Education Loan

Documents Required for Education Loan in SBI 2024

Documents Required for Education Loan in SBI 2024

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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.

GyanDhan
Ananya Ghai
Updated on:  11 Jun 2024  | Reviewed By: 
Aman 
| 4.1K | 6  min read

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.

Check Your Education Loan Eligibility

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Overview of SBI Global Ed-Vantage Education Loan

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

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What are the Documents Required for Education Loan in SBI?

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.

Applicants Documents Required for Education Loan in SBI

  1. Identity proof: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document.
  2. Education loan application form.
  3. Address proof: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill/ Driving License/ Aadhaar card.
  4. Passport
  5. Past academic record.
  6. Proof of admission: admission letter (A conditional admission letter is also applicable).
  7. Statement of expenses.
  8. 2 passport-size photographs.
  9. Account statement of 1 year (if applicable)
  10.  Bank account statement of the student (if applicable)

 

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Co-applicants Documents Required for Education Loan in SBI

  1. Identity proof: PAN/ Passport/ Driver’s license/ Voter ID card or government-issued identification document.
  2. Address: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill or copy of Driving license/ Aadhaar card.
  3. 2 passport-size photographs.
  4. Bank account statement of the co-borrower/guarantor, for the last 6 months (in case of takeover of education loan).
  5. If any previous loan is from other banks/ lenders, then the loan account statement of 1 year.
  6. Legal documents of the collateral/ property documents.

Income proof for salaried co-applicant/guarantor

  1. Salary slips for the last 3 months.
  2. Copy of Form 16 of the last 2 years or copy.
  3. Bank account statement for the last 6 months (Salary account).
  4. Brief statement of assets & liabilities of parent/ guardian/ other co-borrower.
  5. Cancelled cheque/ passbook front page
  6. Income Tax return for 2 Years which consists, of acknowledgement, computation, and profit and loss statement

Income proof for self-employed co-applicant/guarantor

  1. Business address proof.
  2. Last 2 years IT returns ( If IT Payee).
  3. TDS certificate (Form 16A, if applicable).
  4. Certificate of qualification (for C.A./ doctor and other professionals).
  5. Brief statement of assets & liabilities of parent/ guardian/ other co-borrower
  6. Bank account statement for the last 6 months.

Must Read: Disbursement process of SBI education loan

Check Your Education Loan Eligibility

Collateral-Based Documents Required for Education Loan in SBI

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:

  1. Registered sale deed.
  2. Approved plan or map of the constructed property.
  3. Chain documents, evidencing the property's ownership history for the last 30 years.
  4. Latest property tax receipt.
  5. Occupancy proof.
  6. Electricity bill
  7. Mutation certificate

Additional documents if you’re applying for an SBI education loan with a property in the following cities:

Mumbai or Pune

  1. Urban land ceiling order
  2. NOC from a builder or society
  3. Letter of allotment
  4. Conveyance deed of society
  5. If CIDCO / MHADA property: NOC and transfer letter

Hyderabad

  1. Urban land ceiling certificate
  2. NA certificate, if not included in the sale deed
  3. Encumbrance certificate

Bengaluru

  1. RTC (Record of tenancy certificate)
  2. Conversion order (from agriculture to residential)
  3. Khata certificate ( A or B )
  4. Encumbrance certificate

Calculate your Education Loan EMI

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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  • Learn about your options for funding higher education with SBI. Watch our video to see how you can easily secure an education loan!



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    Frequently Asked Questions

    Which documents are required for education loan in SBI?

    1. Mark sheets of 10th, 12th, and graduation (if applicable), along with the entrance exam result.

    2. Proof of admission to the course, such as the offer letter, admission letter, or an ID card if available.

    3. Detail of expenses for the course.

    What is the processing fee at SBI?

    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.

    Can I get an INR 20 Lakh collateral-free 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.

    What is the education loan processing time at SBI?

    An education loan processing time at SBI is between 20-25 days.

    Check Your Education Loan Eligibility


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