YONO SBI Education Loan: Process, Benefits, Eligibility

YONO SBI Education Loan

Studying abroad in a foreign country with the help of an education loan is quite popular these days. In this digital era, everybody wants to execute things faster and conveniently. What if I tell you that you can get an education loan through an app? Here is what we are talking about. The YONO app by the State Bank of India (SBI) provides you with the facility to apply for a quick education loan. YONO SBI Education Loan can be applied conveniently through your phone within minutes. Let’s understand how the app works in terms of education loans to study abroad.

How does YONO SBI Work?

The SBI ‘You Only Need One’ app i.e. YONO App has been developed by SBI and is available on both the App Store and Play Store. If you are already a customer of SBI and want to apply for a YONO SBI Education Loan then you have to register on the app and activate the profile. You will have to enter your net banking details i.e. username and password. Please note that you can use the YONO SBI Education Loan app only if the sim card present in the phone is the same as the one registered with the bank. Check the steps to begin with the SBI YONO App:

  • Go to the Play Store or app store on your mobile phone and search the YONO app
  • Download the YONO app and register with your net banking user ID and password
  • Enter the OTP sent by the bank
  • In case you don’t have registered Internet banking then try logging in with debit card details
  • After successful login, you need to create M-PIN
  • Your account will be ready to use

Also Read: How to Apply for Education Loan Refinance

How to Apply for Education Loan through YONO App?

When you open your profile on the YONO app, you will see a list of banking services like managing cards, loans, money transfers, UPI payments etc. To apply for YONO SBI Education Loan, go to the loans category where the bank has mentioned the features of different loans individually. Check out the steps mentioned below to apply for an education loan:

  • Open the YONO app and enter the M-PIN
  • From the options on the main page, select ‘Loans’
  • You will see tabs for different types of loans
  • Select ‘Education Loans’ to apply for YONO SBI Education Loan
  • In the next screen, you will see features, eligibility, documents, and interest & fees for the education loan schemes
  • After checking the details of various education loans click on the ‘Apply Now’ button located at the top of the screen
  • Complete the further process and submit the application.
  • The bank will contact you for further processing soon after you apply.
  • Respond to the communication made by the bank and initiate the further process as directed
  • Once approved, the loan will be disbursed to the university’s account.

Benefits of YONO SBI Education Loan

YONO SBI app simplifies the banking process for users. You can simply apply for the loan sitting at home and it will get sanctioned subject to terms and conditions. The YONO app by the State Bank of India provides you with the facility to use all major banking services on your phone. Handling the app is also very easy as the interface is extremely user-friendly. Check some more benefits below –

  • As the name explains “You Only Need One”, the app offers all types of regular banking services like checking account balance, money transfer, applying for loans etc
  • You can check the details, features, benefits, interest rate etc for an education loan for different schemes. 
  • The app is completely secure and it works with the registered mobile number. It can’t be accessed on the phones as the same sim card is required. 
  • You can check the details of ongoing loans and credit card bills.
  • Through the YONO app, you can withdraw money from an ATM using the YONO Cash facility.

Also Read: How to Secure Education Loan at Low Interest Rate

Eligibility Criteria for YONO SBI Education Loan

The eligibility criteria for the YONO SBI education loan will vary depending on the education loan scheme. For a study abroad loan, SBI provides an education loan under the ‘SBI Global Ed-vantage Education Loan’. 

Check out the major eligibility criteria for a study abroad education loan from YONO SBI:

  • The student should be an Indian citizen
  • The student must have secured admission to professional or technical courses in a foreign university through an entrance test or any other selection process.
  • The credit score of the applicant and the co-applicant must be good (at least above 700)

FAQs

Can I apply for YONO SBI education loan if I don’t have net banking?

You can access your profile on the SBI YONO app through your debit card and account details. 

What is the interest rate for a YONO SBI education loan?

The interest rate will depend on the education loan scheme you applied for. 

Is it necessary to visit the branch if I apply for an education loan through the YONO app?

The entire loan application process will be done online and you don’t need to visit the branch for that. However, the bank may call you if required. 

YONO SBI Education Loan app is very easy to use and it comes with a lot of benefits. You can download the app on your phone and complete the loan application process. Always read the terms and conditions properly before proceeding with loans. 

To know more about the loan application process, 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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