Credila is popular among the students, but due to its high interest rate and processing fees, I did some research on the nationalazied banks - SBI. I have heard from many folks that the loan process in nationalazied banks is tediuos and lengthy so thought to give some shot.
For the documents required for loan approval by Credila refer my earlier post - I. Here, in this post would share the list of documents needed by the SBI.
<Documents required for Student Loan>
Application duly filled up (With Photograph)
Student:
1. Mark Sheets of HSC, SSC and other examinations passed by students
2. Bio-data form along with proof
3. Identity proof of student
- Copy of passport(both front and back side xerox )
- Pan card
- Adhar Card
4. Proof of admission in the course (admit letter)
5. Schedule of expenses for the course issued by the colleges (could be i20)
6. Prospectus/documents evidencing course commencement and duration (i20)
7. Reason of Gap (Gap certificate..consult advocate)
8. Proof of margin (bank statement)
9. Releiving letter from your office (if you are working) If you havent resigned yet u could submit an application
Guardian (Can add the names of both of parents)
1. Identity proof
- Aadhar card/ Pan card
2. Residence proof
- Aadhar card/Pan card
3. Recent Salary Slip
4. Employement details for last 5 years
5. Statement of Bank account where salary is credited for last 6 months
6. Form No. 16 for last 2 years/ IT return for last 2 years. OR Profit and Loss Account and Balance sheets along with computation of Income.
7. Bio-data form along with all supporting documents
8. Statement of all loan accounts if availed
Property Papers
1. Flat purchase agreement
2. Index - II and its Registration Receipt
3. If flat is still under construction then:
i) NA Order
ii) ULC Order
iii) NOC from the builder on Bank's Standard format
iv) Builder's search report
4. Approved plan
5. Commencement Certificate
6. Completion Certificate
7. Development Agreement / Conveyance deed (If society is formed)
8. Society registration certificate
9. Share certificate
10. NOC from the society on Bank's standard format
All the documents should be xerox copy with self attestation
</Documents>
For verification,
- Bring original copy of KYC documents(Aadhar/Pan card/ Passport)
- Bring Original marksheets
- Xerox should be self attested
- 2 photos of both applicant and sponsor
- cheque book (need to give cheque of 4000., which is then given to advocate,...who prepares some papers regarding property)
Tip:
- Create three files for applicant info, sponsor info and other for property papers
- Open the SBI account if not opened. It can be joined of applicant and sponsor.
Total Costing:
1. Valuator fees: 860 Rs
2. Advocate fees: 4000 Rs (This is again for some valuation document)
3. Processing fees: 10000Rs
4. SBI Life Premium (Calculated based upon tenure and loan granted amount)
Few days will be spent for valuation and for preparing adavocte reports. I had given the cheque Rs.860 to valuator and Rs.4000 to bank.
SBI gave me the contact no of both valuator and advocate. I had to personally go to the advocte and submit all of property xerox papers( all the documents in the list3) in his office.
Advocate are the lazy guys they took almost a week to prepare some report which they later submitted directly to the bank.
Main processing office for education loan is situated somewhere in swargate(PUNE). So after all the document list is complete, bank submits our file to the loan processing office. Once the file is reached, some person from the bank will visit the property after 3-4 days and ask few general questions. They would also open the loan account of your name in SBI within 15 days. Once they officially start processing the loan the sponsor receives the SMS about the same.
SBI guys would do visit the work place of your sponsor, call the employer, call your sponsor to confirm again few details if they have doubt.
Finally after 3-4 months I had visited the swargate office for my bank loan, to know till where the process has reached. After visting 2-3 times, finally sbi folks gave me the sancetion letter with 8.85% interest rate which I used as financial proof in my VISA interview.
After week or two I received both the call and mail from the SBI to submit the original property papers and sign the documents. Our appointment was scheduled at 2.30, but the whole process got completed at around 4.30-5.00. So many forms to fill and sign took much of our time.
