Education and Career Forum

Sir, I have heard that education loans below rupees 4 lakh from SBI do not require a guarantor or security. Is it true? What are the requirements to get the education loan?

No, the education loans below 4 lakh rupees doesn't require security documents. Only the education loans which are above 4 lakh rupees require third-party guarantee or collateral security. You should have secured admission in any course in a recognised college/ university to be eligible to apply for an education loan. You should have to submit the documents like Income Proof, Address Proof, ID Proof, Admission letter, etc., to bank for processing your education loan.

Originally Posted by Unregistered

Sir, I have heard that education loans below rupees 4 lakh from SBI do not require a guarantor or security. Is it true? What are the requirements to get the education loan?

For a SBI Student Loan Scheme for a loan of up to Rs 7.5 Lakhs security required is – parent or guardian as Co-borrower. No Collateral Security or third party guarantee . In case of married person, spouse or parents or parents in law can be considered as a Co-borrower. For an education loan of up to Rs 4 Lakhs margin money is not required. SBI Student Loan Scheme website link is Click Here. Documents required for the SBI Student Loan Scheme are given below;

Filled up loan application form
Letter of admission
Fee schedule
PAN and AADHAR Cards of the student and Parent
Proof Identity and residence
Bank statement for last six months
IT return of previous 2 years of parent
Brief statement of assets & Liabilities of parent
Proof of income (salary slip or Form 16)