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Read GyanDhan’s guide on SBI education loans for abroad without collateral. Also, get a free document checklist.
State Bank of India (SBI), one of the leading banks in India, offers an array of education loans tailored to ease this burden. A particularly intriguing option is the education loan without collateral SBI. An education loan without collateral, also known as an unsecured education loan, does not require the borrower to pledge any assets against the loan amount. SBI provides this unsecured education loan option, facilitating students' aspirations to study abroad or in India without the pressure of securing assets.
Check Your Education Loan Eligibility
SBI education loan for abroad without collateral caters to a broad spectrum of courses, ensuring that students from various academic fields can avail of this opportunity. The loan covers:
To be eligible for the loan, students need to fulfill the following eligibility criteria:
A collateral-free loan means that the borrower is not required to pledge any assets (like property or investments) as security for the loan amount. This is particularly advantageous for students who may not have significant assets to their name or those who do not wish to put their family's assets at risk. SBI education loan for abroad without collateral offers loans up to INR 7.5 lakhs.
This threshold is set to cover a wide range of educational expenses for most undergraduate and many postgraduate courses in India, making higher education accessible to a broader demographic. While the collateral-free loan is available up to INR 7.5 lakhs, students requiring more substantial financial support can still apply for higher amounts. However, for loans above this threshold, collateral will be necessary.
Check Your Education Loan Eligibility
The documentation process for SBI's education loan is meticulous, ensuring that the bank has a complete understanding of the applicant's and co-applicant's financial and academic backgrounds.
Academic Documents of the Applicant
Income Documents for Co-applicant
If salaried
If self-employed
SBI simplifies the process of obtaining education loans, making it more accessible and less burdensome for students and their families. By offering loans up to INR 7.5 lakh without the need for collateral or a co-signer, SBI directly addresses significant financial hurdles that students might face. This approach allows students to pursue their education without the added stress of securing assets or finding a guarantor. It empowers them to focus solely on their academic and professional aspirations, fostering a sense of confidence and independence.
Moreover, if you're considering an education loan of up to INR 7.5 lakh, GyanDhan is an excellent resource to explore. We are partnered with various financial institutions, including banks like SBI, to simplify the loan application process for students. They provide personalized assistance, helping students understand their loan options, eligibility, and the application process. Our services are designed to guide students in making informed decisions about financing their education, ensuring they find the best loan to match their needs without any hassle. Check your loan eligibility today to start your education loan journey.
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You can borrow up to INR 7.5 lakh without needing to provide any collateral for an SBI education loan. For amounts exceeding this threshold, collateral will be required.
Eligible courses include undergraduate courses like B.A., B.Com., B.Sc., postgraduate courses including Masters and Ph.D., professional courses in various fields, diploma and degree courses from recognized institutions, and courses offered by premier institutes like IIM, IIT, and IISc.
The loan covers various expenses such as tuition fees, living expenses, travel costs, examination fees, library fees, expenses for books, equipment, and other necessary educational materials.
Eligibility criteria include a strong academic record, minimal gaps in education, relevant work experience (if applicable), and enrollment in a recognized degree or diploma program.
Required documents include proof of identity and residence, academic records, proof of admission, fee structure, bank account statements, and income documents for the co-applicant, among others.
For loans up to INR 4 lakh, there is no loan margin. For loans above INR 4 lakhs for studies in India, a 5% margin applies, and for studies abroad, the margin is 15%.
Check Your Education Loan Eligibility
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