The State Bank of India is one of the top education load providers in India. Every year, the bank grants loans to the students who all secure admissions in various recognized universities in all over India and abroad with no processing fee.

Eligibility Criteria-

The following are the eligibility conditions for getting educational loan by State Bank of India which are as-

• The candidate who is applying for the loan should be the citizen of India.
• The candidate is required to have secured admission in one of the recognized universities of the world.
• The candidates are required to have obtained admission in any one of the following courses-

1. Job oriented professional degree course
2. Job oriented professional diploma course
3. Job oriented technical degree course
4. Courses which are conducted by CPA (Certified Public Accountant) in USA and CIMA (Chartered Institute of Management Accountant) in London.

Education loan amount given by State Bank of India-

State Bank of India provides with the education loan for up to Rs.30 lakhs to students who wish to go abroad for higher studies. The expenses which are covered in the student’s loan provided by the State Bank of India are-

• Tuition fee which is payable to the university or the college in which the student takes admission
• Examination fee and the library fee
• Caution deposit or the refundable deposit
• Travel Expenses

Documents that are required to be submitted to take the education loan from State Bank of India are-

• Application form dully completed
• Two passport size photographs
• Letter of admission or offer letter from the university
• Documents which are on the cost of the studies
• Permanent Account Number card of the candidate
• Proof of the Identity any one from the following-

1. Passport
2. Driving License
3. Voter ID card
4. Aadhar Card

• Proof of Residence-

1. Passport
2. Driving License
3. Voters ID card
4. Electricity Bill
5. Telephone Bill

• Students or Co-Borrower or Guarantor’s bank account statement for the last six months
• Statements of assets and liabilities of the person taking the loan or the Guarantor
• Proof of Income

Security required-

The various securities required by the candidate for taking the SBI education loan from State Bank of India are as following-
If the candidates are taking the loan up to the amount of 4 lakh then the candidate will be requiring parents or the guardian as the co-borrower of the loan. If the amount of the loan is between 4 lakhs to 7.5 lakhs, the candidates are required to provide parents or guardians as the co-borrower and collateral security which should be in the form of the details of Gross Annual Income of the parents or the guardians and if the candidate is taking the loan above the amount of 7.5 lakhs then the candidate is required to provide parents or guardian as the co-borrower of the loan and must also provide with the tangible collateral security.