SBI Education Loan Without Collateral for Abroad Studies

Collateral-free loan means that a loan will be given without any security which can be fixed deposits, government securities, property etc. SBI education loans without collateral or collateral-free loans are very beneficial for students who do not own any property but are willing to repay the loan after their higher education. SBI offers collateral-free education loans up to INR 7.5 lakhs, however, with the new loan product of 2024, SBI is now offering collateral-free education loans up to INR 50 lakhs. For loans above INR 50 lakhs, collateral is required.

The amount offered usually covers many undergraduate, postgraduate, doctoral, diploma and certification courses in India, thus, making of dreams of many Indian students a reality. SBI also offer secured education loans, that offer higher amounts, but collateral is required.

Key Features of SBU Education Loan Without Collateral for Abroad Studies

Following are the key features of the new collateral-free education loan product from SBI.

List of Accepted Countries Accepted Under the SBI New Collateral-free Education Loan

Following is the list of the countries accepted under the new SBI collateral-free education loan:

Eligible Courses for Education Loan Without Collateral SBI

Non-collateral education loan SBI for abroad caters to many courses, thus helping students from academic backgrounds to pursue their higher studies. The loan covers:

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  Undergraduate courses: B.A., B.Com., and B.Sc.
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  Postgraduate courses: Masters and Ph.D.
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  Professional courses: Engineering, Medical, Agriculture, Law, and more.
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  Certificate and diploma courses from reputed institutions.
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  Courses conducted by premier institutes like IIM, IIT, and IISc.
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  For UGC / AICTE-approved courses and for the Director General of Civil Aviation approved courses.

Eligibility Criteria for SBI Abroad Education Loan Without Collateral

To be eligible for the loan, the following are the criteria for the applicant as well as the co-applicant:

Applicant Criteria:

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  The applicant should be an Indian citizen.
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  Admission letter from a recognized university or institution abroad.
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  Undergraduate, Postgraduate, Doctorate, Diploma and Certification courses are offered under this new loan product

Co-applicant Criteria:

A co-applicant is required and can be a parent, spouse, parents-in-law, sibling, or guardian. The co-applicant must have a strong financial background with stable monthly income.

Documents required for SBI Education Loan Without Collateral

The documentation process for an SBI education loans for abroad without security is meticulous, ensuring that the bank has a complete understanding of the applicant's and co-applicants' financial and academic backgrounds.

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  Bank account statement: Last 6 months' bank statement and co-applicant statement should reflect credit salary(if salaried) and business transactions (if self-employed).

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  Proof of identity: A PAN card is mandatory for both the student and the co-applicant.

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  Proof of residence: Voter ID, Passport, utility bills, Ration card, Bank statements, or Aadhar card. Two different proofs are required if the current and permanent residences differ.

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  Personal asset & liability Statement: Brief statement to understand the financial condition of the applicant as well as the co-applicant.

Academic Documents of the Applicant:

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  Fee structure: A detailed fee structure to understand student’s financial requirements. For students going to the US, the I-20 form is required.

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  Marksheets and certificates: 10th and 12th standard mark sheets, along with any other certificates, if applicable.

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  Proof of admission: An admission acceptance letter from the college with specific details regarding duration, fees and more.

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  Standardized test scores: Scorecards from exams like IELTS, GMAT, or GRE are required.

Income Documents for Co-applicant:

If salaried:

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  Salary slips: Last 3 months
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  Form 16: Last 2 years
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  Employer's ID card: Co-applicant's current employee ID card
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  Income Tax Returns (ITR): Last 2 years

If self-employed:

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  ITR: Last 3 years
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  Financial statements: Brief statement of profit and loss for last 3 years
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  Proof of business address

SBI has simplified the process of getting an education loan and making it more accessible and less burdensome for students and their families. With collateral-free loans up to INR 50 lakhs, which are offered without collateral or security, SBI directly addresses the major financial hurdles students might face. This helps students in realising their dreams of higher education without taking financial stress.

In an attempt to make loan applications easier for students like you, GyanDhan has teamed up with financial institutions, including banks like the State Bank of India. In addition to offering tailored advice on your loan possibilities and associated eligibility and application procedures, we have expedited the entire process from application to approval. Our services are intended to assist students in making well-informed selections regarding the funding of their education, guaranteeing that they can easily locate the ideal loan to meet their requirements. To begin your school loan journey, check your loan eligibility now and we will take care of everything else!

SBI Education Loan for Studying Abroad 2024 | GyanDhan

Watch now to learn everything about SBI Education loan without security upto INR 50 lakhs for studying abroad. If you have any queries, please feel free to contact us.

How to Apply for SBI’s Education Loan Without Collateral

Applying to SBI Education loan without collateral can be easily done by 3 methods. Let us understand each one of them separately:

Method-1: Online Application:

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  Visit the SBI education loan website or the Vidya Lakshmi platform.
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  Register by filling out the application form. Make sure all the details entered are accurate and updated.
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  Upload the necessary documents.
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  You will receive a notification once the application gets processed and sent to subsequent stages.

Method-2: Branch Visit:

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  Visit the nearest SBI branch.
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  You need to approach the loan officer who will explain the process to you.
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  You have to fill the required documents and submit your certificates accordingly.

Method-3: Apply through GyanDhan:

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  This is the simplest SBI education loan application process
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  All you need to do is check your loan eligibility here and one of our loan counsellors will take your application further
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  We will be with you through the entire process from application to approval, thus saving a lot of your time and effort.

Offering INR 50 lakhs for education without collateral is one of the best moves by SBI. Now students from various backgrounds can avail this loan and realise their dream of higher education without the need to pledge a collateral. SBI has removed the financial barrier by making the loan process very simple which is helpful for talented and aspiring students to realise their higher education dream in abroad.

You can contact us here to learn more about SBI collateral-free education loans.

Frequently Asked Questions