If you have grabbed an opportunity to pursue higher education in India or abroad. And, want to apply for an Education Loan from SBI, this is how you do it:
How to Apply for Education Loan from SBI?
- First of all, you should have taken admission in your desired course. At the same time, make sure that the course of your desire or choice is one of the courses covered by SBI Education Loan.
- Choose the nearest branch of SBI to your residential address.
- Walk in to the branch and discuss your case with the branch manager.
- And if, branch manager agree for the loan, then either collect the application form from the branch or download application form from SBI website.
- Fill in the complete application form.
- Enclose copies of the following documents along with the application form:
- Letter of admission
- 2 passport size photographs
- Statement of cost of study
- Your and your Parent’s or Guardian’s PAN Card
- AADHAR Card of both you and your Parent or Guardian
- Proof of identity (Driving Licence or Passport or Aadhar or any photo identity)
- Address Proof (Driving Licence/Passport/Electricity bill/Telephone bill)
- Student, Co-borrower and guarantor’s bank account statement for last 6 months
- IT return or IT assessment order of previous 2 years of Parent or Guardian or other co-borrower (if IT Payee)
- Brief statement of assets & liabilities of Parent or Guardian or other co-borrower
- Income Proof (i.e. salary slips or Form 16) of Parent or Guardian or other co-borrower
- For a safer side, keep a copy of all the documents with you as well along with filled up application form. Banks may ask anything any time, you never know !
- Now submit your form and the enclosed documents to the branch manager.
- First of all, bank will check your CIBIL Score. If it is acceptable to the branch manager, then the loan department will move to next step.
- And, next step is that the loan department will go through your document and will check if all the documents are as per bank’s norms.
- Next, they will verify your residential address by physical inspection by bank’s team.
- If you clear this step as well, then loan department will proceed for some legal and technical verification as a part of the Loan approval Procedure.
- And, if you clear all the steps, then your Education Loan will be sanctioned.
- You will get the amount as per your Course payment schedule. Banks pay Education Loan direct into Institution’s Account as per the schedule given by your Institution.