SBI launches education vantage for students

Vijayawada: State Bank of India has announced an upgraded version of education loan for students who want to pursue higher education abroad and top grade universities in the city.

With the name ‘SBI Global Ed-vantage’, the loan, will now allow students to apply for Rs 1.5 crore with a repayment period extended up to 15 years.

Addressing a press conference at the bank’s zonal office, assistant regional manager for Krishna district S Ravi Kumar said that the bank has come out to extend the services for a large number of students who are aspiring for education abroad.

We identified that more than 50 per cent of the students who are going to foreign countries to pursue higher education are from Vijayawada, East Godavari and West Godavari districts. In all, around 5,000 students from the region alone are going abroad every year.

Often, the loans were restricted up to Rs 30 lakh and collateral assurance which might not be sufficient for the student to complete the programme in reputed and top grade universities. Now, with the new scheme, student can avail loans from Rs 20 lakh and up to Rs 1.5 crore. For girl students, there is a 5 per cent reduction in interest rate.

For the students, who pursue education in reputed institutes like IIT, IIM, special ‘scholar’ loans are designed on no security. These loans are given based on the reputation of the institutes that they study. Also, a loan of up to Rs 7.5 lakh will be given for education purposes in India on third party assurance, without collateral clause, added Ravi Kumar.

He stated that the SBI branch at One Town was selected as the centre for the Global Ed-vantage scheme.Also, they can apply for loan online where banks will note down the details and give a call back to the customers, he said.
Marketing AGM N Subbarayulu, marketing manager PL Sivarama Krishna, N Venkateswara Rao and others were present during the meet.