processes that take as little as 10 days to sanction.

3

Get Approved for an Education loan with 650 CIBIL Score:

SBI Education loan for study abroad lets you get approved even if you have a CIBIL score of just 650, which is indeed a revolutionary step towards foreign studies. The minimum CIBIL Score for an education loan in SBI is 650; however, the better yours is, the better the chances of faster approval.

4

More Than 5000+ Institutions:

Secured education loan in SBI is accepted by more than 5000+ universities worldwide across 50+ countries.

5

Early Approval:

SBI education loan for abroad studies comes with a super-fast and early approval even before i20/VISA is sanctioned.

6

Comprehensive Loan Offerings:

SBI International Education loan comes with a comprehensive range of education loans ranging from as low as 8 lacs to 1.5Cr with attractive interest rates.

7

Tax Benefits Under Section 80E:

SBI education loans offer a massive tax benefit for students under section 80E of the IT Act, reducing your interest rates on EMI for the financial year.

8

Secure Loans with Full Moratorium:

SBI offers secured loans with the full moratorium and unsecured loans up to 7.5Lakhs. Any other third-party security other than parents is also accepted by the financial institution.

9

Lowest Interest Rates In The Market

With GoStudy, you get access to the lowest interest rates, which are usually 0.5% - 1% lower than the market rates!


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SBI Overseas Education Loan for Abroad Studies through GoStudy

Studying abroad and getting enrolled in dream universities have always been the foremost choice for meritorious aspirants. With continuous advancements in technology, many unopened verticals that were untouched until now have opened for students to take advantage of. Admission to foreign universities, suitable accommodation, and taking care of miscellaneous expenses while settling abroad for studies have become much easier than before. However, although these aforementioned aspects have been made easy through revolutionary advancements, a handful of financial institutions or mediators can help take care of everything from visa approval to admission and GoStudy & its affluent partners are here to make this a reality! This is right where the SBI International Education loan through GoStudy comes to your aid. Right from the process of getting VISA approval to handling admission charges, accommodation charges, etc., SBI education loans for abroad studies through GoStudy can cover everything for you.

When you think of enrolling into a foreign university, there are many costs, such as admission fees, accommodation charges, food, equipment charges, and many more. This is where most are reluctant and hence, step two steps back before thinking of getting admission. However, with SBI education loans powered by GoStudy, this is not what you need to be concerned with.

The outstanding loan offerings from secured education loans in SBI through GoStudy are incredibly helpful for students before VISA approval when they need to prove their financial abilities. Moreover, with GoStudy’s specially curated loan offerings, all your lab equipment costs, gadget costs, etc., are covered under the loan scheme to make you completely secure whilst settling abroad for studies.

Experienced and professional consultants make the entire SBI education loan processing time through GoStudy faster and easier for you. It’s like a walk in the park where everything is ensured for you to make you feel jubilant and safe. Think of GoStudy not just as a lending institution but as your financial partner when you are distant from your home to pursue your dreams. Once you opt for SBI education loan for abroad studies through GoStudy, you will reckon it is the best financial decision you’ve taken.

SBI Education Loan For Abroad Studies
SBI Education Loan For Abroad Studies

Interest Rates of Education Loan at SBI for Abroad Studies through GoStudy

For any sanctioned loan amount, interest is levied on the principal amount by the lending institutions. SBI education loan for abroad studies through GoStudy comes with attractive interest rates for collateral loans and is deemed one of the best in the country. The interest rates of education loan at SBI for abroad studies through GoStudy start as low as 9.30% up to 10.7%, depending on several factors. The credit score and worthiness of the loan applicant can significantly contribute to the interest rates levied on education loans from SBI. The calculation of the interest rates completely is done using the Simple Interest method, and hence, applicants taking collateral loans can benefit from lower rates compared to unsecured education loans in SBI through GoStudy.

The interest rates for an SBI Overseas education loan through GoStudy are pretty flexible and may periodically change over time depending on the applicant's profile and the course pursued. The simple interest formula calculated to measure the rate of interest is transparent and considered one of the best for students wanting to study abroad. Students who take the SBI Rinn Raksha program are entitled to a discount of 0.5% on the interest rates. Here is a short table to showcase the rate of interest levied:

Type of Education Loan

SBI Education Loan Rate of Interest As Per Market

SBI Education Loan Rate of Interest Through GoStudy

Secured Education Loan (USA) 8.50% 8.50%
Unsecured Education Loan (USA) 9.50% 9.50%
Secured Education Loan (Others) 8.50% 8.50%
Unsecured Education Loan (Others) 9.50% 9.50%

Adding to this, the specific mathematical formula that is improvised to determine the EMI based on the interest rates of education loan at SBI For Abroad Education through GoStudy is below mentioned:

EMI = [Principal Amount x Rate of Interest x (1 + Rate of Interest) Tenure*] / [(1 + Rate of Interest ) Tenure* - 1]

*Please note that the tenure of the loan is calculated in months.

