How to Check SBI Education Loan Status?
Education Loan

How to Check SBI Education Loan Status?

How to Check SBI Education Loan Status?

On this Page:

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:  12 Jun 2024  | Reviewed By: 
Aman 
| 3.26K | 6  min read

The cost of higher education frequently proves to be a major obstacle. Thankfully, student loans for education act as a ray of hope, allowing learners to follow their academic goals without financial constraints. The State Bank of India (SBI) is a notable financial institution in India due to its extensive range of education loan programs.

Sprinkles

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

SBI's education loan programs are designed to close this money gap by providing loans for a variety of costs, including books, equipment, tuition, and travel. After the application is submitted, though, it is essential to monitor its progress as it becomes part of the planning process. Here's where knowing how to access your student loan status online comes in quite handy. Let's first review how to apply for an education loan before learning how to check the status of one.

Check Your Education Loan Eligibility

Sprinkles

How to Apply for an Education Loan at SBI?

The State Bank of India (SBI) offers a structured application process for education loans that is intended to help students obtain funding for their postsecondary education.
 

Step 1 - Check loan eligibility


Every loan has specific requirements for eligibility, such as the co-applicant requirement, the institution, the course of study, and the student's academic history. Before applying, make sure you meet these requirements. 
 

Step 2 - Application submission

Go to the education loan section of the official SBI website, and select the appropriate loan plan. Accurately complete the online application form and attach the required files. As an alternative, bring the necessary documents and visit the SBI branch that is closest to you. Acquire the application for an education loan, complete it, and deliver it to the bank representative with the supporting documentation.
 

Step 3 - Loan processing

Once your application has been submitted, SBI will process it, which will include confirming the accuracy of your documentation and determining whether the course and institution are eligible. The co-applicant's financial situation may also be investigated by the bank.
 

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.

 

Looking for an abroad Education Loan?
By entering my phone number, I give consent to override NCPR and recieve WhatsApp messages.
Sprinkles

How to Check SBI Education Loan Status Online?

Step 1: Access the education loan section
 

  • list items Visit SBI’s official website: Click on the education loan section and register. 
  • list items Enter your application number: Enter your application number.   
  •  

    2: Understanding your loan application status

     

  • list items Under Review: If the portal says that ‘under review’ this means that the bank is currently assessing your documentation.
  • list items Approved: If the portal says that Approved than Congratulations, your loan has been sanctioned. This means you’ve cleared the review process successfully.
  • list items Disbursed: If the portal says that Disbursed then the loan amount has been credited to the designated account or directly to the university account, as per the terms.
  • list items Rejected: If the portal says that ‘rejected’ then unfortunately your loan has been rejected. Understand the reasons behind the rejection and consider alternative options.  
  •  

    Step 3: Taking action based on your loan status

     

  • list items Make sure you have all the required post-approval paperwork. Get acquainted with the terms of reimbursement.
  • list items Be proactive in your communication with SBI. If your application has been denied or is still being reviewed, answer any questions you may have and resolve any concerns.  
  •  

    Step 4: Utilizing SBI’s customer support

    SBI's customer service is available if you have any questions or require clarification regarding monitoring the status of your education loan. For individualised support, get in touch via phone, email, or in person at a branch.

    Step 5: Regular monitoring and planning

    Keeping track of the status of your online SBI education loan application is a simple procedure that is essential to your educational planning. SBI makes sure that students don't have to worry about money matters because every step is carefully planned to offer simplicity and clarity. 

     

    If you're thinking about applying for a student loan, you should think about GyanDhan, a platform that makes it easier to find and apply for the best student loans. Through a simple online process, GyanDhan makes it simple to determine your eligibility for an SBI education loan and to keep track of the progress of your loan application. 

     

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


     

    Sprinkles

    Frequently Asked Questions

    How do I apply for an SBI education loan?

    You have two options for applying for an SBI education loan: apply online via the SBI website or bring all required paperwork to the closest SBI branch. Filling out the application form and uploading the required files is all that is required for the simple online application process.

    How to check education loan status online?

    You will need your application number and registered email address or mobile number in order to check the status of your education loan online.

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

    As soon as your application status changes, the loan status is updated instantly on the SBI portal. Nevertheless, the bank's processing stages may have an impact on how frequently updates are sent. It is advisable to periodically check for any updates regarding the status of your loan.

    What should I do if my loan application is rejected?

    It's important to understand the reasons for any loan application rejection you may receive. You can get in touch with SBI directly to find out the precise grounds for the rejection and to get guidance on how to submit a successful reapplication. Occasionally, it helps to provide more supporting documentation or to make the information that already exists clearer.

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

    Yes, you can use the SBI mobile app to check the status of your application for an education loan. Like the online portal, the app has an easy-to-use interface that lets you view the status of your application by navigating to the loan section after logging in with your credentials.

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

    If the status of your loan is "Under Review," it indicates that SBI is presently processing your application. To reach a decision, the bank is examining the supporting documentation and information you submitted with your application. Patience is essential during this phase because the review process can take a while.

    How can I improve my chances of loan approval?

    Make sure that all of the paperwork is accurate and comprehensive to increase your chances of getting a loan approved. This entails obtaining admission to a respectable university, maintaining a solid academic record, and offering collateral if needed. Moreover, a co-applicant with a solid financial history can strengthen your loan application.

    Check Your Education Loan Eligibility


    Sprinkles

    Have More Questions on This Topic?

    Ask from a community of 10K+ peers, alumni and experts