GoStudy Partnered SBI Education Loan Without Collateral

GoStudy is one of the pioneer educational loan providers in India. Succeed with GoStudy partnered with SBI Education loan without collateral.

GoStudy has partnered with SBI, the leading banking organization in India for a seamless education loan process. With an SBI unsecured education loan through GoStudy, you can give your dreams spread wings and let your career reach the summit. GoStudy education loans through SBI can cover 100% of your expenses and has better interest rates. Education will never be hampered when schemes such as SBI non-collateral education loans are exclusively crafted to fit your needs.


9

Reasons to Opt for SBI Education Loan Without Collateral through GoStudy

1

Competitive Rates of Interest and Advantageous Schemes

SBI education loan without collateral through GoStudy comes with competitive interest rates of 8.65% and goes up to 10.05%. However, there is a special concession for female aspirants @ 0.5%.

2

Faster, Hassle-Free Process

SBI education loans come with a faster, hassle-free process where you can have your loans approved in a shorter time frame of as little as 10 to 12 days.

3

No Collateral Required

SBI Education loan for abroad without collateral through GoStudy does not need you to pledge any collateral and can fetch you an amount of up to 7.5 lacs.

4

More Than 5000 Universities

SBI has tied up with more than 5000 universities across the globe, which means a bigger opportunity for aspirants to explore different verticals and colleges.

5

Easy Approval

SBI education loan for intercountry and abroad studies is super-fast and comes with an early approval process even before the student i20/VISA is issued.

6

Tax Benefits Under Section 80E of the IT Act

SBI education loan without collateral through GoStudy comes with tax exemptions under Section 80E of the IT Act and can land you better savings on the EMI.

7

Comprehensive Education Loans for Students

GoStudy offers a comprehensive range of popular SBI education loans without collateral to help students save money and pursue their dreams.

8

Loan Processing on Priority

GoStudy has one of the fastest loan processing times and we process all education loans on priority. GoStudy understands money should not be a hindrance to your studies.

9

Personalized 1-On-1 Education Loan Consultants

With GoStudy, you get access to highly experienced & personalized consultants to help you throughout.


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SBI Education Loan Without Collateral for Abroad Studies through GoStudy

SBI education loan for abroad without collateral through GoStudy for abroad studies comes with a host of benefits and is widely considered one of the best loan schemes in India when it comes to unsecured loans. With comprehensive offerings, SBI unsecured education loan through GoStudy is by far the most preferred choice among students seeking admission to abroad universities. However, the hectic process and costs associated with studying, food, accommodation, etc., make it harder for students to fulfill their dreams. Competitive rates of interest, no hidden charges, 0 processing fees, and up to 100% funding make SBI unsecured education loans through GoStudy one of the most prolific in the market as compared to counterparts. Starting from accommodation to food, lodging, traveling, gadgets, and equipment, charges are all covered under the loan scheme. Professional consultants can guide you through the entire process and help you in getting approved for the loan even before the VISA is issued to you.

SBI unsecured education loan through GoStudy has specially curated schemes for students before their VISA approval when they need to prove their financial abilities and credit worthiness. Flexible loan policies from SBI cover all the expenses related to your studies abroad, such as education fees, admission fees, travel costs, hostel costs, equipment buying costs, and a host of other miscellaneous expenses.

With the help of experienced banking professionals, the entire loan application and approval process are smooth like a pie. SBI education loan for abroad without collateral through GoStudy is an ideal push from the financial institution towards securing education for meritorious aspirants. The loan is designed to make you feel safe and act like your best education buddy when needed.

SBI Education Loan Without Collateral
SBI Education Loan Without Collateral

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

Interest rates are a percentage of cuts that are levied on all approved loans, and this is the same with SBI education loans as well. As compared to other financial lending institutions, SBI comes with the lowest interest rates and is a blessing to meritorious students. The attractive interest rates for SBI education loan without collateral through GoStudy starts from as little as 8.5% and can go up to 10.5%, with a 0.5% concession for female candidates. The interest rates are calculated depending on the profile of the applicant or co-borrower and can go up or down based on the finances.

The interest rates of SBI non collateral education loan through GoStudy are pretty flexible and may change periodically depending on the financial portfolio of the applicant. The simple interest formula for calculating the interest rates is very transparent and is the main reason behind the lower ROI. Candidates can also enroll in the SBI Rinn Raksha scheme to get a concession of 0.5% on the interest rates.

