SBI education loan: You need to submit these documents to borrow money

Most wish to pursue higher education in prestigious colleges and universities. Yet, they often decide against it due to the expenses involved. To make life easier, various public and private banks offer attractive education loan packages. The State Bank of India, the largest public sector bank, too offers education loans under their SBI student loan scheme. This scheme is exclusively for Indian Nationals who want to pursue higher education in India or abroad. The loan repayment is up to 15 years after the course duration. Moreover, there is no processing or up front charges that will levied on education loan by SBI. The maximum amount that SBI loans for education in India is Rs 10 lakhs. Meanwhile, it is Rs 20 lakhs for education in other countries. 

To apply for an education loan with SBI, one needs to present the following documents:

I) Student-applicant:

• Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
• Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card
• Passport is mandatory to be submitted in case of Studies Abroad
• Academic Records:
• 10th Result
• 12th Result
• Graduation Result- Semester-wise (if applicable)
• Entrance Exam Result through which admission is being taken (e.g. CAT, CMAT, JEE, NEET, CET, GMAT, GRE, TOEFL, etc.)
• Proof of admission: Offer Letter or Admission Letter from the Institution. Conditional admission letter may be considered in case of studies abroad.
• Statement of cost of study/ Schedule of expenses
• 2 passport-size photographs
• If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

II) Co-applicant:

• SBI requires a co-applicant as well to sanction the education loan. The applicant can be the students's parent/guardian
• Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
• Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card
• 2 passport-size photographs
• If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

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III) Income Proof for Salaried Co-applicant/ Guarantor:

• Salary Slip or Salary Certificate of last 3 months
• Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
• Bank account statement for last 6 months (of Salary Account)

IV) Income Proof for Self-employed Co-applicant/ Guarantor:

• Business address proof (If applicable)
• IT returns for last 2 years (if IT payee)
• TDS Certificate (Form 16A, if applicable)
• Certificate of qualification (for C.A./ Doctor and other professionals)
• Bank account statement for last 6 months