What Costs Are Covered by SBI Education Loan for Abroad Studies through GoStudy?

SBI education loan for abroad studies through GoStudy covers 90% of the expenses you may incur while studying abroad. SBI education loans for foreign studies through GoStudy cover all the major expenses ranging from admission to accommodation, food, travel, equipment, book cost, lab fees, uniforms, and gadgets. The only condition is that the miscellaneous or other expenses apart from college education fees should be capped at 20% of the entire course fee. Every other fee is comprehensively met in order to make you feel safe. Below is the list of countries where an SBI education loan for Study abroad through GoStudy is accepted, and the loan scheme covers all associated studying and living costs:

  • USA
  • Canada
  • Ireland
  • UK
  • France
  • Germany
  • Singapore
  • Australia
  • New Zealand
  • Austria
  • Belgium
  • Hungary
  • Italy
  • Poland
  • Spain
  • Switzerland
  • Denmark
  • Finland
  • Netherlands
  • Norway
  • Sweden
  • Japan
  • Estonia
  • Portugal
  • Czech Republic
  • Austria

SBI education loan through GoStudy for abroad studies is a 90% funding program wherein all the costs are paid by SBI, and you need to pay a 10% marginal amount alongside. You are also required to pay the processing charges of 10000/- INR prior to the sanction of the loan. The scholarship or assistantship amount is included in the margin offered by SBI overseas education loan.

Following are the lists of the Costs Covered by SBI Education Loan through GoStudy:

Things covered under SBI Education Loan through GoStudy

Costs Covered by SBI Education Loan through GoStudy

Tuition Fees 0 - 65 Lakhs (Approx)
Living Cost 6 Lakhs - 15 Lakhs (Approx)
Travel Expenses 20,000 - 40,000 Rupees (Approx)
Others (Books/Uniforms/Computers) 80,000 - 1,50,000 Rupees (Approx)

SBI Education Loan for Abroad Studies without Collateral Through GoStudy

Under the revolutionary SBI Ed vantage global program, the minimum amount of education loan you can apply for is 8 lacs, and it can extend up to 1.5 Crs depending on your requirements. There isn’t any fixed limit or cap on the loan amount offered by secured education loan through GoStudy in SBI as it may depend on the criteria of individual aspirants. The loan approval process is completely transparent, and the fastest in the country, wherein professionals are always by your side to guide you through the comprehensive process. SBI Overseas education loan through GoStudy not only ensures you get enrolled in the top universities abroad but that too in the most secure financial way.

SBI International education loan through GoStudy offers mainly secured education loans to help you study abroad. However, they do have the provision of unsecured education loans as well capped at 7.5 lakhs INR. Although SBI offers an unsecured loan without collateral, the interest rate for SBI education loans without collateral through GoStudy is significantly higher than the secured loans. Suppose you happen to get the chance or qualify for admission into some of the best universities listed under the SBI overseas education loan through GoStudy scheme and do not wish to keep your property papers or anything else as collateral. In that case, you can always opt for unsecured loans. However, the loan amount in this scenario is capped at up to 7.5 lacs, with interest rates hitting the roof. Moreover, banks will take a holistic approach and carefully analyze your credentials and financial eligibility prior to sanctioning the loan.

There is no such online assistance for unsecured loans from SBI, and this form of loan isn’t recommended for abroad studies. Since bank managers are reluctant to approve these kinds of loans, you will have to go through a tonne of paperwork for the sanctioning of your loan, and that, too, the sanction isn’t guaranteed. The massive amount of bad loans generated in this segment is what makes banks reluctant to offer these kinds of education loans to students.

Creditworthiness through credit score is checked before approval, and it is extremely tough to qualify for the loans unless you have an exceptional credit score of more than 790+. Below listed are some documents you need to submit to the bank for applying for unsecured education loan from SBI through GoStudy:

  • Unconditional/Firm/Confirmed Offer Letter
  • Co-Applicant’s Income Proof
  • PAN Card
  • Academic Documents
  • Other Relevant Academic Scores - GRE/GMAT
  • IELTS/TOEFL/PTE/English Language Scorecard
  • Valid Passport

SBI overseas education loan through GoStudy comes with unsecured loans under the scheme Emergency Credit Line Guarantee Scheme up to 7.5 lacs only, and that too for the best colleges and merits. Adding to that, the interest rate offered in this segment is floating rate and compound.

