Learn More About Education Loans with YONO SBI

Aiming for your higher education with the assistance of an education loan has now become feasible. Students usually prefer everything to be quick and easy. Did you know? You can apply for an education loan without stepping out of your comfort zone. You can easily get an education loan using the YONO app by the State Bank of India. Explore the YONO SBI online loan, the application process, eligibility criteria, and many more. 

What is the YONO SBI Education Loan?

The YONO SBI full form is You Only Need One, this app was launched to help users avail of various banking services without visiting the branch. The app makes the online application simple and the loan application process smoother, making it easy for students to finance their education loan. You can apply for a YONO loan, track the status of your loan, and can also access other banking services with the help of this application. SBI is a popular choice among students for an education loan since it offers multiple education loan schemes.

Below are some of the popular YONO loan schemes.

SBI Student Loan Scheme:

A general-purpose education loan scheme designed to help students pursue higher education in India and abroad. You can get up to INR 7.5 lakh in loan amount for abroad studies with a repayment period of up to 15 years.

SBI Global Ed-Vantage Scheme:

SBI Global Ed-Vantage Scheme is suitable for students who wish to pursue full-time regular courses at a recognized university abroad. Under this scheme, you can get a collateral-free loan amount of up to INR 50 lakh for selected premier institutes. However, you can secure a loan amount of up to INR 3 crores with collateral with a repayment period of up to 15 years. 

SBI Skill Loan Scheme:

SBI Skill Loan Scheme helps students who are enrolled in skill development and vocational training programs. The minimum loan amount advanced under this scheme is INR 5000 and the maximum amount goes up to INR 1.5 lakhs. For this scheme, you are not required to pledge any asset as security. This scheme covers a range of expenses like course fees, examination fees, certification costs, and travel expenses.

SBI Scholar Loan Scheme:

SBI Scholar Loan Scheme is specifically designed for students enrolled in select premier institutions (like IITs, IIMs, AIIMS, NITs, ISB, etc.) of the country for higher education. Under this scheme, you can get up to 100% financing with no processing fee. The students can avail the benefit of lower interest rates starting from 8.15% to 8.90% for premier institutes in India. 

How to Use YONO SBI App?

To access the app, you can download the SBI YONO either from Apple Store or Play Store. Follow these steps to activate your profile if you are an existing customer of SBI. Below is the step-by-step guide to help you proceed with the process.

• 
  Visit the App Store or Play Store and download the YONO SBI application.
• 
  Log in using your SBI net banking user ID and password. You can also register using your debit card details. 
• 
  Enter the OTP sent to your registered mobile number for verification.
• 
  Once you are logged in successfully, create a 6-digit M-PIN to ensure you have secure access to your account.
• 
  Now you can use the YONO SBI app for banking services, including applying for an education loan.

What are SBI Education Loan Eligibility Criteria?

Students wondering “How can I check my SBI YONO loan eligibility” can easily check from here.The eligibility criteria for a YONO SBI loan vary depending on the scheme based on the category of the education loan. Below are the general eligibility criteria for SBI yono loans.

• 
  You must be an Indian citizen.
• 
  You should have a minimum age of 18 years and a maximum age of 35 years.
• 
  You must have secured admission to a recognized university or institution. 
• 
  You must have a good academic history.
• 
  The eligible co-applicant is a parent, legal guardian, or immediate family member with a stable income and good credit history.
• 
  You must pledge liquid assets, immovable property, or build property as collateral.

Watch our video to discover SBI’s education loans for abroad study, offering up to INR 1.5 crore, lower interest rates, and flexible repayment options.

Also Read: Secured Vs Unsecured Education Loan

What are the Documents Required for SBI YONO Loans?

Below is the list of documents required to apply for SBI YONO loans for higher education in India and abroad.

