Procedure for getting education loan in SBI

This article gives the procedure to apply for an education loan in State Bank of India(SBI).

State Bank of India (SBI) is India's largest bank. SBI is the most trustworthy bank in India. Hence a lot of students opt for an education loan in SBI. Here is the procedure to get education loan in SBI.

Procedure to get an education loan in SBI

1. You must have an SBI account. Open a bank account if you do not have an SBI bank account.
2. Decide the education loan amount as per the education fees and overall expenses of the education.
3. There is no requirement of security for a loan amount of less than Rs, 4 lakhs. So, try and get a loan amount close to this amount.
4. Go to any SBI branch and ask for an education loan application form.
5. Go through all the columns in the form and clear all your doubts regarding form filling from the bank employees.
6. Do not feel shy to ask even the smallest of the doubts. Ask these doubts directly to the employees. There are a lot of things in any bank form which are not applicable to our particular requirement. We get confused while filling the form. So, we should get all the fields correctly under the guidance of the employee of SBI.
7. Get all your supporting documents ready and get the attested copies of the original documents. The documents required are mentioned in the next section.
8. Submit the application form to the respective section and wait till your application is approved.
9. If the application is rejected, they will tell the changes and what needs to be done to get it approved. Follow the steps and complete your application accordingly.
10. The required education loan amount is deposited in your bank account in installments or directly as one time payment depending upon your loan amount.

Documents required for education loan in SBI

Here is a list of all the documents required for SBI loan to be attached with the education loan application form in SBI.

1. Mark sheets of the previous qualifying examination
2. Proof of admission scholarship, studentship etc
3. Scorecard of various competetive examination(if applicable)
4. Schedule of expenses for the specified course
5. 2 passport size photographs
6. Borrower's Bank account statement for the last six months
7. Income tax assessment order, of last 2 years
8. Brief statement of assets and liabilities, of the Co-borrower
9. Proof of Income (i.e. Salary slips/ Form 16 etc)
10. Proof of Indian nationality of the applicant.

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Guest Author: Nimba Singh Rawat12 Dec 2014

What is the current rate of interest on education loan from SBI.

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