Education and Career Forum

Dear Sir,
Can you please give me the details for how to get an Education Loan from SBI for doing MBA? My father is a pensioner so I can get an Education Loan?

For educational loan you need a guarantor which can be your parent or guardian with confirmed admission in a recognized college. If loan amount is less than 4 lacs then you won't face any problem.

If loan amount is greater than 7.5 lacs then you need some property to support your loan as a security. Normally, if you are getting admission in a top institute like IIM then your loan will be sanctioned quite easily.

There is no problem if your father is a pensioner if you want to opt for education loan. You can definitely take education loan to pursue MBA course and your father can become the co-borrower since he has a stable source of income. You need to get admission in a well recognized and reputed institute so that the education loan request processing become smoother. Apart from this, you need to act as per bank's instructions to follow all norms and complete all formalities to get your education loan sanctioned. You need to approach the branch of SBI which is near your residence with the admission letter and prospectus of the concerned institute in which you are seeking admission. You need to approach the administrative officer/branch manager with your loan request. Get to know the terms and conditions and the norms of education loan which you need to follow while discussing about the loan request. Act as per bank's orders to get your loan sanctioned.

Yes, you can get an education loan to pursue MBA.

The minimum criteria is that the candidate must have passed qualifying examination with above 65% marks from a recognized college. And the candidate must have secured admission in MBA course in a recognized college.

To avail an education loan of Rs.4 lacs and below the candidate must have to produce a third person witness for security purpose. And for the loan amount of Rs.4 lacs above the candidate must have to produce collateral security equal to the loan amount.

As your father is pensioner, you can avail education loan by keeping the collateral security which is equal to the loan amount.

You need to follow the below mentioned procedure to apply for an Education loan for pursuing MBA course are :-

1. You must have to submit all your study certificates and Collateral Security property documents.

2. You must have to submit income proofs i.e., latest 6 months salary slips of your Guardian. Since, you father is a pensioner, you can use any of your blood relatives salary slips for loan process.

3. Once, you submit all the documents required for loan, your education loan will be sanctioned within 2 weeks.