Process of Getting Education Loan

Samuel

[OP]
Regulars
Nov 7, 2010
6,337
189
Delhi/NCR
I wanted to know what exactly is the procedure of getting an educational loan and when exactly the money has to be given back to the bank.Is there any way how it's done and things related to the entire process, if someone could explain things a bit, would be much appreciated.
 

manu1991

Ancient Philospher
Regulars
Dec 9, 2006
7,332
1,428
Delhi
I am not sure of the entire process but what you have to do is submit all your admission papers along and have a guarantor to get the loan.

All banks have different policies but in case of SBI, they have a list of institutions according to which they determine the max. amount they will give, and it also depends on whether you are giving any collateral or not. Institutes like IIM-A, ISB etc are in list A where you get upto 30 lacs with collateral or 20 without it, then list B and so on.

In almost all banks, repayment has to be done starting 6 months after the completion of the course or after getting a job whichever is earlier. This is the interest SBI charges, it is almost the same for all PSU banks: https://www.sbi.co.in/user.htm?action=viewsection&lang=0&id=0,16,393,397

They have an online application system: https://www.sbi.co.in/user.htm?action=sbiEdulLoan
 

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