Studying abroad is a dream for many, but financing education can be a daunting task for international students.
To help ease the burden, various financial institutions, including the State Bank of India (SBI), offer education loans tailored to the needs of international students.
In this article, we’ll explore the 7 best SBI education loan for international students, highlighting their features, terms, and eligibility requirements.
Best SBI Education Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| 1. SBI Global Ed-Vantage Loan | Up to ₹1.5 crore | Yes | 9.55% (floating) | 15 years | Admission to a top-ranked foreign university |
| 2. SBI Student Loan Scheme | Up to ₹20 lakh | Yes | 9.85% (floating) | 15 years | Indian students studying abroad |
| 3. SBI Scholar Loan Scheme | Up to ₹40 lakh | Yes | 8.55% – 10.05% (floating) | 15 years | Students admitted to premier global institutions |
| 4. SBI Skill Loan Scheme | Up to ₹1.5 lakh | No | 8.05% (floating) | 7 years | Enrollment in a skill development program |
| 5. SBI Takeover of Education Loans | Based on existing loan | Yes | Based on loan type | Up to 15 years | Existing education loan with another bank |
| 6. College Ave Student Loans | Up to $200,000 | Yes | 5.99% – 13.74% | 5 to 15 years | U.S.-based co-signer required |
| 7. Prodigy Finance | Up to $100,000 | No | 8.00% – 12.00% (variable) | 7 to 20 years | Admission to eligible universities/programs |
1. SBI Global Ed-Vantage Loan
The SBI Global Ed-Vantage Loan is specifically designed for Indian students seeking higher education abroad.
- Loan Amount: Up to ₹1.5 crore.
- Interest Rates: Floating rate of 9.55%.
- Loan Terms: Repayment tenure of up to 15 years.
- Eligibility Requirements: Admission to a recognized university abroad.
- Unique Benefits: No prepayment penalties and moratorium period covering course duration plus six months.
2. SBI Student Loan Scheme
This loan caters to students pursuing education both in India and abroad.
- Loan Amount: Up to ₹20 lakh.
- Interest Rates: Floating rate of 9.85%.
- Loan Terms: Up to 15 years for repayment.
- Eligibility Requirements: Indian students with confirmed admission to a recognized institution abroad.
- Unique Benefits: Covers tuition fees, travel expenses, and other education-related costs.
3. SBI Scholar Loan Scheme
The SBI Scholar Loan Scheme is tailored for students admitted to premier foreign institutions.
- Loan Amount: Up to ₹40 lakh.
- Interest Rates: 8.55% to 10.05%, depending on the institution.
- Loan Terms: Repayment tenure of up to 15 years.
- Eligibility Requirements: Admission to globally ranked universities.
- Unique Benefits: Interest rate concessions for female students and no collateral requirement for amounts under ₹7.5 lakh.
4. SBI Skill Loan Scheme
This loan is ideal for students enrolled in short-term courses or skill development programs.
- Loan Amount: Up to ₹1.5 lakh.
- Interest Rates: Floating rate of 8.05%.
- Loan Terms: Maximum of 7 years.
- Eligibility Requirements: Enrollment in a recognized skill development program.
- Unique Benefits: Quick disbursal process and no collateral required.
5. SBI Takeover of Education Loans
This scheme allows students to transfer existing education loans from other banks to SBI for better terms.
- Loan Amount: Based on the outstanding loan amount.
- Interest Rates: Determined by the existing loan type.
- Loan Terms: Up to 15 years for repayment.
- Eligibility Requirements: Existing education loan from another institution.
- Unique Benefits: Offers competitive interest rates and hassle-free transfer process.
6. College Ave Student Loans
College Ave is a popular choice among international students pursuing education in the U.S.
- Loan Amount: Up to $200,000.
- Interest Rates: Fixed rates ranging from 5.99% to 13.74%.
- Loan Terms: Flexible terms of 5 to 15 years.
- Eligibility Requirements: Requires a U.S.-based co-signer.
- Unique Benefits: Simplified application process with flexible repayment options.
7. Prodigy Finance
Prodigy Finance provides education loans for international postgraduate students without the need for a co-signer.
- Loan Amount: Up to $100,000.
- Interest Rates: Variable rates ranging from 8.00% to 12.00%.
- Loan Terms: Repayment period of 7 to 20 years.
- Eligibility Requirements: Admission into eligible postgraduate programs.
- Unique Benefits: No collateral or co-signer required, with repayment terms designed to fit students’ needs.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students apply for SBI education loans without a co-signer?
Most SBI education loans require a co-signer, usually a parent or guardian, especially for higher loan amounts. However, options like the SBI Skill Loan Scheme may not require a co-signer for small amounts.
What documents are required to apply for an SBI education loan?
Documents typically include proof of admission, cost of the program, identification documents, income proof of the co-signer, and collateral details (if applicable).
Are there any interest rate concessions for international students?
SBI offers interest rate concessions for female students and students applying to premier institutions under the Scholar Loan Scheme.
Conclusion
Securing an education loan is often a critical step for international students.
The 7 best SBI education loan for international students listed above offer a range of options for financing your education abroad.
Whether you’re looking for a loan without collateral, a scheme tailored to skill development, or competitive rates for studying in premier institutions, these options can help you achieve your educational goals.
Evaluate each loan based on your needs and eligibility to find the perfect fit for your journey.
