Assuming you’re targeting overseas education, if you need ₹ 20 lakhs or more, Global Ed-vantage is the right scheme for you, otherwise, Student Loan is the scheme for you. This is because ₹ 20 lakhs is the minimum amount you can apply for under the Global Ed-vantage scheme.
|Sr. No||Features||Education Loan Details|
|1||Loan amount||₹ 20 lakh to ₹1.5 crore|
|5||Loan tenure||15 Years|
|7||Repayment holiday||Course period + 6 months|
|8||Countries covered||USA, Canada, UK, Ireland, New Zealand, Australia, Germany and others|
|1||Eligibility||Any student with an admit offer to a graduate or higher degree/diploma course offered by any licensed institution in the following countries: USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand or any European country.|
The required documents depend on many factors, like your academic and professional history, your co-applicant’s financial and credit profile, and the nature and location of the property or asset, which you offer as collateral. When you apply to SBI Education Loan with UniCreds, we provide a customized documents list - so that you can submit all your documents at one go. In general, the following documents are needed. Note that self-attested copies of all the below documents need to be submitted.
|Sr. No||Type||Documents Required|
|1||Documents For Applicants -||1. Identity Proof: PAN/ Passport/ Driver’s License/ Voter ID card. 2. Completely filled-in Loan Application Form 3. Address: Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card. 4. Passport (in case of study abroad). 5. Past Academic Record - a. 10th Marksheet b. 12th Marksheet c. Under Graduate Result Semester Wise (If required) d. Entrance Exam Result - Abroad institutes (e.g GMAT, GRE, TOEFL, etc.) e. Entrance Exam Result- Domestic institutes (e.g. CAT, CMAT, JEE, NEET, CET, GMAT, GRE, etc.) 6. Proof of Admission: Admission Letter (Conditional admission letter is also accepted). 7. Statement of expenditure. 8. 2 passport-size photographs. 9. Loan A/C statement of one year, if there is any previous loan from other Banks/ Lenders. 10. Bank account statement of the Student (in Takeover of Education loan case)|
|2||Documents For Co-Applicants -||1. Identity Proof: PAN/ Passport/ Driver’s License/ Voter ID card. 2. Address: Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card. 3. 2 passport-size photographs. 4. If any previous loan from other Banks/ Lenders, then Loan A/C statement of 1 year. 5. Legal documents of the collateral/ Property documents. 6. Bank account statement of the Co-borrower/Guarantor, for the last 6 months (in Takeover of Education loan case)|
|3||Income Proof for Salaried Co-Applicant/Guarantor-||1. Salary slips of the last 3 months. 2. Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept. 3. Bank account statement for the last 6 months (Salary Account). 4. Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower|
|4||Income Proof for Self-employed Co-Applicant/ Guarantor-||1. Business address proof (If applicable). 2. Last 2 years IT returns ( If IT Payee). 3. TDS Certificate (Form 16A, if applicable). 4. Certificate of qualification (for C.A./ Doctor and other professionals). 5. Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower 6. Bank Account statement for the last 6 months.|
|5||Documentation For Collateral-||1. Registered sale deed 2. If the property is a built one, then approved plan/map 3. Link or chain documents that show evidence of the ownership history of the property for the last 30 years 4. Latest property tax receipt 5. Occupancy proof|
1. Apply Online You start with a pre-assessment that’s available on the UniCreds website. Our education loan counsellor interacts with you to understand your financing need in detail. You fill a detailed SBI loan application form We transfer your details to SBI, and you receive an email from SBI acknowledging your application. 2. Processing and Approval: Once you have submitted your documents, we will follow up with SBI officials to ensure your application is processed in a timely manner. Our team will follow your application at every stage to ensure a smooth passage. Key stages that your application goes through are: 3. Document verification Property’s legal and technical assessment. This is done by SBI’s valuators. Final decision: Approving authority examines all documents, along with the property assessment, to make a final decision on your education loan application 4. Disbursal: Once your loan is approved, the next step will be to sign the loan agreement and get the required disbursal.