SBI Education Loan
The SBI Education Loan program reflects SBI's commitment to promoting education and empowering young individuals in our society. By extending financial assistance, providing flexible repayment options, and offering favorable terms, SBI ensures that deserving students are not deprived of pursuing their dreams due to financial constraints. Through the SBI Education Loan, countless students have been able to unleash their true potential, thereby enriching their future prospects and making meaningful contributions to the growth and development of our nation. As a dependable partner, SBI stands ready to support aspiring students in their educational endeavors, paving the way for a brighter and promising future.
Education loan Eligibility
- Citizenship: You must be a citizen of India.
- Age: You must fall within the age range of 18 to 45 years.
- Course: You should have been admitted to a full-time course of study at a recognized institution.
- Marks: You must have achieved a minimum score of 50% in your qualifying examination.
- Income: Your family's annual income must be below Rs. 8 lakhs.
- Collateral: Depending on the requirements, you may be asked to provide collateral, such as a property or a vehicle.
Documents Required
- Mark sheets of 10th, 12th, and graduation (if applicable)
- Entrance exam results
- Proof of admission to the course (offer letter, admission letter, or ID card)
- Schedule of expenses for the course
- Copies of letters conferring scholarships, free-ships, etc.
- Gap certificate (if applicable)
- Passport-sized photographs of the student, parent, co-borrower, and guarantor
- Asset-Liability Statement of co-applicant/guarantor (for loans above Rs. 7.50 lakhs)
- Bank account statements of parent/guardian/guarantor for the last six months
- Copy of sale deed and other documents of title to the property (for collateral)
- PAN card of student, parent, co-borrower, and guarantor
- Aadhaar card (mandatory, if eligible under various interest subsidy schemes of GOI)
- Passport (mandatory for studies abroad)
Officially Valid Documents (OVD) for identity and address proof:
- Passport
- Driving license
- Proof of possession of Aadhaar number
- Voter's Identity Card issued by Election Commission of India
- Job card issued by NREGA
- Letter issued by the National Population Register
- Utility bills (not more than two months old)
- Property or municipal tax receipt
- Pension or family pension payment orders (PPOs)
- Letter of allotment of accommodation from employer
Note: If the address in the provided OVD is not current, additional proof of address must be submitted within three months.
Process to apply for education loan
Offline Process:
- Check eligibility: Visit any SBI branch or check online to determine your eligibility for the education loan.
- Gather required documents: Collect necessary documents, including application form, income proof, educational documents, and security documents.
- Fill the application form: Obtain the application form from the SBI branch or download it from the SBI website. Fill in the required details accurately.
- Submit the application form: Submit the completed application form along with the necessary documents to the nearest SBI branch.
- Documentation process: The bank will review your application and documents for verification. This process may take a few days.
- Loan sanction: If your loan is sanctioned, you will receive a loan sanction letter from the bank.
- Loan disbursement: Once you have the loan sanction letter, you can proceed with loan disbursement. The loan amount will be disbursed in installments as per the agreed terms.
Online Process:
- Check eligibility: Visit the SBI website and use the online eligibility checker or visit any SBI branch to determine your eligibility for the education loan.
- Gather required documents: Collect the necessary documents, including income proof, educational documents, and security documents in digital format for online submission.
- Fill the application form online: On the SBI website, navigate to the "Education Loan" section and click on the "Apply Online" button. Fill in your details, course information, loan amount, and income details.
- Upload required documents: Scan and upload the required documents as per the specifications provided on the website.
- Submit the application: Review the information and documents provided, then submit the application online.
- Documentation process: The bank will review your application and documents submitted online for verification. This process may take a few days.
- Loan sanction: If your loan is sanctioned, you will receive a loan sanction letter via email or through the online portal.
- Loan disbursement: Once you have the loan sanction letter, follow the instructions provided to complete the loan disbursement process as per the agreed terms.
Expenses Covered in education loan scheme
- Tuition fees: The loan can be used to cover the tuition fees for the course.
- Hostel fees: The loan can be used to cover the hostel fees, if applicable.
- Examination fees: The loan can be used to cover the examination fees for the course.
- Books and stationery: The loan can be used to cover the cost of books and stationery for the course.
- Travel expenses: The loan can be used to cover the travel expenses for the course, if applicable.
- Laptop/computer: The loan can be used to cover the cost of a laptop or computer, if required for the course.
- Other expenses: The loan can be used to cover other expenses related to the course, such as caution deposit, laboratory fees, etc.
Courses covered in education loan scheme
- Full-time regular courses: The loan can be used to finance the expenses of full-time regular courses offered by recognized institutions in India or abroad.
- Professional/technical courses: The loan can cover the expenses of professional/technical courses conducted in select premier institutions, which require entrance tests or a selection process.
- Skill development courses: The loan can be utilized for skill development courses that have received approval from the National Skill Development Corporation (NSDC).
Schemes
- Student Loan Scheme: This is the most popular scheme offered by SBI. It is available for students who have been admitted to a full-time course of study at a recognized institution in India or abroad.
- Scholar Loan Scheme: This scheme is for students who have secured admission to a professional/technical course in select premier institutions through entrance test/selection process.
- Skill Loan Scheme: This scheme is for students who have secured admission to a skill development course that is approved by the National Skill Development Corporation (NSDC).
- Global Ed-Vantage Scheme: This scheme is for students who have secured admission to a full-time course of study at a foreign university.
- Padho Pardesh Interest Subsidy Scheme: This scheme is for students from minority communities who have secured admission to a full-time course of study at a foreign university.
- Dr. Ambedkar Interest Subsidy Scheme: This scheme is for students from Scheduled Castes (SCs) and Scheduled Tribes (STs) who have secured admission to a full-time course of study at a foreign university.
Note: The information provided about education loans is sourced from official guidelines. However, for complete satisfaction and up-to-date details, we recommend visiting the official website of the respective financial institution. The official website will provide comprehensive and accurate information regarding eligibility, application process, documentation requirements, terms, and conditions.
