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HowtoCompareEducation
LoaninIndia?
May04,2017

For all of our small or big personal requirements, we look towards, personal loans. There are
many private and public sector banks, those offer personal loans on veryeasyterms.However,
it is always advisable to read all the terms and conditions before signing any loan document.
Apart from this, it is a fact that personal loans are available at a very high rate of interest.
Therefore, before planning a personal loan, its very important to compare Personal Loan in
India.Therearefewpointswhichyoushouldconsiderwhileplanningforapersonalloan.

RecommendedRead:SBIStudentsLoan

HowtoCompareEducationLoaninIndia?

DocumentsRequiredtoApplyforaPersonalLoan:

our3Passportsizephotographs
IdentifyProof(photocopiesofVotersIDcard/Passport/Drivinglicence/ITPANcard)

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Creditability,LoanrelatedInsurance.http://www.moneymaya.in


And,AddressProof(photocopiesofrecentTelephoneBills/ElectricityBill/Propertytax
receipt/Passport/VotersIDcard)
Also,Proofofbusinessaddressfornon-salariedindividuals
Inaddition,StatementofBankAccountorPassBookforlastsixmonths
Signatureidentificationfrompresentbankers
Also,PersonalAssetsandLiabilitiesstatement

Inadditiontotheabove,followingadditionaldocumentsarealsorequiredforsalaried
persons:

OriginalSalaryCertificatefromemployer;and
TDScertificateonForm16orcopyofITReturnsforlasttwofinancialyears,duly
acknowledgedbyITDeptt

Also,additionaldocumentsrequiredforProfessionals/self-employed/otherIT
assessesare:

AcknowledgedcopiesofthreeyearsI.T.returns/Assessmentyears;and
PhotocopiesofchallansevidencingpaymentofAdvanceIncomeTax.

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HowtoApplyforEducation
LoanfromSBI?
If you have grabbed an
opportunity to pursue higher
educationinIndiaorabroad.And,
want to apply for an Education
Loan from SBI,thisishowyoudo
it:

Firstofall,youshouldhavetakenadmissioninyourdesiredcourse.Atthesametime,
makesurethatthecourseofyourdesireorchoiceisoneofthecoursescoveredbySBI
EducationLoan.
ChoosethenearestbranchofSBItoyourresidentialaddress.
Walkintothebranchanddiscussyourcasewiththebranchmanager.
Andif,branchmanageragreefortheloan,theneithercollecttheapplicationformfrom
thebranchordownloadapplicationformfromSBIwebsite.
Fillinthecompleteapplicationform.
Enclosecopiesofthefollowingdocumentsalongwiththeapplicationform:

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DocumentsRequired:
1. Letterofadmission
2. 2passportsizephotographs
3. Statementofcostofstudy
4. YourandyourParentsorGuardiansPANCard
5. AADHARCardofbothyouandyourParentorGuardian
6. Proofofidentity(DrivingLicenceorPassportorAadharoranyphotoidentity)
7. AddressProof(DrivingLicence/Passport/Electricitybill/Telephonebill)
8. Student,Co-borrowerandguarantorsbankaccountstatementforlast6months
9. ITreturnorITassessmentorderofprevious2yearsofParentorGuardianorother
co-borrower(ifITPayee)
10. Briefstatementofassets&liabilitiesofParentorGuardianorotherco-borrower
11. IncomeProof(i.e.salaryslipsorForm16)ofParentorGuardianorotherco-borrower

Forasaferside,keepacopyofallthedocumentswithyouaswellalongwithfilledup
applicationform.Banksmayaskanythinganytime,youneverknow!
Nowsubmityourformandtheencloseddocumentstothebranchmanager.
Firstofall,bankwillcheckyourCIBILScore.Ifitisacceptabletothebranchmanager,
thentheloandepartmentwillmovetonextstep.

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And,nextstepisthattheloandepartmentwillgothroughyourdocumentandwillcheck
ifallthedocumentsareasperbanksnorms.
Next,theywillverifyyourresidentialaddressbyphysicalinspectionbybanksteam.
Ifyouclearthisstepaswell,thenloandepartmentwillproceedforsomelegaland
technicalverificationasapartoftheLoanapprovalProcedure.
And,ifyouclearallthesteps,thenyourEducationLoanwillbesanctioned.
YouwillgettheamountasperyourCoursepaymentschedule.BankspayEducation
LoandirectintoInstitutionsAccountaspertheschedulegivenbyyourInstitution.

Money Maya is a Personal Finance Blog. You can find Complete information about
How To of Banking, Loans, Provident Funds, Credit Card and Credit Score on
MoneyMaya.in. It is also give information about how to get Important Indian
Government Documents such as PAN, Passport, AADHAAR? Their retrieval, and howto
updatetheseIDsonlineandoffline.

Formoreinformationvisitthesitehttp://www.moneymaya.in/ORCall7982367598

Moneymaya.inisaPersonalFinanceBloggingsitewhereyoucanfind&shareinformationaboutvariousLoans,
Creditability,LoanrelatedInsurance.http://www.moneymaya.in