List of documents to be carried to the SBI office @time of signing the final legal papers:
*** Would continue the post with disbursement process and documents.
For the documents required for loan approval by Credila refer my earlier post - I. Here, in this post would share the list of documents needed by the SBI.
<Documents required for Student Loan>
Application duly filled up (With Photograph)
Student:
1. Mark Sheets of HSC, SSC and other examinations passed by students
2. Bio-data form along with proof
3. Identity proof of student
- Copy of passport(both front and back side xerox )
- Pan card
- Adhar Card
4. Proof of admission in the course (admit letter)
5. Schedule of expenses for the course issued by the colleges (could be i20)
6. Prospectus/documents evidencing course commencement and duration (i20)
7. Reason of Gap (Gap certificate..consult advocate)
8. Proof of margin (bank statement)
9. Releiving letter from your office (if you are working) If you havent resigned yet u could submit an application
Guardian (Can add the names of both of parents)
1. Identity proof
- Aadhar card/ Pan card
2. Residence proof
- Aadhar card/Pan card
3. Recent Salary Slip
4. Employement details for last 5 years
5. Statement of Bank account where salary is credited for last 6 months
6. Form No. 16 for last 2 years/ IT return for last 2 years. OR Profit and Loss Account and Balance sheets along with computation of Income.
7. Bio-data form along with all supporting documents
8. Statement of all loan accounts if availed
Property Papers
1. Flat purchase agreement
2. Index - II and its Registration Receipt
3. If flat is still under construction then:
i) NA Order
ii) ULC Order
iii) NOC from the builder on Bank's Standard format
iv) Builder's search report
4. Approved plan
5. Commencement Certificate
6. Completion Certificate
7. Development Agreement / Conveyance deed (If society is formed)
8. Society registration certificate
9. Share certificate
10. NOC from the society on Bank's standard format
All the documents should be xerox copy with self attestation
</Documents>
For verification,
- Bring original copy of KYC documents(Aadhar/Pan card/ Passport)
- Bring Original marksheets
- Xerox should be self attested
- 2 photos of both applicant and sponsor
- cheque book (need to give cheque of 4000., which is then given to advocate,...who prepares some papers regarding property)
Tip:
- Create three files for applicant info, sponsor info and other for property papers
- Open the SBI account if not opened. It can be joined of applicant and sponsor.
Total Costing:
1. Valuator fees: 860 Rs
2. Advocate fees: 4000 Rs (This is again for some valuation document)
3. Processing fees: 10000Rs
4. SBI Life Premium (Calculated based upon tenure and loan granted amount)
Few days will be spent for valuation and for preparing adavocte reports. I had given the cheque Rs.860 to valuator and Rs.4000 to bank.
SBI gave me the contact no of both valuator and advocate. I had to personally go to the advocte and submit all of property xerox papers( all the documents in the list3) in his office.
Advocate are the lazy guys they took almost a week to prepare some report which they later submitted directly to the bank.
Main processing office for education loan is situated somewhere in swargate(PUNE). So after all the document list is complete, bank submits our file to the loan processing office. Once the file is reached, some person from the bank will visit the property after 3-4 days and ask few general questions. They would also open the loan account of your name in SBI within 15 days. Once they officially start processing the loan the sponsor receives the SMS about the same.
SBI guys would do visit the work place of your sponsor, call the employer, call your sponsor to confirm again few details if they have doubt.
Finally after 3-4 months I had visited the swargate office for my bank loan, to know till where the process has reached. After visting 2-3 times, finally sbi folks gave me the sancetion letter with 8.85% interest rate which I used as financial proof in my VISA interview.
After week or two I received both the call and mail from the SBI to submit the original property papers and sign the documents. Our appointment was scheduled at 2.30, but the whole process got completed at around 4.30-5.00. So many forms to fill and sign took much of our time.
List of documents to be carried to the SBI office @time of signing the final legal papers:
*** Would continue the post with disbursement process and documents.
