How to Get an SBI Education Loan

Applying for an education loan can be a stressful process, but once approved, you will be on your way to achieving your goals. The State Bank of India (SBI) provides education loans to students studying in India and abroad. SBI is highly trusted by borrowers because it is owned by the state. If you want to apply for an SBI education loan, you must first determine your eligibility and then prepare your application.

Part 1: Establishing Your Eligibility

1. Ascertain that you have Indian citizenship. SBI only provides education loans to Indian citizens. You will be required to provide proof of citizenship as part of the application process.

You will use your PAN card and an ID that proves who you are, such as your driving licence, passport, voter ID card, or Aadhar card, to prove your citizenship.

2. Apply to any recognised university in the world. Certain countries have already been pre-approved as acceptable. However, you can obtain funding for colleges and universities in other countries if SBI approves. These institutions are graded based on their international standing. The following countries have been approved by the SBI:

United States of America.

United Kingdom.






Hong Kong.

New Zealand.

3. If you plan to stay in India, you can choose from a wide range of courses. If the student is studying in India, SBI will approve loans for the majority of programmes. The following courses are approved for study in India:

Technical or professional degree courses for graduation and post-graduation.

Degree and diploma programmes are offered on a regular basis.

Teacher education must be approved by the federal or state governments.

Nursing education that has been approved by the federal or state governments.

Aeronautical, pilot training, and shipping courses can be taken on a regular or degree basis.

4. Choose an approved course of study for your trip abroad. Loans for undergraduate and post-graduate programmes are available all over the world, and most will be approved if they are professional or job-related. The following courses are approved for study abroad:

Courses leading to a professional degree or diploma that are job-related.

Technical degree programmes for job-related skills.

Courses for Certified Public Accountants (CPAs) in the United States.

Courses offered by the Chartered Institute of Management Accountants (CIMA) in London.

Part 2: Application Preparation

1. Calculate the cost of your programme of study. Depending on your school’s policies, you may be able to obtain a statement totaling your potential costs from the school. The following are examples of typical costs to consider:




Computer or laptop

Student fees

Lab fees


Meals/Meal plan

Transportation costs

2. Plan on contributing at least 10% of your education costs. SBI will allow you to use loan funds to pay for up to 90% of your educational expenses. The difference is expected to be made up by the student. It is best to have a plan in place for how you will pay these expenses.

In addition to saving money or getting a job, you can use teaching assistantships, scholarships, or grants to pay off your debt.

Depending on the cost of your institution, you may have to pay more than 10%. You must pay the difference if your institution costs more than your approved loan amount.

3. Determine who will secure your loan if you fail to repay it. Student loans must be secured, according to the SBI. If you borrow up to Rs. 7.5 lacs, you can add a parent or guardian as a co-borrower to secure your loan. If you borrow more than Rs. 10 lacs, you will need to include your parent or guardian as a co-borrower, as well as tangible collateral.

Property or liquid assets can be used as collateral.

If you are married, your spouse can serve as your co-borrower instead of your parent or guardian.

The annual income of your co-borrower must be at least three times the loan amount.

4. Fill out your application online or in person at a participating bank. SBI allows you to complete much of the process, including the application, online. To complete the application, you will need to provide all of your personal and educational information. This information includes your name, address, phone number, government ID number, educational history, parent information, and co-borrower information.

If you prefer, you can complete the application at an SBI bank branch.

Apply online at

If you apply online, you can expect to visit the bank 2-3 times.

You can apply through other loan brokers as well, but they may charge you additional fees that you can avoid by going directly through SBI.

5. Submit the necessary documents to the nearest bank branch. You’re not done once you’ve submitted your application. In order for your application to be processed, you must also submit supporting documentation. Fortunately, you can return these to any SBI bank. The following paperwork is required:

Admission letter from a recognised school

Loan Application Form Completed

two passport-sized photographs

A breakdown of your study expenses

Your PAN number

PAN card of your parent or guardian

Your AADHAAR card is a government-issued identification card.

AADHAAR card of your parent or guardian

Identity proof, such as a driver’s licence, passport, or other photo ID

Proof of residency, such as a driver’s licence, passport, utility bill, phone bill, or similar item

Statements from the student’s and co-bank borrower’s accounts for the previous six months

Asset statement for you and your parent or guardian

Income documentation for you and your parent or guardian

6. You must pay your processing fees. For education loans, every bank in India charges a processing fee. SBI, unlike others, has a fixed fee rather than a variable fee.

The processing fee is currently set at 10,000 rupees.

7. Allow time for approval. Most students will learn whether or not their loan has been approved in as little as 14 days. If you are approved, the bank will assist you in processing your loan.

If you applied online, you can check the status of your loan application by entering the 16-digit reference number that was provided to you when you completed your application.

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