State Bank of India Enables Digital Disbursement of Overseas Education Loans in Indian Rupees in Partnership with Flywire

Core Insights - State Bank of India (SBI) is enhancing its digital payment experience for education loans by partnering with Flywire, enabling direct disbursement in Indian Rupees to global higher education institutions [1][3] - The initiative aims to improve customer experience and streamline the payment process for Indian students studying abroad [2][3] Company Overview: State Bank of India - SBI is the largest commercial bank in India, with a significant market share in home loans (26.3%) and auto loans (19.6%) [4] - The bank processes approximately $890 million in annual loan volume for international students [3] - SBI has a vast network of over 22,500 branches and 62,000 ATMs, serving around 128 million internet banking users and 274 million mobile banking users [4] Partnership Details - The partnership with Flywire allows Indian students to use SBI's 'Global Ed-Vantage' overseas education loan option for tuition fee payments, ensuring timely payments and transaction transparency for educational institutions [2][3] - This collaboration supports compliance with the Liberalized Remittance Scheme (LRS) for Indian residents [2] Digital Strategy - SBI's digital strategy is reflected in the significant adoption of its integrated platform YONO, with 63% of new savings accounts opened digitally in Q1 FY25 [4] - The bank disbursed pre-approved personal loans worth ₹1,399 crores through YONO during the same period [4] Company Overview: Flywire - Flywire is a global payments enablement and software company, providing a proprietary global payments network and vertical-specific software [5][6] - The company supports over 4,000 clients with diverse payment methods in more than 140 currencies across 240 countries [7]