All about SBI Education Loan Loan amount: From Rs 20Lakh to Rs 1.5 cr Collateral: Yes, collatera

All about SBI Education Loan
Loan amount: From Rs 20Lakh to Rs 1.5 cr
Collateral: Yes, collateral is required. With SBI Global Ed-vantage you need to provide collateral. It could a residential property, commercial property, non-agricultural land, fixed deposit, share or bonds. In case of property, you can get loan upto 80% of your collateral value. In case of FD upto 100% of the value. Collateral by third party also accepted.
Co-borrower: Yes, it is required. Co-borrower can be your parents, spouses, guardian, siblings.
SBI provides education loan to students planning to study abroad under their Global Ed-vantage product. You can apply to this Yocket Loans Assistance for a faster better service: https://yocket.in/services/loan-assistance?utm_source=yocket&utm_medium=sj&utm_campaign=GenMkt
Eligible expenses:
Fee payable to college/school/hostel.
Examination/Library/Laboratory fee.
Travel expenses/passage money for studies abroad.
Purchase of books/equipments/instruments/uniforms/ computer at reasonable cost, if required for course completion and any other expense required to complete the course– like study tours, project work, thesis, etc. can be considered for loan subject to the condition that these should be capped at 20% of the total tuition fees payable for completion of the course.
Caution deposit /building fund/refundable deposit supported by Institution bills/receipts the amount considered for loan should not exceed 10% of the tuition fees for the entire course.
Margin money:
Margin money from 10-20%
Scholarship/assistantship to be included in margin.
Margin to be brought in on year-on-year basis as and when disbursements are made on a pro-rata basis*
Processing fee:
Rs 10,000 per application. Make sure to pay this only after you have finalized your university. Also another Rs 5-10k will be charged for legal technical verification.
Interest rate:
10.65%. A concession of 0.5% if you take the Rinn raksha insurance. Another 0.5% concession for girls.
Documents required:
Letter of admission
Completely filled in Loan Application Form
2 passport size photographs
PAN Card of the student and Parent/ Guardian
Aadhaar Card of the student and parent/ Guardian
Proof of identity (driving license/passport/any photo identity)
Proof of residence (driving license/passport/electricity bill/Telephone bill)
Statement of cost of study
Student/Co-borrower/ guarantor’s bank account statement for last 6 months
IT return/ IT assessment order, of last 2 years of Parent/ Guardian/ other co-borrower
Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower
Proof of income (i.e. salary slips/ Form 16) Parent/ Guardian/ other co-borrower
You can apply online on Yocket. Once you fill in your details, our loan expert will call you within 24 hours and verify the details. Post verification you shall receive an email with your application tracking number along with provisional approval letter. After that you need to go to the branch and submit your documents and pay the processing fee. Within 15-20 days you should have your loan approved (provided your valuation report and credit history is fine).
Apply here: https://yocket.in/services/loan-assistance?utm_source=yocket&utm_medium=sj&utm_campaign=GenMkt
If you have any doubts, you can inbox me.