Q. What are the important documents that I need to provide?

A. You will need to furnish the following documents along with the completed application form. Relevant information would relate to the guardian and the student both, when the loan is jointly taken.

  • Mark sheet of last qualifying examination for school and graduate studies in India

  • Proof of admission to the course

  • Schedule of expenses for the course

  • Copies of letter confirming scholarship, etc.

  • Copies of foreign exchange permit, if applicable.

  • 2 passport size photographs

  • Statement of Bank account for the last six months of borrower

  • Income tax assessment order not more than 2 years old

  • Brief statement of assets and liabilities of borrower.

  • If you are not an existing bank customer you would also need to establish your identity and give proof of residence.

Q. Are there any charges or processing fee?

A. There is no additional charge or processing fee.

Q. Since there is a moratorium period, how will my repayments be determined?

A. The outstanding interest for the moratorium period will be added to the loan amount at the time of commencement of the repayment. The EMI will be determined on this amount at the time the repayment is to commence.

Q. What is EMI? How is it calculated?

A. EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Your EMI would be calculated depending on the tenor you choose, to repay your loan. The EMI would be higher if you choose to repay within a shorter period as against a longer-term loan. A shorter repayment period, however, reduces your interest cost over the term of the loan.

Q. What is the repayment schedule like?

A. The repayment would begin one year after the course period or six months after you get a job, whichever is earlier. You are expected to pay a minimum amount equivalent to the EMI on a monthly basis. However, you can choose to pay more than the EMI, and we do not charge any prepayment penalty.

Q. Where can I avail of a SBI educational loan?

A. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.