MOST IMPORTANT TERMS AND CONDITIONS SBI GLOBAL ED-VANTAGE SCHEME

1. Purpose for which the loan can be availed: 12. Repayment:

Loans will be granted to deserving/meritorious students for pursuing full time  Repayment upto maximum of 15 years after completion of course &
regular courses in foreign colleges/ universities moratorium period.
 Moratorium period: Upto 6 months post completion of course.
2. Courses Eligible:
Regular Graduate/Post-Graduate/Doctorate Degree/Diploma/Certificate 13. Timeline for Disposal of Loan Application
Courses in any discipline offered by foreign Institutes/Universities in USA, Maximum 15 days, after the receipt of duly completed application with
UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong and New supporting documents. The timeline start from the date of receipt of
Zealand will be covered under the scheme. complete documents from the applicant and the time taken by the applicant
Note: In respect of any courses in the countries other than the countries
for submitting documents and/ or for furnishing information sought by the
mentioned above, the proposal may be considered basing on the merits on Bank will not be taken into account for the purpose of timeline indicated
a case to case basis. above. All timeline counts will be on the basis of full working days.
Wherever there is a need for verification etc. with various authorities/ Govt.
3. Student Eligibility: bodies across one or more centres, a minimum of 15 additional working
 Should be an Indian National (including NRIs) days will be applicable. We shall endeavour, at all times, to deliver within
 Secured admission to foreign university/Institutions. the indicated timelines, barring in situations and circumstances that are
 No minimum qualifying marks stipulated in the last qualifying beyond the control of the Bank.
examination
14. SBI STUDENT PLUS ADVANTAGE CARD is available for all Education
4. Expenses Considered for Loan: Loan borrowers. Card is issued on the basis of a Fixed Deposit (minimum
 Fee payable to college/school/hostel. Rs. 5000/-) with our Bank. Card Limit of 70% of the Fixed Deposit is
 Examination/Library/Laboratory fee. provided to borrower.
 Travel expenses/passage money for studies abroad. For further details, visit SBI CARD website at:
 Purchase of books/equipments/instruments/uniforms/ computer at https://www.sbicard.com/cards_for_you/sbi_student_plus_advantag
reasonable cost, if required for course completion and any other e_card_0_271615.html
expense required to complete the course– like study tours, project
work, thesis, etc. can be considered for loan subject to the condition
Customer Service:
that these should be capped at 20% of the total tuition fees payable for
For any service related issue, customer can get in touch with SBI:
completion of the course.
 Caution deposit /building fund/refundable deposit supported by  Calling Customer Help Line Numbers
Institution bills/receipts the amount considered for loan should not  Contact Customer Grievance Cell at our Local Head Offices
exceed 10% of the tuition fees for the entire course.  Write to Grievance Cell at our Local Head Offices
 Premium of ‘RiNn Rakhsha’ (IRDA License No: UIN: 111N078V01): (Details on Help line Numbers and Grievance Cell available on
Finance for ‘RiNn Rakhsha’ will improve insurance-coverage of the www.sbi.co.in)
loan In case a customer is not satisfied with the handling of grievance by the Local
Head Office, a communication may be sent (enclosing the message sent
5. Loan Amount: earlier to Local Head Office) to the -
 Minimum Loan Amount: Rs. 20 Lacs Customer Service Department
 Maximum Loan Amount: Rs. 1.5 Cr State Bank of India
State Bank Bhavan, 16th Floor
6. Margin: 10% Madam Cama Road,
Mumbai 400 021
 Scholarship/ assistantship to be included in margin.
Tel: 022-22029456
 Margin has to be brought in at the time of each disbursement
Fax: 022 22742431
E-mail address - [email protected]
7. Processing Fee: Rs. 10,000/- per application
Toll free number: 1800 11 2211
Toll free number: 1800 425 3800
8. Sanction & Disbursement: The loan application will be accepted at all
Toll number: 080-26599990
major Branches.
 The loan to be disbursed in stages as per the requirement/ demand
directly to the Institutions/Vendors of books/ equipments/ instruments
to the extent possible. Disclosure:
 Sanction Letter may be issued before receipt of VISA/ Form i-20*
 Disbursement/ remittance of fees/ living expenses before State Bank of India is authorized to disclose from time to time any
issuance of Admission Letter/ VISA may be considered if required information relating to the loan to any credit bureau (Existing or Future)
by College/ University/ VISA issuing authorities* approved by Government of India and Reserve Bank of India without any
 In genuine cases, the tuition fee already paid to the institute by the notice to the borrower. State Bank of India is also authorized to make
borrower from their own sources may be considered for inquiries with any Credit Bureau and get the applicants Credit Information
reimbursement provided the reimbursement is claimed within 6 Report.
months of the payment.
*Terms & Conditions mentioned herein are subject to change without prior
9. Security: Tangible collateral security notice.
 Collateral security offered by Third Party (other than parents) can also
be accepted
 In case of married person, co-obligator can be either spouse or the
Parent(s)/ Parent(s)-in-law. Parental co-obligation can also be
substituted by a suitable third party guarantee

10. Interest Charges:

Kindly go to https://www.sbi.co.in/portal/web/interest-rates/education-loan-
scheme for latest Rate of Interest applied.

11. Penalty: If the EMI / Instalment(s) is not credited in the loan account of the
borrower on due date, the undernoted charges will be recovered from the
borrower:
a) Rs 500.00 + taxes as applicable, for non-credit of EMI/
Instalment(s) on or before the due date
b) Penal interest @ 2% will be charged for the overdue amount
and overdue period.