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Looking for documents required for education loan in SBI? GyanDhan brings a complete updated list of SBI education loan documents, applicant and co-applicant documents checklist.
Established in 1955, the State Bank of India (SBI) stands as India's largest public sector bank, leading in terms of assets, deposits, branches, customers, and employees. Providing a range of financial services, SBI offers education loans tailored for eligible students aspiring to pursue higher education in India or overseas.
The Global Ed-Vantage education loan scheme is designed to facilitate secured education loans for Indian students aiming for higher education abroad. Under this program, students can borrow up to INR 1.5 crore to support their educational pursuits overseas. To avail of this education loan, students must offer collateral with a minimum value equivalent to 90% of the total loan amount.
Feature | Description |
---|---|
Loan amount |
Up to INR 1.5 cr |
Interest rate |
11.15% (Floating) (0.5% concession for female applicants) |
Margin money |
10% - 15% |
Processing fees |
INR 10,000 + GST |
Property evaluation fee |
Approximately INR 7,500 |
Moratorium period |
Course duration + 12 months |
Repayment tenure |
15 years |
For education loan what documents required in SBI depend on several factors, such as the applicant's academic and professional history, the co-applicant's financial and credit profile, and the location of the property or asset, which you offer as collateral.
Income proof for salaried co-applicant/guarantor:
Income proof for self-employed co-applicant/guarantor:
Must Read: Disbursement process of SBI education loan
The list of documents required for collateral depends on several factors: property type, purchase history, and location. Broadly, the following documents are required:
Common documents:
Additional documents if you’re applying for an SBI education loan with a property in the following cities:
Mumbai or Pune:
Hyderabad:
Bengaluru:
Please note: that education loans for applicants residing in Delhi cannot be done on power of attorney alone the land has to be registered.
The Global Ed-Vantage education loan scheme offered by SBI provides a comprehensive solution for students aspiring to pursue higher education abroad. With a maximum loan amount of INR 1.5 crore, competitive interest rates, and a repayment tenure of 15 years, SBI's education loan caters to the diverse financial needs of students.
Navigating the application process for an education loan can be daunting, but understanding the necessary documentation is crucial. Therefore, for a seamless education loan process, GyanDhan is here to help. We recognize that the documentation step in securing an education loan holds the utmost importance and can be a daunting task. To simplify the entire process, we provide applicants with a customized document checklist, ensuring that the documents are in line and unnecessary back-and-forth can be avoided.
Furthermore, we offer a free document pickup service for applicants residing in metro cities, including Delhi, Mumbai, Pune, Hyderabad, Bengaluru, Chennai, and Kolkata. In the event of missing documents, property issues, or other problems, we promptly approach SBI officials to find solutions. This ensures speedy resolution and significantly increases your odds of approval. In case of any bottlenecks, GyanDhan will always be by your side. Additionally, we do not charge any processing fees or commissions from applicants. Wondering how to start? Check your education loan eligibility today.
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Students seeking an education loan exceeding Rs. 4.00 lakhs for overseas studies will need to provide a deposit of Rs. 5000/-. This amount will be adjusted against the margin money contribution or interest payable on the loan if the applicant proceeds to avail the loan.
For loan amounts up to INR 7.5 Lakh, a co-borrower, either a parent or guardian, is required, but no collateral security or third-party guarantee is needed. However, for loans exceeding INR 7.5 Lakh, collateral is mandatory, and a parent or guardian must still serve as a co-borrower.
An education loan processing time at SBI is between 20-25 days.
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