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.

Student loan Loan without collateral State Bank of India SBI education loans without collateral
GyanDhan
Ananya Ghai
Updated on:  22 Apr 2024  | Reviewed By: 
Aman 
| 968 | 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.

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

 

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Co-applicants Documents Required for Education Loan in SBI

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

Income proof for salaried co-applicant/guarantor

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

Must Read: Disbursement process of SBI education loan

Check Your Education Loan Eligibility

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

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

Mumbai or Pune

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

Hyderabad

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

Bengaluru

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

Calculate your Education Loan EMI

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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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Frequently Asked Questions

Which documents are required for education loan in SBI?

  1. list items Mark sheets of 10th, 12th, and graduation (if applicable), along with the entrance exam result.
  2. list items Proof of admission to the course, such as the offer letter, admission letter, or an ID card if available.
  3. list items 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.

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