Collateral for an Education Loan in SBI through GoStudy

Collateral is a term that denotes any form of security or asset that you keep with the financial lending institution as a part of the security process against the loan amount sanctioned. This lets the bank stay on the safer side when recovering the offered loan amount in case of any mishaps such as Default against the loan. This form of loan is applicable or ideal for you when your financial profile is a bit on the weaker side, or the education institution/financial institution does not come under the scheme of offering unsecured loans. In this instance, opting for an SBI education loan with collateral security through GoStudy is the best way to move forward. The best part of procuring this kind of Collateral for education loan in SBI through GoStudy is that the interest rates are absolutely lower compared to unsecured loans.

Below is the list of accepted collateral for education loan in SBI through GoStudy-

  • Property Title Deed and Registered Sale Agreement
  • Original Registration Receipt for the above-mentioned agreement
  • Allotment Letter by Municipal Corporation/ Any Authorized Government body like MHADA, CIDCO, HUDA, JDA, GIDC ETC (if applicable)
  • Encumbrance Certificate (EC) to be submitted for the previous 30 years. This collateral document is generally known as Link Document.
  • Valid Copy of the municipality-approved building plan or plot layout.
  • Latest property tax bill or Latest electricity bill bearing the same address

The smartest decision while taking an SBI Overseas education loan through GoStudy is to pledge for any collateral and enjoy better perks. This way you can ensure your loan is 100% sanctioned and enjoy lesser interest rates.


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List of Institutions Abroad Accepting SBI Education Loan through GoStudy

Being one of the giant names in the educational loan sector, the SBI Overseas education loan through GoStudy is a complete miracle for students wanting to pursue their dream careers abroad. Moreover, being a prominent name in the educational loan industry, SBI international education loan covers most major universities worldwide, offering a comprehensive program list for meritorious aspirants. The massive list of institutions abroad accepting SBI education loans through GoStudy is what makes them a prominent name in the industry and the most preferred among students. SBI education loan for abroad studies through GoStudy caters to more than 5,00,00,00 students annually for their dream education career abroad tied up with top tier 5000% universities in 50+ different countries.

Below is the List of top 50 abroad Universities accepted by SBI Education Loan through GoStudy

List of Universities accepted by SBI Education Loan through GoStudy

Pre Approved Education Loan amount by SBI through GoStudy

Syracuse University 7.5 Lakhs
George Washington University 7.5 Lakhs
New Jersey Institute of Technology 7.5 Lakhs
University of Florida 7.5 Lakhs

Co-Applicant for Education Loan in SBI through GoStudy

Keeping a co-applicant for education loan in SBI through GoStudy is a basic requirement for most aspirants unless you are extremely rich with lots of assets and wealth under your name. Education loan is a large amount of money being offered to the student for pursuing their career, and hence, a co-applicant with a good financial profile is of absolute importance for the loan to be sanctioned. Keeping a co-applicant not only boosts the chances of getting the loan but also ensures you are financially secured. This acts as a sense of security for the lending institution in case the applicant is unable to repay back the loan under unforeseen circumstances.

Below is the list of co-applicants for education loan in SBI through GoStudy that are accepted:

  • Parents
  • Parents-in-law
  • Spouse
  • Siblings
  • Maternal Uncles & Aunts
  • Paternal Uncles & Aunts

Eligibility Criteria for SBI Education Loan through GoStudy

Eligibility criteria for SBI education loan through GoStudy is very simple, transparent and even a novice who does not have much idea about any education or other types of loan can understand comfortably. To start with the process, you need to have an unconditional offer of admission from the university of your choice abroad. This is very important and the significance of the unconditional offer is that the admission offer cannot be denied and the student has accomplished all the criteria for getting admission in the university of their choice. Adding to this requirement, there are a few more requirements that the student needs to ensure prior to being approved for the SBI Overseas education loan through GoStudy.

  • Students need to be Indian Citizens of 18 years of age.
  • Has a co-applicant or a co-borrower who is working anywhere in the world or self employed in India who must be either one of a Parent, Parent-in-law, Spouse, Own Siblings, Maternal & Paternal Uncles and Aunts.
  • Co-Applicants need to have fulfilled the minimum CIBIL score for education loan in SBI which typically tends to be upwards of 650. However, this is subjected to the discretion of the provider.

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Documents Required for SBI Education Loan through GoStudy

Exploit your talent, harness your dreams and pursue your dream career in the most comfortable and easiest way by taking advantage of the SBI International education loan for studying abroad. To get approved for the education loan, there are several documents that the student needs to provide for a smooth and hassle free process. The following checklist comprises the essential documents required for SBI education loan through GoStudy that every student needs to provide in order to qualify and pass for.

