What is the procedure to get education loan from SBI?
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What is the procedure to get education loan from SBI?
SBI Education Loan Schemes
| Student Applicant | Mandatory Passport submission |
|---|---|
| Proof of admission. Conditional application letter may be considered | |
| Cost of education, schedule of expenses. | |
| 2-passport size photographs | |
| If Loan was taken out before then loan account statement for last 1 year. |
Can education loan be applied online?
The availability of an online application makes it more convenient to apply for education loan.
How can I get education loan from bank?
Documents required for Education Loan
- KYC documents.
- Bank Statement / Pass Book of last 6 months.
- Optional – Guarantor Form.
- Copy of admission letter of the Institute along with fees schedule.
- Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses.
What documents are required for education loan?
Documents required for Education Loan
- KYC documents.
- Bank Statement / Pass Book of last 6 months.
- Optional – Guarantor Form.
- Copy of admission letter of the Institute along with fees schedule.
- Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses.
Does SBI check CIBIL for education loan?
CIBIL Score requirement of government banks: To get an abroad education loan from SBI which is one of the most prominent government banks functioning in India, it is mandatory for loan applicants as well as their co-applicants to have a CIBIL score of 650 and above.
How to apply for State Bank of India education loan online?
You can apply for a State Bank of India Education Loan online to do this follow the steps laid below: Got to the Education Loan Platform of State Bank of India. Select the type of education loan you want to apply for. On the new page click on ‘Apply Now Online’ tab.
What is the interest rate of SBI for education loan?
SBI offers education loan at an attractive interest rate with student-centric attitude when it comes to marking tenure of education loan. Important information on State Bank of India Education Loans is: 1Y MCLR for SBI is 8.55\%. The Reset Period for Education Loan is 1 year. The list for premier institutes can be found here.
How to secure a student loan from SBI?
The SBI requires that student loans be secured. If you borrow up to Rs. 7.5 lacs, a parent or guardian can sign on as a co-borrower to secure your loan. If you borrow more than Rs. 10 lacs, then you will need your parent or guardian to sign on as a co-borrower, as well as tangible collateral.
How state Bank of India helps students apply for study abroad?
State Bank of India has also brought out schemes that cater to students that plan to go abroad to pursue their education. This scheme only caters to them and has faster application review and offers better interest rate. Also under this scheme student can avail a loan before their I-20 visa/Visa is approved.