What is the procedure to get education loan from SBI?

Checklist of Documents to be submitted along-with duly filled Loan Application Form

1. Mark sheet of 10th, 12th, Graduation (if applicable), Entrance Exam Result.
2. Proof of admission to course [ Offer Letter/ Admission Letter/ ID card if available]
3. Schedule of expenses for course.

Can I get 2 lakh education loan?

2 lakhs and Rs. 22 lakhs for studying in India. Of course, the size of the loan depends on the course applied for. To study abroad, the loan amount goes up to Rs.

What are the rules for education loan?

The applicant should have a secured admission in a college or university affiliated by UGC/AICTE/Govt. etc. Students pursuing full-time courses need to have a co-applicant who can be either parent/guardian or spouse/parent-in-law (in case of married candidates).

Can I get education loan without security?

The security pledged against a loan is termed as collateral. However, you can get an education loan without pledging any security. But, if you take a loan of more than Rs 7.5 lakh, the bank may ask for collateral for the loan amount. The bank may also ask you to deposit margin money and seek third-party guarantee.

Can I pay education loan at once?

Repaying education loan at one go eliminates all the interest that will be paid month-by-month adding to the total expense of the loan. While pre-payment of student loan at one go will only incur a nominal processing fees it will save you from interest rates levied on your loan.

Is property required for education loan?

To get a loan from a lender, you generally have to pledge security such as house property, fixed deposits, shares, bond, etc., to take the loan. There is no margin requirement if you apply for a loan within this limit through a scheduled commercial bank under the CGFSEL scheme.

Is any property required for education loan?

All banks and NBFCs require parents to be join-borrowers on an education loan. For loans up to Rs. 4 Lakh, no collateral is required.

Can I get education loan without property?

Lenders you can approach for an education loan without collateral. Public banks – Public banks like SBI, BOB, etc according to their policies can only provide up to 7.5 lakhs student loan without collateral irrespective of the course and country.