Applicant’s Documents for SBI YONO Loans:

• 
  You should have your identity proof like a PAN, Passport, Driver’s License, Voter ID card, or government-issued identification document.
• 
  Education loan application form.
• 
  Address proof which includes a recent copy of the telephone bill, electricity bill, or water bill.
• 
  You must have a passport for abroad studies.
• 
  Past academic record of your 10th, and 12th, undergraduate degree.
• 
  Test scores of English Proficiency, and other standardized tests like the GRE, TOEFL, and IELTS are mandatory to secure an education loan.
• 
  You must have proof of admission like an enrollment letter.
• 
  You must present your statement of expenses.
• 
  Passport-size photographs with clear backgrounds that should be clicked within six months.
• 
  Loan account statement of one year, if there are any previous loans taken from any lender.

Co-Applicant’s Documents for SBI YONO Loans:

• 
  Identity proof 
• 
  Address proof 
• 
  Two passport-size photographs.
• 
  Salary slips of last 3 months (if the co-applicant is Salaried)
• 
  Bank account statement for the last one year.
• 
  Legal documents of the collateral/ property documents.
• 
  Assets and Liabilities statement
• 
  Business address proof (if the co-applicant is Self-employed)
• 
  Last 2 years IT returns

How to Get SBI YONO Loans?

Are you also looking for an education loan but confused about the process? Here is how you can apply for an education loan through the YONO SBI application. Below are the steps to help you initiate your education loan journey via YONO loans.

• 
  Log in to your SBI YONO application using your credentials.
• 
  Select the “Loans” tab from the home page.
• 
  Under “Loans”, click on “Education Loans” to explore various loan schemes under YONO loans.
• 
  Review the listed loan schemes 
• 
  Check details about the loan schemes like eligibility, interest rates, repayment tenures, and necessary documents.
• 
  Select the scheme that aligns best with your profile to proceed with the process.
• 
  Click on “Apply Now” to start with the application process.

• 
  Fill out the YONO loan application form with accurate details.
• 
  Upload the requested documents such as identity proof, enrollment letter, address proof, etc. 
• 
  Ensure that all the documents are up to date and are in the specified format to avoid any delays in the processing.
• 
  Review it once and submit your SBI YONO loan application.
• 
  After submission of your loan application, it will take 20 - 25 working days for processing. 

Disbursement Process for SBI YONO Loans

Once you receive your SBI sanction letter, the next step is to proceed with the disbursement process. Below are the steps that will guide you with the same.

Submission of Documents - You are required to submit the below-mentioned documents.

• 
  University’s fee structure
• 
  Admission confirmation
• 
  Accommodation details
• 
  Travel expenses 

The amount that the bank disburses largely depends on these documents. You should gather these documents beforehand to avoid any delays in the disbursement.

Approval of Disbursement - Once the bank verifies your documents and receives the evidence of expenses, they issue a letter of disbursement. The disbursement letter contains the final amount to be paid and must be signed by the student before the disbursal.

Actual Disbursement - In the end, SBI pays your tuition fee by transferring funds directly to the institution’s account. However, other expenses are being transferred to the bank account of the student. You can also avail the option to get the funds loaded in a prepaid Forex card. 

Benefits of Getting an SBI Education Loan Via GyanDhan

Students aiming to pursue higher education struggle with the arrangement of funds. To the rescue, comes GyanDhan in the picture where you can get 15 plus lenders under one roof. You can avail of various benefits with the help of GyanDhan. Follow the below-mentioned steps to apply for an education loan.

• 
  Check your eligibility criteria.
• 
  We evaluate your profile and provide you with the best lender like SBI, and BOB. 
• 
  You will be provided with a checklist of documents that will be tailored to your specific needs and the requirements of the lender.
• 
  Team GyanDhan will either arrange a doorstep pickup for your documents or you will receive a customized checklist to upload.
• 
  Once we receive your documents, we will proceed with the remaining formalities. 
• 
  You will be regularly notified about every update.
• 
  Once your profile gets a green signal, we help you get the best terms that align with your profile.
• 
  After we receive your approval, the funds are disbursed directly to your university account.

Frequently Asked Questions