This question comes every student or parents who struggle financial problem for their College fees.
Don’t worry this article tell you very details and very helpful for your getting education loan from SBI because I got education loan from SBI for my Hospitality career.
In this platform I will share you complete knowledge about how to get education loan from SBI and my experience about getting education loan from SBI.
So lets begin
I will share this knowledge in four stage so first stage is
Meet up the Bank Manager
Meet up the of nearby Bank Manager of SBI
This steps is very important for getting education loan from SBI. Meet up the bank manager and show that you are honest and build your relationship as stronger as possible.
If you win the trust of the bank manager then it’s easy get loan. And we say that first impression is the last impression so here is work this sentence.
I suggest the you meet up the bank manager with your parents. In my case I single meet the bank manager.
They’re tell you all about education loan and interest rate they offer you. In my case they offer me 9.3% interest rate in 2019.
May be they increase or decreases you can check Here .
They will tell you various documents need for getting education loan & refund policy. You can ask as much as possible.
When you come in home no doubt come in you mind.
In next step we will discuss Document submission to the Bank Manager
In first step they will ask you documents and in second phase your responsibility to provide the correct and all necessary document to the bank manager.
Or you can apply through the Vidyalakshmi portal. Here is the link www.vidyalakshmi.co.in/
This portal made by Government of India which is the must fill up the form here.
You can first apply through Vidyalakshmi then meet the bank manager they will not say you no to education loan.
You can see video here for How to fill form on Vidyalakshmi portal
If you fill the form from the Vidyalakshmi then submit the Xerox documents to manager. Then manager do you documentation.
Roll in RACPC in education loan
As soon as if you submit all your require documents to bank. After all this may take 15 days to complete your document aproval and they go to RACPC.
RACPC stand for STATE BANK OF INDIA RETAIL ASSETS CENTRAL PROCESSING CENTER.
This is a government body of education loan they look at any education loan.
If your document go to RACPC then your high chances to get education from SBI.
RACPC may take 1 month to aproval documents and loan.
Now we will discuss last steps
Disbursement process for education loan
If your loan sanctioned. Then they may be mail you like this
In that may they specify date and time. Meet the RACPC office with your parents.
They ask for various sign for your and your parents and also the cheque. Both you and your parent.
Finally this was done and they will give you the sanction letter.
At this stage your loan sanction and disbursment process will continue accordingly to you.
How was my article please comment!