SBI Education Loan for Abroad 2024 (Updated Terms)

Every policy mentioned in this video is carefully taken from the Official Internal Circular of SBI which is only accessible to its staff and to Wemex scholars. After going through 117 pages document we have made this video. Now this sort of information no bank official or some random YouTube vlogger will tell you but it is very important. I can bet that no other YouTube video or any article on internet talks about this 5% contingency fund. Now there are two scenarios in which it is almost impossible to get your loan approved from SBI without Wemex Scholars support. Hello all this is Damini co-founder of Wemex Scholars, India's largest education finance platform. So we started in the year 2015 with funding and support from Ministry of IT, Government of India and our sole purpose is to help students like you get a scholarship or an education loan for your higher studies abroad. Hence our videos are the most trusted source of information than watching some random vlogger. Even though we share the information through these videos but if any bank branch or bank staff in your city denies accepting anything which we have told in the videos then we are just a call away. Just call us and we'll speak to them and we'll inform them in which page of their circular this particular information is mentioned. Loanflix web series talks about everything about education loans and this particular video is about SBI's abroad education loan scheme. So to start with I'll give you an overview of all the different schemes which SBI has and then I'll talk about every term in detail about SBI's abroad education loan scheme. Right from its interest rate, the loan limit, the disbursement policy, the repayment policy, everything. But before that let me tell you guys it makes me very unhappy that 87% of the people who watch these videos take the information out of it do not subscribe to the channel. As we make very informative videos and sometimes we put out the dark secrets of banks out there that we even start getting threat calls. What we expect from you is just to subscribe so that we keep putting in effort and keep making videos about education loans and scholarships so that you can be benefited. So please subscribe to this channel before you watch this video it's a request. Every policy mentioned in this video is carefully taken from the official internal circular of SBI which is only accessible to its staff and to VMAIC scholars. After going through 117 pages document we have made this video. So to start with you need to know that SBI has six different education loan schemes. Number one is SBI student loan scheme which is only for studies in India. Then we have SBI scholar scheme which is for students who are going to IITs, IIMs, NITs, BITs etc. Then we have SBI global advantage scheme which is for studies abroad. Then we have SBI shaurya scheme which is for students who are kids or spouse of defense personnel or CRPF personnel. And then we have SBI skill development loan for vocational and shorter skill development programs. And finally we have SBI's loan takeover scheme which is in case you want to move your existing education loan from another bank to SBI. In the scope of this video we are only going to talk about SBI's global advantage scheme which is for abroad studies. Now let's start with talking about the terms of this scheme in detail. In global advantage scheme the maximum loan amount is capped at 1.5 CR as per SBI's policies. But if you are looking at a higher loan amount it can only be done if you apply for your loan through VMAIC scholars. As a partner we have the access to recommend files for higher loan amount. We call this as a deviation process and in that we have to discuss and take The interest rate for this global advantage scheme is base rate plus 2%. As of today July 2024 the base rate is 9.15% and plus 2% makes it 11.15%. Now two things to note here number one the base rate is revised every month and we keep posting it on our channels whenever it is revised. So you should follow our YouTube and Instagram for this updated information. And the second thing is that there are some concessions and discounts available on top of this rate for example there is 0.5% discount for female students and there is additional 0.5% discount if you are opting for RIN Raksha or Edushield insurance of SBI. So the final rate for female students is 10.15% and the final rate for male students is 10.65%. And again I am repeating that it keeps changing every month so do follow our channels for the latest information or talk to your VMAIC scholars financial officer. When you apply directly via any branch they are mostly not aware of all these concessions and discounts and ultimately you will be the loser. Hence applying to SBI education loan via VMAIC scholars will get you the best rate of interest. And in addition your VMAIC scholars financial officer will be able to give you the correct and updated information at any point in time. Please talk to your VMAIC scholars financial officer if you haven't been assigned one you can request a call back via the link mentioned in the description or call us on the number shown on the screen. All our services are absolutely free as we are funded and supported by the Ministry of IT, Government of India. Interestingly SBI's Sibyl score requirement is only 591 whereas most other banks will not approve your loan if you or your parent's Sibyl is less than 685. Now this sort of information no bank official or some random YouTube vlogger will tell you but it is very important. I have seen so many students whose parent's Sibyl is less than 685 they go to like 3-4 banks get their loans rejected and then they feel it's not gonna be possible for them to get a loan approved and they give up on their dreams. That's why your VMAIC scholars financial officer will be able to check each and every detail of your profile and match it with the eligibility criteria of 15 plus banks and will tell you which are the options you are eligible for, what are the pros and cons of each of these banks so that you can choose the best option for you. To talk to a financial officer you can call on the number shown on the screen. When you apply for your education loan under Global Advantage scheme you can include your tuition fees, your living expenses which is your hostel or private accommodation, your food, your local travel, your flight cost and any other miscellaneous like your books or laptop. In