If you are planning to go abroad for your higher studies, it is most likely that you will opt for education loans to meet the huge financial expenses. Therefore, SBI being a leading nationalized bank, has always remained in the topmost position in these matters. Moreover, there’s nothing to worry about as SBI education loan interest rates remain the same for the entire loan period.
You can get five different types of options for your educational loans from SBI. These are Scholar Loan, Student Loan, Global Ed-vantage Education Loan, Skill Loan, and Take-over of an education loan. But before opting for any of these packages, it’s better to compare different types of SBI education loans so as to be absolutely sure about your financial needs. All these might sound a bit complex for anyone who is taking an education loan for the first time. So it’s better you take help from the third-party mediators to make the approval process easier and the entire procedure hassle-free. If you would like to know more as to how you can reach them, click here for more details. Here are some easy steps that you can follow for availing educational loans from SBI.
Steps to Get SBI Education Loans
The entire process is now online so there’s no need for you to visit the branch and apply for the loan. The approval process can become even easier if you opt for third-party mediators. Since many of them have been working with SBI for a long time, they can easily speed up your approval process within a very short period of time. On behalf of you, they’ll also compare and contrast the SBI education loan interest rates with other financial institutions. You just need to follow these easy steps, and all the other technicalities will be handled by the third-party providers:
- Start by filling in your details on the websites given by the third-party mediators.
- Their educational loan counselor will contact you to know about the entire details of your course.
- You will be asked to fill a detailed SBI education loan application form.
- Then you will get an acknowledgment email from SBI as a confirmation after they receive your details.
Free Doorstep Document Collection
- While checking the SBI education loan interest rates, also keep a check on what are the documents that you need for your loan application. This can be done by the document checklist generator provided by the third-party mediators.
- These mediators will visit your house or office even if you live in different states. They will inspect and collect all the relevant documents and submit them to your nearest SBI branch.
Processing and Approval
Once the submission of the documents is done, the loan offering agency starts following up your application with the SBI officials so that it speeds up the process. The key stages that your application passes through are:
- Document verification
- Legal and technical assessment of the property
- Final decision
Agreement and Disbursal
This is the last step before you get entitled to the loan. You have to sign an agreement with the bank to get the disbursal. The key steps are:
- Firstly a lien will be created on the asset that you enlisted as collateral in favor of SBI.
- Your guarantor will be needed to sign the loan agreement.
- You have to give a requisition so that the bank transfers your tuition fees to your university.
This will mark the end of the procedure for your educational loan.
SBI education loan can really help you in fulfilling your dream course which will land you handsome career prospects. If you are new to it and want to make the best of SBI education loan, it is recommended to seek assistance from a third-party. A mediator will negotiate on your behalf to get you the best offers on loan.