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How to Compare Education

Loan in India?
May 04, 2017

For all of our small or big personal requirements, we look towards, personal loans. There are
many private and public sector banks, those offer personal loans on very easy terms. However,
it is always advisable to read all the terms and conditions before signing any loan document.
Apart from this, it is a fact that personal loans are available at a very high rate of
interest. Therefore, before planning a personal loan, its very important to compare
Personal Loan in India. There are few points which you should consider while planning for a
personal loan.

Recommended Read : SBI Students Loan

How to Compare Education Loan in India?

Documents Required to Apply for a Personal Loan:

our 3 Passport size photographs

Identify Proof (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)

Moneymaya.in is a Personal Finance Blogging site where you can find & share information about various Loans,
Creditability,Loan related Insurance. http://www.moneymaya.in
 And, Address Proof (photo copies of recent Telephone Bills/ Electricity Bill/Property tax
receipt/ Passport/ Voters ID card)
Also, Proof of business address for non-salaried individuals
In addition, Statement of Bank Account or Pass Book for last six months
Signature identification from present bankers
Also, Personal Assets and Liabilities statement

In addition to the above, following additional documents are also required for
salaried persons:

Original Salary Certificate from employer; and

TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly
acknowledged by IT Deptt

Also, additional documents required for Professionals/self- employed/ other IT

assesses are:

Acknowledged copies of three years I.T. returns/ Assessment years; and

Photocopies of challans evidencing payment of Advance Income Tax.

Moneymaya.in is a Personal Finance Blogging site where you can find & share information about various Loans,
Creditability,Loan related Insurance. http://www.moneymaya.in
 How to Apply for Education
Loan from SBI?
If you have grabbed an
opportunity to pursue higher
education in India or abroad. And,
want to apply for an Education
Loan from SBI, this is how you do
it:

First of all, you should have taken

admission in your desired course. At
the same time, make sure that the
course of your desire or choice is one
of the courses covered by SBI
Education Loan.
Choose the nearest branch of SBI to
your residential address.
Walk in to the branch and discuss your
case with the branch manager.
And if, branch manager agree for the
loan, then either collect the application
form from the branch or download
application form from SBI website.
Fill in the complete application form.
Enclose copies of the following
Moneymaya.in is a Personal Finance Blogging site where you can find & share documents alongvarious
information about with the application
Loans,
Creditability,Loan related Insurance. http://www.moneymaya.in form:
 Documents Required:

1. Letter of admission
2. 2 passport size photographs Statement of cost of study
3. Your and your Parents or Guardians PAN Card
4. AADHAR Card of both you and your Parent or Guardian
5. Proof of identity (Driving Licence or Passport or Aadhar or any photo identity)
6. Address Proof (Driving Licence/Passport/Electricity bill/Telephone bill)
7. Student, Co-borrower and guarantors bank account statement for last 6 months
8. IT return or IT assessment order of previous 2 years of Parent or Guardian or other
9. co-borrower (if IT Payee)
10. Brief statement of assets & liabilities of Parent or Guardian or other co-borrower
11. Income Proof (i.e. salary slips or Form 16) of Parent or Guardian or other co-
borrower

For a safer side, keep a copy of all the documents with you as well along with filled
up application form. Banks may ask anything any time, you never know !
Now submit your form and the enclosed documents to the branch manager.
First of all, bank will check your CIBIL Score. If it is acceptable to the branch
manager, then the loan department will move to next step.

Moneymaya.in is a Personal Finance Blogging site where you can find & share information about various Loans,
Creditability,Loan related Insurance. http://www.moneymaya.in
 And, next step is that the loan department will go through your document and will check
if all the documents are as per banks norms.
Next, they will verify your residential address by physical inspection by banks team.
If you clear this step as well, then loan department will proceed for some legal and
technical verification as a part of the Loan approval Procedure.
And, if you clear all the steps, then your Education Loan will be sanctioned.
You will get the amount as per your Course payment schedule. Banks pay Education
Loan direct into Institutions Account as per the schedule given by your Institution.

Money Maya is a Personal Finance Blog. You can find Complete information
about How To of Banking, Loans, Provident Funds, Credit Card and
Credit Score on MoneyMaya.in. It is also give information about how to
get Important Indian Government Documents such as PAN, Passport,
AADHAAR? Their retrieval, and how to update these IDs online and offline.

For more information visit the site http://www.moneymaya.in/ OR Call 7982367598

Moneymaya.in is a Personal Finance Blogging site where you can find & share information about various Loans,
Creditability,Loan related Insurance. http://www.moneymaya.in