Below is a short excerpt of the interest rates on the unsecured education loans from SBI:

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%

Below we have mentioned the specific SI mathematical formula that is used to calculate the EMI based on the interest rates of education loans without collateral from SBI through GoStudy:

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 Without Collateral through GoStudy

SBI Education loan without collateral through GoStudy covers 90% of your educational expenses in a comprehensive way. However, you may get 100% funding as well, depending on your creditworthiness and the institution you are enrolling into. With two different loan schemes, namely SBI Student loan designed to study in India and SBI Global Ed-vantage for abroad studies, all your career goals are set to kiss the summit of success. From lab costs to admission charges and equipment prices, everything is covered under the loan, with the only criteria being the miscellaneous costs should not be more than 20% of the course fee. Mentioned below is the list of countries where SBI education loans are accepted, and all expenses are covered under the loan scheme-

  • 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
  • The Czech Republic
  • Austria

SBI education loan without security through GoStudy can cover up to 90% of your educational expenses both in India and abroad. Under this scheme, you are allowed to fetch up to 7.5 lakhs under the student loan scheme with interest rates of 10.05%. There is no margin fee in most cases for SBI education loan for abroad without collateral through GoStudy wherein you take the loan for studying in India, but in certain cases, you need to pay 10% margin fees for amounts above 7.5 lacs.

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 Without Collateral Through GoStudy

SBI Global Ed-vantage loan scheme is ideal for fetching loans of more than 20 lacs and abroad studies. However, that is a form of secured loan, and you need to pledge collateral. SBI unsecured education loans through GoStudy come under the student loan scheme and are ideal for students wanting to study in India. There are four different institution lists falling under the SBI education loan scheme, which are AA, A, B, and C lists for technical and non-technical courses. AA list represents the top tier universities in India, like IIM, where you can get loans up to 40 lacs, and the C list comprises 92 universities for which you can get funding from 7.5 lacs up to 30 lacs. Up to 4 lacs, you need not pay any loan margin, but there is a 5% loan margin on the amount from 4.5 lakhs to 7.5 lacs. There are no processing fees on the loan amount, however, which is a bright side to be considered.

SBI is known to offer secured education loans mainly; however, their new offering of SBI unsecured education loan through GoStudy is pretty unique to meet your educational expenses. SBI’s unsecured loans are offered without any form of collateral and are ideal for students who want to enroll in some of the best universities. Owing to the nature of unsecured loans, you may need to spend a bit more on interest rates compared to secured education loans, but the holistic structure, moratorium period, and easy repayment options make it a good choice. You can also opt for loans of higher amounts than 7.5 lacs, but a tangible form of collateral security will be needed in that case. SBI education loan without collateral through GoStudy will require a co-borrower to complete the application process, and several factors are taken into consideration. The co-borrowers income and the borrower’s projected income will be checked before sanctioning the loan. At the same time, the creditworthiness of both the borrower and co-borrower will be checked for deciding the loan approval.

Creditworthiness through a stringent credit score check is done prior to the loan approval, and it is relatively tough to qualify if you do not maintain a strong credit score of more than 750+. Below listed are some documents you need to submit to the bank to apply for an SBI education loan for abroad without collateral 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’s unsecured educational loan falls under the unsecured loan scheme Emergency Credit Line Guarantee Scheme for up to 7.5 lakhs only, and that too for the best colleges and merits. The interest rate for unsecured education loans is floating and a bit on the upper side; however, it is dependent on your credit profile.

Collateral for SBI Education Loan through GoStudy

SBI is known to offer the best-secured education loans to meritorious students. Collateral is a form of security that you need to pledge to the lending institution against the loan amount. In certain cases where your financial portfolio is not strong or is a bit on the weaker side, collateral is required to approve the loan.

The list of accepted documents for the SBI education loan is mentioned below:

  • 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.

However, if you do not wish to keep any collateral to the financial institution, then an SBI education loan without collateral through GoStudy will be your best bet. A comprehensive loan choice can take your career to the next level in a safe and easy way.


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List of Institutions Abroad Accepting SBI Education Loan Without Collateral through GoStudy

SBI education loan without collateral through GoStudy is accepted at all the major educational institutions both in India and abroad as well. Being one of the largest banking organizations in India, SBI offers comprehensive loan offerings and schemes when it comes to education loans. The gigantic list of Indian and abroad universities accepting SBI education loans cross the 5000 mark and have helped thousands of aspirants to shine high with their career. Being a government lending institution, SBI has tied up with more than 500+ universities in India alone and lets you pursue career goals with recognition.

