SBI Education Loan Requirement And Scheme Details

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Jun 23, 2023

SBI Education Loan Requirement And Scheme Details

Location:- RNB Global University

Dear all,

This is to inform you that in continuation of previous circular “MoU with SBI Provide Education loan” We are sharing a detail information regarding SBI Education loan requirement and scheme details.

A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.

Repayment period of up to 15 years after Course Period + 12 months of repayment holiday*
Processing Charges
- Loans up to Rs. 20 lacs: NIL
- Loans above Rs. 20 lacs: Rs. 10,000 (plus taxes)
Security
Up to Rs. 7.5 Lacs: Only Parent/ Guardian as co-borrower. No Collateral Security or third-party guarantee
Above Rs. 7.5 Lacs: Parent/ Guardian as co-borrower and tangible collateral security

Expenses Covered

Fees payable to college/school/hostel
Examination/Library/Laboratory fees
Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course).
Caution Deposit/Building Fund/Refundable Deposit (maximum 10% of tuition fees for the entire course).
Travel Expenses/Passage money for studies abroad.
Cost of a Two-wheeler up to Rs. 50,000/-

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

Mark sheet of 10th, 12th, Graduation (if applicable), Entrance Exam Result
Proof of admission to course [ Offer Letter/ Admission Letter/ ID card if available]
Schedule of expenses for course
Copies of letter conferring scholarship, free ship, etc.
Gap certificate, if applicable (self-declaration from student for gap in studies)
Passport size photographs of Student / Parent / Co-borrower / Guarantor (1copy each)
Asset-Liability Statement of Co-applicant / Guarantor (Applicable for loans above Rs 7.50 lacs)
For Salaried Persons
- (a) Latest Salary Slip
- (b) Form 16 OR latest IT Return (ITR V)

For other than Salaried Person:
- (a) Business address proof (if applicable)
- (b) Latest IT Returns (if applicable)
Bank Account Statement for the last six months of Parent / Guardian/ Guarantor
Copy of Sale Deed and other documents of title to property in respect of immovable property offered as collateral security / Photocopy of Liquid Security offered as collateral.
Permanent Account Number (PAN) of Student / Parent / Co-borrower / Guarantor
AADHAAR (mandatory, if eligible under various interest subsidy schemes of GOI)
Passport (mandatory for Studies Abroad)
Submission of OVD (refer to table below)

At least one self-attested copy of the Officially Valid Documents (OVD) mentioned below to be submitted, as proof of identity and address:

Passport
Driving license,
Proof of possession of Aadhaar Number,
Voter's Identity Card issued by Election Commission of India,
Job card issued by NREGA duly signed by an officer of the State Government,
Letter issued by the National Population Register containing details of name and address.

If the OVD furnished by the customer does not contain updated address, the following documents shall be deemed to be OVDs for the limited purpose of proof of address:

Utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid mobile phone, piped gas, water bill);
Property or Municipal tax receipt.
Pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public-Sector Undertakings if they contain the address.
Letter of allotment of accommodation from employer issued by State Government or Central Government Departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial Institutions, listed companies and lease and licence agreements with such employers allotting official accommodation.

[Provided that the customer shall submit OVD updated with current address within a period of three months of submitting the above documents]

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Jun 23, 2023

SBI Education Loan Requirement And Scheme Details

Expenses Covered

At least one self-attested copy of the Officially Valid Documents (OVD) mentioned below to be submitted, as proof of identity and address:

If the OVD furnished by the customer does not contain updated address, the following documents shall be deemed to be OVDs for the limited purpose of proof of address:

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