Eligibility, Documents Required and more for Abroad Education Loans From SBI
It is that time of the year when most of the aspiring students have started browsing for study loan for abroad. On the one hand, you already keep hearing that amongst other nationalized banks, the SBI Education Loan has excellent offers. At the same time, there is a long list of procedures that may be confusing and a bit challenging to understand. Here we’ll discuss the eligibility, documents required and more to avail study loan for abroad from SBI.
Apply for SBI Education Loan:
There are two loan schemes for education loans from SBI. Candidates seeking a study loan for abroad are recommended to avail the SBI Global Ed-Vantage loan.
Eligibility for SBI Education Loan:
Before applying for the Education Loan from SBI, the aspirants are needed to check their eligibility criteria, as follows:
- Must be Citizen of India.
- Should be 18 years old or else his/her parents will have to take the education loan on his/her behalf.
- Enrol in a regular Graduate/Post Graduate/Doctorate Course in any discipline offered by the foreign Universities/Institutes in the UK, USA, Australia, Canada, Singapore, Europe, Hong Kong, Japan, and New Zealand.
Coordinate with Prospective Candidates:
After filling out the SBI online application form, the applicant will be verified as to be eligible to avail study loan for abroad. Once the application is assigned, the aspirant will receive a checklist of the documents required with a digitally generated application form via an email from the processing officer.
Documents Required for SBI Education Loan
Following is a list of documents required for SBI Education loan that should be submitted with duly-filled-in Loan Application Form.
- Academic records such asmark sheets of 10th and 12th, degree certificate (if applicable), English Language Eligibility Test Scores (IELTS, TOEFL), Admission Test Scores (GRE, GMAT, SAT) and the admit letter received by the candidate from the desired university.
- Proof of identity, bank statements and address proof of the applicant and the co-applicant.
- Proof of income like the salary slips if the co-applicant is a salaried employee, ITR and business documents if the co-applicant is a business owner.
- Collateral documents
Note: All documents mentioned above should be self-attested.
Legal Verification & Property Valuation
The documents submitted will be forwarded to a lawyer to verify the legal points. However, this is not applicable for those who have pledged their liquid security such as gold, FDs, Govt. bonds, insurance policies, etc. as collateral. If the candidate has pledged immovable property such as a house or flat, as collateral, the documents will be checked to determine a fair market value for the pledged property.
Verification Process-Part 2:
After verification by authorities at coordination desk, the file is forwarded to a Processing Officer who goes through every minute detail. After double-checking the file for any discrepancies, if they come across any, it will be communicated to the respective candidate via the corresponding branch. If any additional documents or affidavits are needed, an email is sent to the aspirant.
Sanctioning Study Loan for Abroad:
The file is then sent to the Chief Manager, Sanctions who will check the comments of the Processing Officer. If he/she finds it satisfactory, then the loan is sanctioned.
Once the Chief Manager Sanctions approves the loan, the file is forwarded to the documentation desk. The officials will then call the respective candidate and schedule an appointment with the documentation process.
Documentation and Mortgage Creation:
The candidate, along with co-applicant, is expected to visit the respective branch with original property documents in case of immovable property. After the final verification, the officials at the documentation desk will guide the candidate on mortgage creation, and SBI will open a loan account.
Study Loan for Abroad Approved:
The final process for SBI Education Loan is the mortgage creation that will take about a day or two. After the mortgage creation, the loan is ready to be disbursed as the Fee Component goes to the university, and the living expenses will be loaded into your account.