Education Loan

Filling Out the SBI Education Loan Form: A Step-by-Step Guide

Filling Out the SBI Education Loan Form: A Step-by-Step Guide

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Discover GyanDhan’s guide on how to fill education loan application form SBI including step-by-step instructions.

GyanDhan
Ananya Ghai
Updated on:  08 Mar 2024  | Reviewed By: 
Aman 
| 134 | 5  min read

State Bank of India (SBI), being one of the leading providers of education loans in India, offers a straightforward application process. In this guide, we'll walk you through the detailed steps on 'how to fill education loan application form SBI' and 'how to apply for an education loan in SBI online', ensuring you can embark on your educational journey without financial hurdles.

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How to Fill Education Loan Application Form SBI?  

  1. list items Personal and educational details: Start by filling out your personal information and details about your educational background. Ensure accuracy to avoid any discrepancies that might delay the process.
  2. list items Financial information: Provide detailed information about your financial status, including your family's income, assets, and liabilities. This section helps the bank assess your repayment capability.
  3. list items Course and fee details: Clearly state the details of the course you are enrolling in, including the fee structure, which will determine the loan amount.
  4. list items Collateral information (if applicable): If the loan amount exceeds INR 7.5 Lakh, SBI requires collateral. Provide detailed information about the collateral you plan to offer.
  5. list items Loan details: Specify the loan amount you are seeking and the purpose of the loan (e.g., tuition fees, accommodation, books, etc.). Indicate whether you are applying for a collateral-free loan or if you have collateral to offer.
  6. list items Financial information: Disclose your income details, such as your income (if any) or your parent's income if they are the primary borrowers or guarantors. Provide information about any other existing loans or financial obligations.
  7. list items Academic details: Furnish your academic qualifications, including your highest level of education, marks obtained, and any relevant academic achievements.
  8. list items Repayment details: Outline your proposed repayment plan, including the tenure and mode of repayment (e.g., EMI, moratorium period). SBI typically offers various repayment options for education loans.
  9. list items Supporting documents: Ensure that you attach all the necessary supporting documents, such as educational certificates, admission letters, fee structure, identity proof, address proof, income documents, and any other documents as specified by SBI.
  10. list items Signatures: Sign the application form and have any required co-applicants or guarantors sign the relevant sections as well.
  11. list items Review and submission: Carefully review the filled-out form for accuracy and completeness. Make copies of the form and supporting documents for your records. Finally, submit the completed application form along with the supporting documents to the designated SBI branch.

 

Check Your Education Loan Eligibility

Remember, the specific requirements and sections of the form may vary based on the SBI branch and loan program. It is recommended to refer to the instructions provided with the form and seek assistance from the bank's staff if you have any doubts or require clarification during the application process.

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How to Apply Education Loan in SBI Online?

Applying for an education loan online with the State Bank of India (SBI) is a streamlined process that can be done either on the SBI website or through the Vidya Lakshmi portal.

Education Loan Application through the SBI Website

Filling out an education loan form on the SBI website involves a series of steps that are designed to be user-friendly and straightforward. Here's a general guide on how you can do this:

  1. list items Visit the SBI website: Start by going to the official SBI website. Look for the education loan section, which is typically under the 'Personal Banking' or 'Loans' segment.
  2. list items Select the education loan: SBI offers various types of education loans. Choose the one that best suits your needs, such as loans for studying in India or abroad, scholar loans, or loans for vocational education and training.
  3. list items Loan application form: Once you've selected the appropriate loan, you'll find an option to apply online. Click on this to access the education loan application form.
  4. list items Filling the form:
  • list items Personal information: Fill in the student's details, including name, date of birth, contact information, and residential address.
  • list items Educational details: Provide information about the educational course for which the loan is being sought, including the name of the institution, cost of education, course duration, etc.
  • list items Financial information: Input details about the financial status of the guarantor/parent. This includes income details, assets, liabilities, and other relevant financial information.
  • list items Loan details: Specify the loan amount required, the tenure for repayment, and any details regarding the collateral security being offered (if applicable).
  • list items Document upload: The form will prompt you to upload necessary documents. This typically includes proof of admission, academic records, KYC documents, income proof of the guarantor, and other relevant documents.
  • list items Review and submit: Before submitting, ensure all the information provided is accurate and that all required fields are completed. Once you've reviewed the details, submit the application form.
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Education Loan Application through the Vidya Lakshmi Portal

  1. list items Registration on VidyaLakshmi: Visit the VidyaLakshmi portal and create an account by providing necessary details like name, email, and contact information. Once registered, you'll receive login credentials to access the portal.  
  2. list items Creating a profile: Log in to your VidyaLakshmi account and complete your profile, which includes personal, academic, and financial details. Ensure that all the information is accurate and comprehensive, as this will be crucial for loan approval.  
  3. list items Searching for SBI education loans: Utilize the portal's search function to find education loan schemes offered by SBI that align with your educational needs and financial requirements. Carefully review the terms, interest rates, and eligibility criteria of the available SBI loan schemes.  
  4. list items Application submission: Select the SBI education loan that best fits your needs and fill out the application form available on the portal. Attach all required documents, such as academic records, admission letters, and financial statements.  
  5. list items Loan processing: Once you submit the application, SBI will receive your loan request and initiate the processing. The bank may contact you for additional information or documents and might also schedule an in-person meeting if necessary.

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How to Apply for an Education Loan at SBI via GyanDhan?

To apply for an SBI education loan via GyanDhan, you have to follow a streamlined process that simplifies and expedites your loan application. Here's how you can proceed:

  • list items Application submission: Initially, you can start by applying online through the GyanDhan platform. They provide a straightforward online form where you can submit your details, including personal information, course details, and financial information.
  • list items Document collection: GyanDhan offers a free doorstep document collection service in certain cities, which saves you the hassle of visiting the bank with physical copies of your documents. Not only this, GyanDhan offers a customized document checklist to borrowers.  
  • list items Processing and approval: GyanDhan coordinates with SBI to ensure your application is processed efficiently. They assist in resolving any potential issues, significantly increasing the chances of approval. The usual turnaround time for loan processing through GyanDhan is notably shorter compared to direct applications.
  • list items Loan sanction and disbursal: Once the loan is approved, GyanDhan assists with the final steps to ensure the loan amount is disbursed in a timely manner.

By applying through GyanDhan, you benefit from personalized assistance, faster processing times, and potentially higher approval chances due to their expertise and direct coordination with SBI. For more detailed guidance and to start your application, check your loan eligibility now.

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Check Your Education Loan Eligibility


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