On January 22, 2025, the State Bank of India (SBI), the largest bank in India, announced a new way to help students pay for their education abroad. By partnering with Flywire, a global payments company, SBI will now allow students to send education loans in Indian Rupees directly to colleges and universities worldwide. This move aims to make the process smoother and more efficient for students seeking higher education.
This collaboration builds on their existing integration for tuition payments, providing a fully digital experience. Indian students will now have the option to use SBI’s ‘Global Ed-Vantage’ education loan to pay their fees through the bank’s branches. Schools that accept Flywire payments will enjoy benefits like timely transactions and clear transaction histories, making financial management easier.
SBI is a leader when it comes to education loans, with about $890 million processed annually for students studying overseas. With this new digital service, they are enhancing the experience for Indian students looking to fund their education abroad.
Sri Vinay M Tonse, Managing Director of SBI, emphasized the bank’s goal to support students’ educational dreams globally. He stated, “This partnership with Flywire enables a fully digital and transparent process for disbursing loans to institutions worldwide, making it easier and more secure for our customers.”
Mohit Kansal, Senior Vice President at Flywire, expressed excitement about the partnership. He said, “We’re happy to expand our collaboration with SBI and make it simpler for students to pay in Indian Rupees while providing transparency in their payments. This is a significant step toward meeting the needs of this market.”
Through this collaboration, SBI continues to showcase its dedication to offering tailored banking solutions for Indian students. The new service can potentially make a big difference for many families aiming for international education opportunities.
About SBI
State Bank of India is the largest commercial bank in India, holding a dominant position in assets, deposits, and branches. It also plays a major role in home loans, helping millions of families purchase homes. SBI has a vast network of over 22,500 branches and 62,000 ATMs, serving an extensive customer base through both internet and mobile banking.
About Flywire
Flywire is a global payment solutions provider that simplifies complex transactions for clients in various sectors like education and healthcare. With operations in over 240 countries and a broad range of payment options, Flywire aims to streamline the payment experience for businesses and their customers.
For more details, you can visit Flywire’s website.
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