Education Loan Procedure

[sukhrajchahal]

I am applying under SPP and I want to know that what is procedure of getting educational loan from State Bank of Patiala. What can be shown to bank as security?

 

[AJITH87]

Hi,

you can show your property as deed. The loan should cover at least 80% of(tuition fee+living+travel)..

Thanks,
Ajith

 

[worldmariner]

hi sukhrajchahal

1 . need a property to pledge for loan above 7.5 lakhs,
2. approach bank manager and inform him and explain him about ur course and make sure u r course is pg diploma or higher bcos state bank is giving loan only for pg diploma and above
3.need a Sb account in the bank where u will apply for loan
4.need college or uni offer letter with fees break down structure
5.need ur details like
Ayour id proof and address proof,
Byour parent (mom's or dad's) id proof and address proof, as guarantor
Ctill to date education certificates,
Dwork experiences if any ( if work exp then salary certificate latest)
Etwo DDs for bank( amount plz asks bank, one for lawyer's legal opinion approx 1500 rupees and one for property valuation engineer 1250 rupees) (each two days or three to complete)
Fyour college fee receipt if paid
Gyour parent income proof (only if manager asks , he will ask you to shown proof that how u will repay the loan)(i just gave verbal explanation
Hfill loan application form and also guarantor bio data form for each person involved in your loan process (like you and your parent, if property of third party then them also)
Iif third party property then their id proof and address proof also.
Jpan card compulsory
Ktwo photos of each person

6. after u submit all this, then loan application form set is sent to district head branch and they will call you after one or two days to assist valuation and lawyer if they have any doubts.

7. after two or three days both of them submit their opinion to bank then bank will take 2 days or more to sanction and they will call u to come to bank and collect the sanction letter with all guarantors


all the best mate

i applied loan on 29 July 2012 awaiting the lawyer and valuation engineer to submit their opinion to bank, bank call for sanction letter rest all done

sandeep
centennial sept 2012

 

[AJITH87]

Hi Sandeep,

Is it compulsory that one needs to get admission for a PG Degree for the education loan getting sanctioned? I heard some banks do not give loan for Diploma or Certificate programs.

 

[Aman Brar]

Hi frnds,can we get loan on a family friends gauranty(with whom i do'nt have any blood relation)? ?if yes then can you plz suggest me some banks?

 

[worldmariner]

hi @ AJITH87

Is it compulsory that one needs to get admission for a PG Degree for the education loan getting sanctioned?

for studies aboard YES, though exceptions for shipping and aeronautical engineer course (some more particular once)- diploma courses are OK for LOAN,
rest if you need education loan for any field UNDERGRADUATE, POSTGRADUATE OR PG DIPLOMA is ok

I heard some banks do not give loan for Diploma or Certificate programs.

NO HIGHER NUMBER OF BANK do not give loan, but their are few bank apt for Diploma or Certificate programs also with interest rate little bit higher than state banks..

all the best
sandeep

 

[worldmariner]

hi @ Aman Brar

yes it is possible to take loan with third party guarantor, but need to fill few more forms

banks : i have check & i will revert back!!!!!!!

all the best

sandeep

 

[Aman Brar]

Thanx a lot sandeep. It would be great help.can you plz tell what additional documents are required??

 

[sunny581]

Thanx a lot sandeep. It would be great help.can you plz tell what additional documents are required??

Hi guys, Please tell me what documents are required to get education loan against FD?
Thanks.

 

[s.gupta1487]

Guys..pls tell me if u have any contact in bank who can provide loan sanction letter against FD? No banks - SBI, PNB, CANARA BANK are helping...We jiust need loan sanction letter..all fees is paid..we are happy to give any fees what so ever...we need it in 1-2 days...any help highly appreciated.