SBI Education Loan Processing Time: The State Bank of India (SBI) is India’s largest public sector bank and one of the most popular choices for study abroad education loans. Education loans from SBI can be applied easily within minutes through the official website or app. SBI provides overseas education loans under its Global Ed-vantage scheme.
SBI Education Loan processing time is around 10-15 days during which the bank verifies your application and approves your education loan if found eligible. If you have applied for SBI Education Loan through the Vidya Lakshmi portal, you can check the status of your application on the portal itself. Let’s check all the details regarding the processing time of the SBI Study Abroad Loan.
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Also Read: Want a quick and easy education loan at the lowest interest rate? Apply for your on Fly Finance and get the solution in minutes.
SBI Education Loan Processing Time
The processing time of SBI Education Loan depends upon various factors such as mode of application, document verification, application process and the information provided by the applicant etc. On average, the bank takes around 15-20 days to process the education loan. Always ensure that you are submitting all the documents required for the loan. Fill out the application loan carefully and don’t leave any room for discrepancy. Check the steps involved in processing the education loan from SBI.
SBI Global Ed-vantage Education Loan Application Process
The SBI education loan application process is comprehensive and student-friendly. To apply for the loan, students need to fill out the online application form, which can be done through both online mode or by visiting any SBI branch. You need to submit all the necessary documents including proof of admission to the desired course, a detailed fee structure, and a scorecard of the last qualifying exam.
- Once the application is submitted, the bank will start the verification process. Your documents will be verified and your credit score will be checked by the bank.
- The processing time can vary based on factors such as the completeness of the application, information in the application form, submitted documents etc.
- If you have applied for a loan through the Vidya Lakshmi Portal, you can check regularly on the portal the status of your loan.
Documentation and Verification
Documentation is one of the most important steps involved in an education loan. The bank will verify all the documents and then the loan will be approved, if eligible. SBI will verify the documents to ensure that all information is accurate and in compliance with its guidelines. At this step, the bank will tell you the repayment period and the final applicable interest for the loan.
During this phase, students might be required to provide additional documents or clarification on certain aspects of their application. Applicants need to respond promptly to any requests from the bank to avoid unnecessary delays.
Also Read: Did you know the education loan interest rate fluctuates in line with Inflation? Check this blog and understand Inflation and its Effects on Education Loan
Loan Sanction and Disbursement
Once the documentation and verification process is completed, the bank proceeds with the sanctioning of the education loan. The maximum loan amount is determined based on factors like the income of the co-applicant/parent, value of collateral, tuition fee and accommodation cost, debt-to-income ratio etc. The bank will communicate all these details to the applicant and then proceed with disbursement if the applicant is ready to take the loan.
- The bank will disburse the loan amount directly to the account of the concerned university.
- You may receive the accommodation cost and other covered things in your personal account subject to terms and conditions.
- SBI ensures a seamless transfer process, but students should be aware that the disbursement may be subject to the university’s admission and fee payment timelines.
FAQs ON SBI Education Loan Processing Time
On average, SBI takes up to 15 to 20 days to process an education loan. Please note that the time may increase if the form is not filled properly or the documents are incomplete.
As per the guidelines of the Government of India, all applications for education loans shall be made through the Vidya Lakshmi Portal.
You can get up to INR 1.5 crore under the SBI Global Ed-vantage education loan scheme as per your requirement subject to terms and conditions.
You can apply for an education loan through the Vidya Lakshmi portal online. The bank will call you to the nearest branch if required.
SBI Education Loan processing time depends on various factors. In case you are facing unnecessary delay, you can visit the nearest branch and contact the nodal officer about the education loan.
To know more about the loan application process, the processing time of a loan, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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