January 8, 2025 – The State Bank of India (SBI) has announced collateral-free education loans for students for amounts up to Rs 50 lakh. So, now students can avail loans easily for study abroad for a number of listed institutions through the SBI Global Ed-Vantage Scheme.

This move to increase the limit of collateral-free loan is being seen as a significant step. It will go a long way in helping meritorious students achieve their dream of going abroad to study in universities like Stanford, Oxford, Harvard, MIT, NYU, etc. SBI’s collateral-free loan scheme has been lauded by several heads of educational and training institutes across the country. It could also set a precedent for other banks to follow suit.

This loan will be available for students attending universities or institutions in countries like the United States, United Kingdom, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand, Russia and European countries. Courses covered under the loan include graduate and postgraduate degrees, diploma and certificate programmes and doctorate programmes in any discipline.

The loan covers major expenses like travel, accommodation, tuition, books, computers, etc.  Repayment can be repaid through Easy Monthly Installments (EMIs) over 15 years.

Students can apply for the loan on the bank's official website or at the nearest branch. Once all documents are submitted, the bank will verify them and then approve the loan. Approval may be obtained even before the student gets his/her Form 1-20 or visa.

With Media Inputs