addition you can add TCS which is tax collection at source for foreign remittance plus you can also include 5% of contingency fund in case your fees increases or the currency fluctuates in future. I can bet that no other YouTube video or any article on internet talks about this 5% contingency fund. Such deep knowledge of banks products makes Remix Scholars team unique to handle your loan application at SBI or any other bank for that matter. You can avail our services at zero cost. To get in touch with us you can call us on the number shown on the screen or you can request a call back via the link given in the video description. In SBI you will not get 100% of your expenses. Bank always keeps a margin because they want a portion of the expense to come from students end. So if your loan amount is less than 20 lakhs you will have to bring in 15% margin and if your loan requirement is more than 20 lakhs you will only have to bring in 10% of margin. For deeper understanding of loan margin you can watch our detailed video on this topic. The link is mentioned above and in the video description and if you are not in a position to bring in any margin money you can talk to your Remix Scholars financial officer and they will look for other options where there is no margin concept. Coming to the collaterals accepted by SBI, there are two types of collaterals. Number immovable properties like house, flat, land and number two is liquid securities like your fixed deposit, LICs, government bonds like gold bonds and also FCNR are acceptable. Now a very important point here, a question which I get asked very frequently that can a collateral from a non-family member be accepted? Yes, your collateral can belong to your paternal uncle, aunt, your maternal uncle, aunt, chacha, mama, your family friend. It is acceptable so it need not be on your parent's name. Now talking about the value of the collateral, if your loan requirement is less than 20 lakhs the value of the collateral has to be same. For example, if you are going for a 15 lakhs loan the collateral to be pledged should be worth 15 lakhs but if your requirement is more than 20 lakhs then you have to bring in extra 10% collateral. For example, if you are going for a 30 lakhs loan you need to bring in 33 lakhs value collateral. So SBI gives you 15 years to repay your education loan after your moratorium period is over. Now your moratorium period is your repayment holiday which is your course duration plus six months. So for example, if you're going for a two-year course for two and a half years you need not pay anything back to the bank but please note that the interest will be charged on the disbursed amount you just don't have to pay and bank will not charge any interest on the interest accumulated interest which you didn't pay so it's on a simple interest basis. If you're not clear on this please watch our simple interest versus compound interest video the link is in the description. The processing fee of SBI is 10,000 plus GST which is 11,800 rupees. In addition, you will also have to bear the legal and valuation charges in case your collateral is a property. Now these charges are in the range of 7,500 to about 10,000 rupees. Now please note that the charges I just mentioned are bank's charges and you have to pay directly to the bank branch. VMAX Scholars will not charge you any fee for getting your entire loan process done. All the services of VMAX Scholars are absolutely free. We are funded In an education loan all banks require a co-applicant or a co-borrower. In an ideal case your parents your father or mother has to be a co-borrower but in case both the parents have expired your guardian can be a co-applicant. Now the civil requirement of your co-applicant will be checked their income will also be assessed but please note that there is no minimum requirement of the income. Now please note that income and civil requirements of co-applicant keeps changing from time to time that's why you should talk to your VMAX Scholars financial officer for updated guidelines and they will be able to analyze your parents profile and will tell you whether they are qualified to be a co-applicant or not and if not what are the alternate options. Do you have any more questions on the scheme terms and conditions? If yes please put it in the comments below and I'll be very happy to help. Now there are two scenarios in which it is almost impossible to get your loan approved from SBI without VMAX Scholars support. Number one NRI co-applicant or student so in case your parent is working outside India or your entire family is outside India there is 99.9% chance that your SBI branch will not know how to handle such files. Now as VMAX Scholars is a digital platform we do get a lot of applications from families which are settled in Middle East or they're working in Western countries but they are Indian nationals and they want to avail an education loan from India. We carry expertise in handling such files and we can get This is when you reside in one city or state but your collateral is in entirely different state or in a different city. For example let's say you reside in Bangalore but your collateral property is in Hyderabad so in such a scenario there is 99.9% chance that the bank staff will play a football with you. The Bangalore branch will say hey I cannot help you with your loan process because your collateral is in Hyderabad and I cannot get that evaluated. When you come to Hyderabad they would say hey I cannot help you with a loan because you don't reside here. In such cases VMAX Scholars team has all the processes in place to get your loan sanctioned from SBI or any other public sector bank. If you're in one of these two scenarios don't even think of applying for your loan directly without VMAX Scholars support to SBI or to any other public sector bank and even if you're not in one of these two scenarios your life will be much more simpler if you have your VMAX Scholars financial officer beside you to answer all your questions and to deal with the bank staff when they're asking for unnecessary documents and to take follow-ups when the bank is not giving you any update. To get in touch with us you can call us on the number shown on the screen or you can request a call back via the link mentioned in the video description. And I'm repeating again all our services are absolutely free. We are funded and supported by the Ministry of Electronics and Information Technology. See you soon with my next video.