Know complete details about Abroad Education Loan from SBI
It is that time of the year when most of you have started browsing for abroad education loans. On one hand, you already keep hearing that amongst other nationalized banks, the SBI abroad education loans come with great offers while on the other hand, the long list of procedures may seem confusing and difficult to understand.
This article is a step-by-step guide to securing an education loan from SBI with the help of the WeMakeScholars team.
Step 1: Applying for the education loan from SBI
This is the first step towards applying for an education loan from SBI. SBI has introduced two loan schemes that could help fund higher studies abroad. They are:
SBI Global Ed-Vantage loan
SBI student loan.
Step 2: Coordination with prospective candidates
After the SBI online application form is filled, our digital team will get in touch with the applicant. They verify whether the candidate is eligible for the selected abroad education loan scheme.
Step 3: SBI Document Collection
Here is a rough idea of what documents would be required;
Academic documents
Proof of identity
Proof of income
Documents related to the collateral security being pledged
Step 4: Legal verification and property valuation
Step 5: What happens at the RACPC?
Once the file containing legal verification and property valuation report is received at the processing centre; Their coordination desk quickly checks the file. If something is missing, they communicate with the respective branch regarding the same and the branch coordinates with the customer.
Step 6: Verification process
Step 7: Sanctioning of abroad education loans
Step 8: Scheduling of appointment
Step 9: Documentation and mortgage creation
Step 10: Loan Approved!
Mortgage creation is the final task in the process of an education loan from SBI. This takes about a day or two. Once the mortgage is created, the loan is ready to be disbursed as the Fee Component goes to the university and the living expenses component will be loaded into your forex card/ your account.
