Education Loan

How to Check SBI Education Loan Status?

How to Check SBI Education Loan Status?

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Learn how to effortlessly track your SBI Education Loan status with our comprehensive guide. Stay informed about your loan application, disbursement, and repayment stages.

GyanDhan
Ananya Ghai
Updated on:  23 Feb 2024  | Reviewed By: 
Aman 
| 504 | 6  min read

In the quest for higher education, finances often emerge as a significant hurdle. Fortunately, education loans serve as a beacon of hope, enabling students to pursue their academic dreams without financial hindrance. Among various financial institutions in India, the State Bank of India (SBI) stands out for its comprehensive education loan schemes. 

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Features of SBI Abroad Education Loan

Feature Description

Loan amount

INR 7.5 Lakh - INR 1.5 Cr

Rate of interest

10.15 - 11.15% (Floating)

Processing fees

INR 10,000 + GST (Non-refundable)

Margin money

INR 7.5 Lakh-INR 20 Lakh - 15%

INR 20 Lakh - 10%

Property evaluation charges

Approximately INR 7,500
(Note - property evaluation charges are subject to change, they may vary depending on one’s location and property)

Moratorium period

Course duration + 6 months

Repayment tenure

15 years

 

Check Your Education Loan Eligibility

SBI’s education loan schemes are tailored to bridge this financial gap, offering loans that cover tuition fees, books, equipment, travel expenses, and more. However, once the application is submitted, staying updated on the loan application status becomes crucial for planning. This is where understanding how to check your education loan status online becomes invaluable. Before understanding how to check education loan status let us first understand how to apply for an education loan.

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How to Apply for an Education Loan at SBI?

Applying for an education loan at the State Bank of India (SBI) is a structured process designed to assist students in securing financial support for their higher education.

Step 1 - Check eligibility criteria

Each loan scheme has its eligibility criteria, including the course of study, the institution, the student’s academic background, and the requirement for a co-applicant. Ensure you meet these criteria before applying.

Step 2 - Application submission

Visit the official SBI website, navigate to the education loan section, and choose the relevant loan scheme. Fill out the online application form accurately and upload the necessary documents. Alternatively, you can visit your nearest SBI branch with all the required documents. Obtain the education loan application form, fill it out, and submit it along with the documents to the bank official.

Step 3 - Loan processing

After submitting your application, SBI will process it, which involves verifying your documents and checking the eligibility of the course and institution. The bank may also conduct a background check on the financial status of the co-applicant.

Step 4 - Loan Sanction

If your application meets all the criteria, SBI will issue a loan sanction letter, outlining the loan amount, interest rate, repayment terms, and other conditions.

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How to Check SBI Education Loan Status Online?  

Step 1: Accessing the education loan section  

  • list items Visit SBI’s official website: Navigate to the education loan section. You will need to log in using your credentials. If you haven't registered yet, you will need to do so by providing the necessary information.
  • list items Enter your application number: Along with your application number, you may be required to enter other personal identifiers. This is a security measure to ensure that the information is displayed only to the rightful applicant.

Step 2: Understanding your loan application status

  • list items Under Review: Your application is being processed. The bank is currently assessing your documentation and eligibility.
  • list items Approved: Congratulations, your loan has been sanctioned. This means you’ve cleared the evaluation process successfully.
  • list items Disbursed: The loan amount has been credited to the designated account or directly to the educational institution, as per the terms.
  • list items Rejected: If this is your status, it’s important to contact the bank. Understanding the reasons behind the rejection can help you address the issues or consider alternative options.

Step 3: Taking action based on your loan status

  • list items For approved loans: Ensure all necessary post-approval documentation is complete. Familiarize yourself with the disbursement terms.
  • list items For under-review or rejected applications: Engage in proactive communication with SBI. Clarify any doubts and address issues if your application is still under review or has been rejected.

Step 4: Utilizing SBI’s customer support

Should you have any queries or need clarification about checking your education loan status, SBI’s customer support is at your service. Reach out via telephone, email, or by visiting a branch in person for personalized assistance.

Step 5: Regular monitoring and planning  

Monitoring your SBI education loan application status online is a straightforward process that plays a critical role in your educational planning. With each step meticulously designed to provide clarity and ease, SBI ensures that students can focus on their academics rather than worrying about financial logistics. 

For those on the brink of applying for an education loan, consider GyanDhan—a platform that simplifies finding and applying for the best education loans. With GyanDhan, you can easily check your eligibility for an SBI education loan and stay informed about your loan application status through a streamlined online process.

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Frequently Asked Questions

How do I apply for an SBI education loan?

To apply for an SBI education loan, you can either visit the nearest SBI branch with all the necessary documents or apply online through the SBI official website. The online application process is straightforward, requiring you to fill out the application form and upload the necessary documents.

How to check education loan status online?

To check your education loan status online, you will need your application number and registered mobile number or email address. These details are provided when you first apply for the loan and are essential for accessing the status of your application on SBI's online portal.

How often is the loan status updated on SBI’s portal?

The loan status on SBI's portal is updated in real-time as and when there are any changes to your application status. However, the frequency of updates can depend on the processing stages at the bank. It's advisable to check your loan status periodically for any new updates.

What should I do if my loan application is rejected?

If your loan application is rejected, it's important to understand the reasons behind the rejection. You can contact SBI directly to inquire about the specific reasons for the rejection and seek advice on how to reapply successfully. Sometimes, providing additional documentation or clarifying existing information can make a difference.

Can I check the status of my education loan application through mobile?

Yes, you can check the status of your education loan application through SBI's mobile app. The app offers a user-friendly interface where you can log in using your credentials and navigate to the loan section to view your application status, similar to the online portal.

What does it mean if my loan status is ‘Under Review’?

If your loan status is 'Under Review', it means that your application is currently being processed by SBI. The bank is reviewing the documentation and details provided in your application to make a decision. During this phase, patience is key, as the review process can take some time.

How can I improve my chances of loan approval?

To improve your chances of loan approval, ensure that all documentation submitted is accurate and complete. This includes having a strong academic record, securing admission to a reputable institution, and providing collateral if required. Additionally, having a co-applicant with a stable financial background can also enhance your loan application.

Check Your Education Loan Eligibility


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