SBI Education Loan to Study Abroad

Table of Contents

State Bank of India is one of the largest public money lending financial institutions in our country. They have over the years revolutionized the money lending system helping millions of students achieve their dream of traveling overseas for higher education. Today, Education Loan from SBI is one of the most sort after services of the State Bank of India due to its

  • Faster Online Process
  • Lower Interest Rates, and
  • Lucrative Payback Methods 

The State Bank of India has over the years simplified the process of SBI Education Loan for students making it more affordable for all students irrespective of their background. They are only required to have good academic records and above all a passion to chase their dreams of studying abroad.

Regular Graduate Degree/Post-Graduate Degree/Diploma/Certificate/Doctorate Courses in any discipline offered by foreign Institutes/Universities in USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand and Europe [Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, United Kingdom] will be covered under the scheme.

How Much Can You Borrow From SBI to Study Abroad?

SBI will approve the minimum of the following 3 values as your loan amount:

  1. 90% of the total cost of attendance. As mentioned above, this includes tuition fees, living expenses, and several other study-related expenses.
  2. 70% of your real estate property’s value. This % can range between 65% – 73%, depending on the duration of your course. The longer the duration, the lower the %. For other types of collateral, viz. FD and a few other liquid assets, this % is 90%.
  3. ₹ 1.5 crores

Who is Eligible to Apply for an SBI Education Loan to Study Abroad?

Any student with an admit offer to a graduate or higher degree/diploma course offered by any licensed institution in the following countries: USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand or any European country.

It is important to know that there are 2-3 individuals in an education loan application:

  1. The student will be the applicant or borrower.
  2. Also, it is mandatory to have a co-applicant or a co-borrower. Only your parents, legal guardian or spouse can be a co-applicant. Note that SBI does not have any income-related criteria for the co-applicant. They may be salaried, self-employed or retired.
  3. The property or asset that you provide as collateral may be owned by your co-applicant. If this is the case, your loan application will have 2 individuals only. Otherwise, note that SBI allows for any 3rd party owned collateral, i.e. the owner of the property can be a distant relative or even a friend. This property/asset owner will be the guarantor. In case the property/asset has multiple owners, all owners will need to be guarantors.

Eligible Expenses

  • SBI Global Ed-Vantage is an overseas education loan exclusively for those who wish to pursue full time regular courses at foreign colleges/universities. Key features include :
  • Faster: Online application process
  • Lighter: Attractive interest rate
  • Higher: Loan amount Upto Rs. 1.50 Crores
  • Easier: Repayment through EMI upto 15 years
  • Early Approval: loan sanction prior to i20/Visa
  • Tax Benefit: under section 80(E)
  • Get the SBI Global Ed-Vantage today! Study abroad and challenge the world!
  • Fee payable to college/school/hostel.
  • Examination/Library/Laboratory fee.
  • Travel expenses/passage money for studies abroad.
  • Purchase of books/equipments/instruments/uniforms/ computer at reasonable cost, if required for course completion and any other expense required to complete the course– like study tours, project work, thesis, etc. can be considered for loan subject to the condition that these should be capped at 20% of the total tuition fees payable for completion of the course.
  • Caution deposit /building fund/refundable deposit supported by Institution bills/receipts the amount considered for loan should not exceed 10% of the tuition fees for the entire course.
  • Premium of ‘RiNn Rakhsha’ (IRDA License No: UIN: 111N078V01): Finance for ‘RiNn Rakhsha’ will improve insurance-coverage of the loan
  • Minimum Loan Amount: Above Rs. 7.50 Lacs
  • Maximum Loan Amount: Rs. 1.5 Cr
  • Margin : Scholarship/assistantship to be included in margin.
  • Margin to be brought in on year-on-year basis as and when disbursements are made on a pro-rata basis.
  • Processing Fee : Rs. 10,000/- per application.
  • Simple Interest will be charged during Course Period + Moratorium Period


  • Tangible collateral security
  • Collateral security offered by Third Party (other than parents) can also be accepted

Documents would you require for SBI Abroad Education Loan? 

Here is a list of documents that the student applicant/ Co-applicant is required to submit along with their duly filled-in Loan Application Form for the successful consideration of their Education Loan application from SBI:

 I) Student-applicant:

  • Proof of Identity (any one): Passport/ Driver’s License/ PAN/ Voter ID card
  • Proof of Address/ Residence (any one): Recent copy of Electricity Bill/Water Bill/ Telephone Bill/  Piped Gas Bill or a copy of Passport/ Driving License/ Aadhaar Card with similar address
  • A valid Passport to be mandatorily submitted
  • Academic Records for:
    • 10th Result
    • 12th Result
  • Graduation Result- Semester-wise (if applicable)
  • Entrance Exam Result through which admission has been secured (e.g. IELTS, GMAT, GRE, TOEFL, etc.)
  • Offer Letter or Admit Letter from the Institution. Conditional admission letter can also be considered has to be provided as proof of admission
  • Submission of Schedule of expenses / Statement of cost of study
  • 2 passport-size photographs
  • If any previous loan from other Lenders/ Banks, then Loan A/C statement for last 1 year 

II) Co-applicant:

  • Proof of Identity (any one): Passport/ Driver’s License/ Voter ID card/ PAN
  • Proof of Residence/ Address (any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or a copy of Passport/ Driving License/ Aadhaar Card with similar address
  • Passport-size photographs
  • If any previous loan from other Banks/Lenders, then Loan A/C statement and details for last 1 year 

III) 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 account statement for the last 6 months (in case of Salary Account)

IV) 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 account statement for the last 6 months