  • KYC of student
  • Educational Documents of the student
  • Course Details & Fee Structure of the University of choice
  • Unconditional/Firm/Confirmed Offer Letter
  • Co-Applicant’s KYC
  • Co-Applicant’s Proof of Income
  • Income Tax Returns of Student - 3 Years (If Applicable)
  • Income Tax Returns of Co-Applicant - 3 Years
  • Proof of Birth Documents
  • Proof of Relationship with Co-Applicant
  • Bank Statement for Months of Co-Applicant
  • Collateral Documents

Income Proof for Salaried Co-applicant/ Guarantor:

  • Salary Certificate or Salary Slip of the last 3 months
  • Copy of IT Returns for the last 2 financial years or Copy of Form 16 for the last 2 years, acknowledged by IT Dept.
  • Bank statement for recent 6 months (in case of Salary Account)

Income Proof for Self-employed Co-applicant/ Guarantor:

  • Business address proof (If applicable)
  • IT returns for last 2 years (if Income Tax payee)
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for Doctor/ C.A. and other professions)
  • Bank statement for the latest 6 months

Although the aforementioned checklist comes with all the documents, additional documents may be required from the bank’s end in case of individual students.

Process & Procedures For SBI Education Loan through GoStudy

The process & procedures for SBI education loan through GoStudy is very simple and the transparency is what makes the lending institution most preferred among students. The entire process starts with the student approaching GoStudy for applying for the loan. Herein, they need to provide all the details of the amount of loan required, the details of the courses, universities, identity of the co-applicant and any other relevant information.

Post this, SBI does its round of verifications and once the checks are done, the bank will issue a formal loan offer letter with all the required documents for the loan to be processed.

Once you provide all the documents required for processing the loan, you need to pay the charges of 10,000 INR + GST as the processing fee for the SBI education loan through GoStudy. However, the final processing charges may alter and vary depending on the individuals and to the final approval of the lending institution.

Once you are done submitting all the requisite documents, sign the loan agreement and the verifications, checks are over from the bank’s end, it may take 10 to 12 days processing time for the loan to be sanctioned. The faster SBI education loan processing time is what makes the bank unique from others. Once the loan is sanctioned, the money will be electronically transferred or via cheque to the institution.

SBI Education Loan Sanction & Disbursement through GoStudy

Sanction letter is the final approval letter from the bank that your loan has been sanctioned. This is not an in principle letter but a comprehensive letter with all the loan amount details, interest, EMI, moratorium, guarantor details (if any), university details etc, are clearly mentioned. In-Principle letters are not approved by universities as they signify some conditions are not yet satisfied.

Once the sanction letter is received and the agreement is signed between the lending institution and the applicant parties, the amount of money is transferred in INR to the university of your choice. The course fee will go to the university account as agreed by the applicant and the other fees will be transferred to the student’s account or to the co-applicant’s account. The amount may be transferred all at once or may be in parts depending on the discretion of both parties. Finally, the disbursement letter for SBI education loan through GoStudy is handed to the applicant.

Moratorium Period for SBI Education Loan through GoStudy

SBI education loans for abroad studies through GoStudy come with its own moratorium period depending on the rules instructed by RBI. It is a known fact that the student won’t be immediately able to pay back as soon as the loan is disbursed and hence, a moratorium period is offered. During the moratorium period, the student needs to start paying partial interest, which starts 6 months after the course ends. You need to pay a competitive rate of interest during this period, however, the repayment period cannot extend more than 15 years. GoStudy makes it possible for you to opt for the least moratorium period interest rate. It is always advisable to check the moratorium period details and charges before signing the loan agreement.

SBI Education Loan Repayment through GoStudy

In accordance with the SBI education loan repayment terms through GoStudy, you can select between a time period of 12 months to a period of 180 months or 15 years. You can always choose the repayment option that is the most convenient for you and you have the full freedom for that. Only in certain cases, where the financials are a bit shady, SBI will choose the best repayment options for you. Some repayment options for SBI education loan for abroad studies through GoStudy are:

  • Partial Simple Interest
  • Simple Interest
  • EMI
  • Full Moratorium period is offered by SBI.

GoStudy Partnered SBI Education Loan EMI Exemption under Section 80E of IT Act

According to the section 80E of the IT Act, you can apply for exemption and reduction on the complete EMI to be paid when you are opting for the education loan. This is applicable for the student, spouse, children or any legal guardian who has taken up the responsibility of the education loan. This exemption is applicable to all the university courses entitled.

Although, there is no specific cap on the tax benefit under the scheme however, the period of 8 years or the entire interest repayment period taken, whichever falls earlier comes under the scheme. In order to claim all the benefits of the tax exemption, you need to make sure you repay back the amount within the mentioned stipulated time.


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