Dreaming of pursuing higher education abroad but concerned about financing your studies? Worried that providing collateral security would be difficult? Here’s an end to your worries.

The State Bank of India (SBI) is offering INR 50 Lakhs Overseas Education Loan without collateral for Indian students through SBI’s Global Ed-Vantage Scheme. Students can avail this loan for a Master’s Degree abroad at any of the top 100 Universities in leading study-abroad destinations like the United States, United Kingdom, Canada, and over 15 other countries.

In this blog, we will discuss everything you need to know about SBI’s Global Ed-Vantage Scheme. We will cover eligible study fields, expenses covered, Global Ed-Vantage’s SBI education loan for abroad eligibility, required documents, the application process, and more. By the end of this blog, you will have all the information you need to go ahead and apply for this loan scheme. So, let’s get started!

Top 100 Universities Eligible for SBI Education Loan Without Collateral

Through the Global Ed-Vantage Scheme, SBI is trying to support Indian students fulfil their dreams of studying at the top institutions across various countries. Here is the comprehensive list of 100 eligible universities for which you can fund your education with the SBI’s education loan without collateral.

So, if you wish to apply to any of the above listed institutions and are sure to get an admit then you can be rest assured about the funding through SBI.

But before that let’s look at the study fields covered under the SBI Global Ed-Vantage Scheme.

Eligible Study Fields for the SBI Global Ed-Vantage Scheme Non-Collateral Loan

The SBI education loan without collateral supports a wide range of academic programs offered by approved institutions, including:

• Regular full-time Graduate, Post Graduate, Integrated Degree, and Post-Graduate Diploma Programs
• Executive Management Programs
• Medical Programs
• Part-time Graduate/Post Graduate & PG Diploma/Certificate Programs for working professionals.

With such diverse study fields, you have ample opportunities to pursue your desired courses at any of the top 100 universities globally.

By now you must be keen to know the expenses covered under this scheme. So here are the details for you.

Expenses Covered under the SBI Global Ed-Vantage Scheme Non-Collateral Loan

SBI’s Global Ed-Vantage Scheme which is the best abroad education loan option without collateral covers majority of the study abroad expenses. It is important for you to understand the specific expenses that are covered as it would help you effectively plan your finances. So, let’s see the details.

• Tuition Fees
• Accommodation Expenses
• Living Expenses
• Examination Fee
• Health Insurance
• Foreign Exchange & Conversion Charges
• Books, Supplies & Equipments
• Costs for Academic Materials
• Flight Tickets
• Travel Expenses for Abroad Studies
• Costs for Study Tours, Project Work, etc.

It is important for you to understand the specific expenses that are covered as it would help you effectively plan your finances.

Let us now check the eligibility for this SBI Education Loan without collateral which can open avenues for your global education.

Eligibility Criteria for SBI Global Ed-Vantage Scheme Non-Collateral Loan

Understanding the eligibility criteria is crucial when applying for the SBI Global Ed-Vantage Scheme as this would help you check whether you meet all the requirements to apply for the loan. The State Bank of India stands out as one of the best bank for education loans, owing to its flexible eligibility requirements.

1. Indian National: You should be an Indian Citizen.
2. Letter of Acceptance: You should have a valid acceptance letter from one of the eligible universities listed under SBI Global Ed-Vantage Scheme for your Master’s Degree.
3. Co-applicant: You should have a co-signer or co-applicant to apply for the loan.
4. Age Requirement: You must be at least 18 years old to apply for the loan.

Once the basic eligibility criteria are met, the next step is to collect the necessary documents.

Documents Required for SBI Global Ed-Vantage Scheme Non-Collateral Loan

Here is the set of documents you and your co-applicant would be required to submit:

For The Applicant

• Proof of Admission
• Cost estimate from the University

• Standardized Tests Sore Card
• Copies of Letters Conferring Scholarship (if applicable)
• Proof of Identity and the Proof of Residence
• Bank Account Statements
• Educational Marksheets & Certificates
• Gap Certificate with a Self-Declaration (if applicable)

Income Documents for Co-applicant

- For Salaried Co-Applicant

• Salary Slips
• Form 16
• Employer's ID Card
• Income Tax Returns (ITR) 

- For Self-Employed Co-Applicant

• ITR
• Financial Statements
• Proof of Business Address

Depending on your profile, you may be required to submit additional documents to complete your loan application.

Moving on, in the next section, let us understand the application process for the SBI Global Ed-Vantage Scheme Non-Collateral Loan.

Application Process for SBI Global Ed-Vantage Scheme Non-Collateral Loan

The application process for the SBI Global Ed-Vantage Scheme is similar to other overseas education loans that are offered by Indian National banks. Below is the step-by-step breakdown of the loan application process.

• Step 1: Visit State Bank of India’s official website or apply through the Vidya Lakshmi Portal.
• Step 2: Verify that you meet eligibility criteria for the SBI non-collateral loan.
• Step 3: Download the student loan application form from the SBI website.
• Step 4: Fill out the application form & upload the necessary documents.
• Step 5: Visit your nearest SBI branch to submit the application and initiate the loan process.
• Step 6: SBI’s loan department will verify your documents and then provide the loan sanction letter for further visa processing.

The processing fee for the SBI Global Ed-Vantage Scheme is INR 10000 + GST, and it typically takes around 7-10 working days for the loan amount to be sanctioned. Once approved, SBI will issue a loan sanction letter detailing the education loan terms, including the SBI student loan interest rate and repayment tenure. Depending on your university’s course fee structure, the bank will disburse the loan amount in stages or lump sum amount as required.

Unlock Your Study Abroad Dream: Rates Slashed!

State Bank of India Abroad Education Loan EMI calculator

See how much you can Save!
For instance, if you take a loan of Rs.20 lakhs with an interest rate of 8.9%, to be repaid over 10 years, your repayable EMI is Rs.25,227.

Lock Your Low Interest Rate Now

You can accomplish your study abroad aspirations through this SBI Global Ed-Vantage Scheme wherein you can avail loan up to INR 50 Lakhs SBI education loan without collateral. So, if you find yourself eligible for this loan scheme, you can approach Élan Overseas Education Loans for loan application and processing. With the help of our loan experts, you will have a hassle-free experience.

Connect with our Élan loan experts today and take the first step towards your dream!