SBI has two loan schemes for students aspiring to study in the UK, namely, SBI Student Loan and SBI Global ED-VANTAGE. Under the student loan scheme, the bank offers upto Rs. 20 Lakhs maximum loan amount while under ED-VANTAGE, you can get financed upto Rs. 1 Crore.
Also to know is, can you go to jail for not paying student loans?
Can You Go to Jail for Not Paying Student Loan Debt? You can’t be arrested or sentenced to time behind bars for not paying student loan debt because student loans are considered “civil” debts. This type of debt includes credit card debt and medical bills, and can’t result in an arrest or jail sentence.
Consequently, how do I get a student loan UK?
Most full-time and part-time students can apply online to Student Finance England.
- Set up a student finance online account.
- Log in and complete the online application.
- Include your household income if needed. Your parent or partner will be asked to confirm these details.
- Send in proof of identity, if needed.
How long does it take to get SBI Education Loan?
SBI Education Loan process takes about 2 months to get processed and sanctioned if you go through the process on your own. But when you go through the SBI Education loan procedure with WeMakeScholars, it takes only 15 days!
You’ll need to show you have enough money to support yourself – unless you’ve been in the UK with a valid visa for at least 12 months on the date of your application. How much money you need depends on where you will be studying. You’ll need either: £1,334 per month (for up to 9 months) for courses in London.
SBI Education Loan Interest Rates
|Schemes||Maximum Loan Amount||Interest Rates|
|SBI Scholar Loan||Rs.40 lakh||6.85% to 8.15%|
|SBI Global ED-Vantage||Rs.1.5 crore||8.15% to 8.65%|
|SBI Skill Loan||Rs.1.5 lakh||8.15%|
|SBI Take Over of Education Loan||Rs.1.5 crore||8.15% to 8.65%|
Now that you have read about how Canada GIC accounts work, it must be clear that the GIC amount is nothing but students’ living expenses for a year. This is automatically included in the education loan.
Embassy accepting HDFC Credila Education Loan:
An overseas education loan from HDFC Credila is the only NBFC that is accepted by all the country embassies. Right from USA, UK, Canada, Australia, New Zealand, Germany the education loan from HDFC Credila is accepted by all the major study overseas destinations.
Experts suggest that a person should not take an education loan for fancy courses or just to fulfil the desire of obtaining a degree from a foreign university or college. Opting a course just for the sake of going abroad doesn’t translate into a lucrative career.
Banks offering Education Loans and Collaterals Required
|Bank||Loan Amount and Collateral Required|
|HSBC||Loan up to Rs.5 lakhs do not require collateral|
|State Bank of India (SBI)||Domestic Education – Up to Rs.15 lakhs Foreign Education – Up to Rs.20 lakhs For loans up to Rs.7.5 lakhs no collateral is required|
Top Education Loans Providers in India for Study Abroad
- HDFC Bank. HDFC Bank offers education loans with preferential interest rates for reputed universities. …
- State Bank of India. …
- Axis Bank. …
- Punjab National Bank. …
- Bank of Baroda. …
- Canara Bank. …
- IDBI Bank. …
- Avanse Financial Services.
Banks Offering Education Loan for Studies in the UK:
- Bank of Baroda.
- Punjab National Bank.
- Canara Bank.
- Bank of India.
- Central Bank of India.
- HDFC Bank.
- State Bank of India.
Compare Top Education Loan Offers 2021
|Name of Bank||Interest Rate (p.a.)||Loan Amount|
|Axis||13.70% to 15.20%||Up to 75 Lakh|
|Bank of Baroda||7.85% to 9.85%||Up to 4 Lakh and above|
|HDFC||9.55% to 13.25%||Max Apr|
|Tata Capital||10.99% onwards||Up to 30 Lakh|