State Bank of India joins Flywire to disburse Education Loans overseas in INR

By Gloria Mathias

Today

• APIX
• Digital Disbursement
• Education loan

State Bank of India (SBI) has announced that, through its partnership with global payments and software company Flywire, it is enabling the digital disbursement of education loans in local currency (Indian Rupees) directly to higher education institutions worldwide.

The initiative is part of the bank’s commitment to broaden the scope of education loan disbursements with enhanced customer experience.

State Bank of India and Flywire’s internet banking integration have been providing Indian students with a fully digital tuition fee payment experience. Now, as an extended offering, students can also select SBI’s overseas education loan option, ‘Global Ed-Vantage,’ as the source of funds and remit fees through the bank’s processing cells/branches disbursing education loans.

Institutions accepting payments through Flywire benefit from timely payments and full transparency into transaction history. This eases their reconciliation processes and drives operational efficiencies. Further, the integration also helps Indian residents comply with Liberalised Remittance Scheme (LRS) requirements.

The State Bank of India processes around $890 million in annual loan volume for international students. With the introduction of this digital offering, SBI now creates a seamless and digital payment experience for its resident customers.

Sri Vinay M. Tonse, Managing Director (RB&O) of the State Bank of India, said, “At the State Bank of India, we are committed to empowering Indian students to pursue their educational aspirations globally. Our partnership with Flywire is a testament to this commitment, as it enables the fully digital and transparent disbursement of overseas education loans in Indian Rupees directly to institutions worldwide. This initiative underscores our dedication to driving growth in the education loan sector while delivering a seamless, efficient, and secure experience for our customers.”

Mohit Kansal, SVP of Global Payments and Payer Services at Flywire, said, “We are thrilled to expand our successful partnership with SBI and together provide Indian students with an enhanced payment experience for disbursing loans internationally. As one of the most popular choices for students, SBI is now offering its borrowers an easier way to pay their educational institutions in Indian rupees. Borrowers will benefit from full transparency and traceability of overseas payments. We look forward to working together and solving this critical market need.”

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