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

List of Universities accepted by SBI Education Loan through GoStudy

GoStudy’s Pre Approved Education Loan Amount by SBI

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 SBI Unsecured Education Loan through GoStudy

A co-borrower or co-applicant is required when it comes to an SBI education loan without collateral owing to the nature of the unsecured loan. For those students with a weaker financial background, a co-borrower is required to keep the bank on the safer side. A co-applicant also speeds up the SBI non collateral education loan approval process and makes it easy for students to get the loan. The below list comprises the types of co-applicant you can keep to proceed with the loan approval-

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

Eligibility Criteria for SBI Education Loan Without Collateral through GoStudy

SBI education loan for abroad without collateral through GoStudy comes with easy but stringent eligibility criteria that students need to keep in mind. The first and foremost eligibility criteria you need to qualify is an unconditional admission offer letter from any leading university in India or abroad. This letter is of utmost significance since it proves that your admission cannot be denied and you will be able to repay back the money. SBI non collateral education loan through GoStudy comes with an easy repayment period, and one can simply qualify if their credit profile is strong and disciplined. Some other eligibility criteria for the approval of the education loan without collateral are:

  • 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 loans in SBI, which typically tends to be upwards of 750. However, this is subject to the sole discretion of the provider.
  • Has to have a very strong credit profile so that there is no question of their creditworthiness.

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Documents Required for SBI Education Loan Without Collateral through GoStudy

Documentation for an SBI education loan without security takes very little time and comes with an easy list of documents. You can give wings to your dreams and pursue the dream career you’ve always wanted with the help of an SBI education loan. Where most unsecured loans are pretty risky, hectic, and notorious in their terms, SBI unsecured loans through GoStudy are the best in class. Below is the list of documents you need to sort out to obtain an unsecured education loan from SBI.

  • 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 for the last three months
  • Copy of I.T. Returns for the last two financial years or Copy of Form 16 for the last two years, acknowledged by I.T. Dept.
  • Bank statement for the recent six months (in case of Salary Account)

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

  • Business address proof (If applicable)
  • I.T. returns for the last two 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 six months

The aforementioned list of documents is sufficient for the loan approval process. However, some more documents may be required based on the sole discretion of the lender.

Process & Procedures for SBI Education Loan Without Collateral through GoStudy

The process for obtaining an education loan without collateral from SBI through GoStudy is very simple and starts off with the student applying for the loan. They need to provide the bank with the required loan amount, details of the courses, institution details, and any other relevant info for the applicant and co-applicant.

Then the bank conducts a thorough verification and checks from their side and, when done up to their satisfaction, will issue a formal loan offer letter.

The third step involves the submission of the required documents asked from the bank’s side and paying the documentation/processing charges, if any. Although no charges are required for unsecured SBI non collateral education loans through GoStudy, depending on the profile of the applicant, a small fee may be applicable.

Finally, when everything is done, it will take 10 to 12 days to approve the loan, and it will be disbursed electronically to the bank of the applicant or the university. The funds may be disbursed through cheques also.

SBI Education Loan Sanction and Disbursement Through GoStudy

This is the final step of the loan process, whereupon, satisfying all documentation, the loan is approved, and a formal sanction letter is issued. This is not an in-principle letter but a comprehensive letter with the loan details, rate of interest, moratorium, guarantor details, university details, and all other intricate details. Post the receipt of the sanction letter; an agreement is signed between the applicant and the bank prior to the disbursal of funds.

Moratorium Period for SBI Education Loan Without Collateral through GoStudy

SBI education loan for abroad without security through GoStudy offers the best moratorium period, which starts from 12 months after getting a job and extends up to 15 years. Only a nominal interest is required to be paid to the bank post six months of the loan. With the help of experts from GoStudy, you can avail of the least interest rates during the moratorium period.

SBI Unsecured Education Loan Repayment through GoStudy

Complying with SBI unsecured education loan through GoStudy repayment terms, candidates can choose between 12 months to a longer period of 180 months or 15 years tenure. You can go with your preferred repayment option in accordance with your convenience to ensure you never fall behind when it comes to repaying. However, owing to the reason that it is an unsecured loan, in some instances of weak credit profile, the bank may offer the best repayment option for you. Some repayment options for SBI education loan without collateral through GoStudy are

  • Partial Simple Interest
  • Simple Interest
  • EMI
  • Full Moratorium period is not offered by Avanse

SBI Unsecured Education Loan through GoStudy Tax Exemption Under Section 80E

As per Section 80E of the I.T. Act, you can apply for tax exemption and rebates on the entire EMI amount paid during the loan tenure. Not just you but your siblings, legal guardians taking responsibility for the loan, daughter, or children can come under the tax exemption.

However, tax benefits under the scheme have no cap on them, but 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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