Apply for Education Loan from SBI

1

• Money Maya Blog
• A/3, J1/14, KHIRKI EXTN,
• MALVIYA NAGAR, NEW DELHI 110017
• -7982367598
• How to Compare Education Loan in India?
• May 04, 2017
• For all of our small or big personal
  requirements, we look towards, personal loans.
  There are many private and public sector banks,
  those offer personal loans on very easy terms.
  However, it is always advisable to read all the
  terms and conditions before signing any loan
  document. Apart from this, it is a fact
  that personal loans are available at a very
  high rate of interest. Therefore, before
  planning a personal loan, its very
  important to compare Personal Loan in India.
  There are few points which you should consider
  while planning for a personal loan.
• Recommended Read SBI Students Loan
• How to Compare Education Loan in India?
• Documents Required to Apply for a Personal Loan
• our 3 Passport size photographs
• Identify Proof (photo copies of Voters ID card/
  Passport/ Driving licence/ IT PAN card)

2

• And, Address Proof (photo copies of recent
  Telephone Bills/ Electricity Bill/Property tax
  receipt/ Passport/ Voters ID card)
• Also, Proof of business address for non-salaried
  individuals
• In addition, Statement of Bank Account or Pass
  Book for last six months
• Signature identification from present bankers
• Also, Personal Assets and Liabilities statement

• In addition to the above, following additional
  documents are also required for salaried persons
• Original Salary Certificate from employer and
• TDS certificate on Form 16 or copy of IT Returns
  for last two financial years, duly acknowledged
  by IT Deptt
• Also, additional documents required for
  Professionals/self- employed/ other IT assesses
  are
• Acknowledged copies of three years I.T. returns/
  Assessment years and
• Photocopies of challans evidencing payment of
  Advance Income Tax.

3
How to Apply for Education Loan from SBI?

• 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
• 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

4
Documents Required
1. 2. 3. 4. 5. 6. 7. 8. 9.

• Letter of admission
• 2 passport size photographs Statement of cost of
  study
• Your and your Parents or Guardians 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 guarantors 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.

5

• And, next step is that the loan department will
  go through your document and will check if all
  the documents are as per banks norms.
• Next, they will verify your residential address
  by physical inspection by banks 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 Institutions Account as per the schedule
  given by your Institution.
• Money Maya is a Personal Finance Blog. You
  can find Complete information about How
  To of Banking, Loans, Provident Funds,
  Credit Card and Credit Score on
  MoneyMaya.in. It is also give information
  about how to get Important Indian
  Government Documents such as PAN, Passport,
  AADHAAR? Their retrieval, and how to update these
  IDs online and offline.
• For more information visit the site
  http//www.moneymaya.in/ OR Call 7982367598