Introduction
Education abroad is considered a cakewalk dream by many students in India, and an SBI education loan can help them achieve this dream. However, getting the approval for the loan within the shortest time possible can be a bit challenging if you do not follow the right procedures. Here in this blog, we will let you know about some of the easy remedies for a swift Education Loan for Abroad Studies approved by SBI.
Check Your Eligibility Before Applying
To avoid unnecessary time wastage, it is advisable to check all requirements and ensure that all qualifications stated are met.
- Academic Record: Important personal characteristics that can help to achieve positive outcomes are also crucial: Confirm that you have sound academic profiles.
- Admission Offer: The student must possess the following entry requirements to be admitted to this university.
- Co-applicant: 90 percent of the loans ask for a guarantor, often a parent or a guardian.
- Income Proof: The co-applicant must provide income proof that is above the laid-down standard.
Checking on these factors before making the application saves time for the application and reduces cases of rejection.
Complete Documentation is Crucial
Ensure that you send all the documents the client requires at a particular time, as this will help speed up the approval process.
- Admission Letter: Enclose the formally written offer letter from the university.
- Fee Structure: Explain in detail the cost of tuition and other fees without any kind of omission.
- KYC Documents: Check that your and the co-applicant’s identification documents are correct and bring them up to date.
- Income Proof: These are co-application documents like salary slips, bank statements, and the co-applicant’s ITR.
Preparing such documents in advance will minimize the time spent on their verification.
Choose the Right Loan Scheme
SBI has various education loan schemes designed to suit the education category of loans. However, it is crucial to choose the right one among the two types available.
- SBI Global Ed-Vantage Scheme: Designed for students traveling overseas, the rates of interest are usually reasonable.
- SBI Student Loan Scheme: The loan is repayable in installments, both for studies in the home country and in the foreign country, as per the customer’s preference.
- SBI Scholar Loan Scheme: The pennies were created for students of prestigious universities.
Selecting the right loan scheme that suits one’s requirements is important as it makes the approval process faster.
Apply Online for Faster Processing
The online application saves time and expedites the processing process.
- SBI YONO App: The YONO platform is an effortless and paperless way to submit your application.
- Track Progress: Online applications will also allow you to track the progress of your loan approval application in real-time.
- Smarter Communication: The web-based systems ensure quicker communication with the bank for swift resolution of document-related problems.
Your education loan through the fully digital platform of SBI makes things quicker and faster.
Ensure a Good Credit Score
Qualifying for an education loan is also determined by the credit score since it determines the time that the loan will be approved. If you have a low score, your credit, approval, or the duration it will take to be approved will be affected. Here’s what you should focus on:
- Co-applicant Credit History: As the loan is cosigned, the co-applicant’s credit score will also contribute to the overall credit rating.
- Avoid Missed Payments: You and your co-applicant mustn’t have any active and recent negative credit history on bills and loans.
A good credit score also ensures that the bank trusts you, thus increasing your chances of being issued a loan as soon as possible.
Plan for Repayment
Showing the bank that you are capable of repaying on time is important. A healthy repayment plan will eventually speed up the process of approval. Here’s what you can do:
- Part-time Jobs: Mention any plans to work part-time abroad, if that is allowed in the country.
- Family Support: Please explain how your family or co-applicant will be able to contribute toward meeting the expenses while you pursue your course.
- Career Prospects: Provide the job opportunities and salary range expected after completion of studies.
A concrete repayment plan tends to reassure the bank of your capability to repay the loan, hence increasing the speed of approval.
Follow Up with the Bank Regularly
After applying, keep checking back with the bank to make sure no problems or lack of documents occur.
- Regular Communication: You should communicate with the loan officer to determine whether your application needs fixing.
- Respond to Queries in Time: If the bank requires any more information or documents, inform them immediately.
Follow-up on a regular basis secures the movement of your application without any unnecessary delays.
Ready to make your study abroad dreams a reality? EduLoans is here to help you secure the best education loan with personalized guidance every step of the way. With our expert support, you’ll navigate the loan process smoothly and get approval faster. Contact us today and start your journey to success!
FAQs
What is the interest rate for an SBI education loan abroad?
Interest rates vary depending on the loan scheme, but for the SBI Global Ed-Vantage Scheme, it typically ranges from 8.65% to 10%.
Can I get an SBI education loan without collateral?
Yes, loans up to INR 7.5 lakhs do not require collateral. For loans exceeding this amount, collateral is mandatory.
How long does it take to get SBI education loan approval?
With complete documentation, the approval process usually takes 15-20 days. Applying online may speed up this timeline.
What expenses are covered under SBI education loans?
SBI education loans cover tuition fees, travel, accommodation, exam fees, and other related costs.