Education and Career Forum

Hello sir, I want to study MS in Mechanical stream from Australia. Please tell me terms and conditions to get an education loan of 15 lakh under SBI Global Ed-Vantage scheme?

No, you cannot take Rs. 15 Lac as an education loan. The borrower has to take a minimum of Rs. 20 Lac. Those candidates who wants to take the education loan under the scheme called SBI Global Ed-Vantage need to go through the application procedure like the borrower needs to fill the application form very carefully, the borrower need to submit the proof of secure admission in the educational institute, two passport size photographs along with PAN card, photo ID proof (Driving license, passport, voter ID, etc.), The borrower also need to furnish the proof of residency, proof of income, IT return.
Under this scheme the candidate can avail the loan amount from Rs. 20 Lac up to Rs. 1.5 crore and the amounts are fully collateralized. The security should be equivalent to the loan amount and should be pledge by the bank.
The borrower can repay the loan amount after 6 months of completion of the course and to the maximum of 15 years (moratorium period). The borrower has to repay the loan amount through equated monthly installments.