YONO SBI Education Loan: Process, Benefits, Eligibility

YONO SBI Education Loan
Home » Education Loan » YONO SBI Education Loan: Process, Benefits, Eligibility

Studying abroad in a foreign country with the help of an education loan is very easy and effective these days. In this digital era, students want to execute things faster and more conveniently. What if we tell you that you can get an education loan through an app without visiting anywhere? Here’s what we are talking about- the YONO app by the State Bank of India (SBI).

The YONO SBI App provides you with the facility to apply for a quick education loan to study abroad or in India. YONO SBI Education Loan can be applied conveniently through your phone within minutes. However, you must have an account with the bank and it shall be net banking enabled.

Let’s understand how the app works regarding education loans to study abroad. We will also take you through the benefits and eligibility criteria for the YONO SBI Education loan.

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 your debit card details
  • After successful login, you need to create M-PIN
  • Your account will be ready to use

Also Read: Education Loan Refinancing is a great way to secure improved interest rates and favourable payment conditions. Here’s How to Apply for an 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 the 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 SBI loan disbursement process will be initiated and the amount will be disbursed to the university’s account.

Note: As per the latest guidelines of the Government of India, the education loan application shall be submitted through the Vidya Lakshmi portal only. After certain steps, the app will redirect you to the portal where you need to fill out and submit the loan application form. For more details, check here How to Apply for Vidya Lakshmi Education Loan through YONO App

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: Looking for education loans at affordable, low and competitive interest rates? Check our blog on 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.  These can be availed through the SBI Student Loan Scheme and 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

What is a YONO SBI Education Loan?

It is a facility provided by SBI Bank to apply for education loans through their YONO (You Need Only One) app. It lets you apply for educational loans within minutes and very conveniently. 

Can I apply for a 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. 

How do I activate the YONO app on my phone?

To activate the YONO app on your phone, you need to use the internet banking option by entering details like ATM card number and ATM PIN and ‘Submit’. You need to choose MPIN and verify using your mobile number to successfully register on the app. 

What are the benefits of the SBI YONO 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. 

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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About Shekhar Suman

Shekhar is a versatile writer with a passion for sharing knowledge and creativity. With expertise in crafting informative blogs on study abroad and finance, Shekhar helps readers navigate the complexities of education and financial planning. Most of his writings blend the practicality of finance and the beauty of language, making a meaningful impact in both spheres. Beyond his professional pursuits, he finds solace in the writing Shayari.

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