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Sbi Education loan, indian bank

S

Sunny9840

Member
Jun 16, 2018
19
1
Hi
Hasbanybody applied for student loan from sbi.
Please help in following regard,
I applied to fanshawe college, graduate certificate program in electronics and embedded systems (ESD2), where on the offer letter it is 'level of study : graduate certificate program', in which SBI MANAGER raised objection that is a certificate program,hence, not eligible for education loan. I tried to make them understand that it is a pg program which comes in between graduation and masters. But to no avail, they are refusing to grant the loan.

Please help how it can be done, as people do get loan grant for this course.

I have contacted the college program coordinator, and waiting for ther reply for last 3days.
 
S

Sonali221

Hero Member
Mar 21, 2018
467
29
Did
Sunny9840 said:
Hi
Hasbanybody applied for student loan from sbi.
Please help in following regard,
I applied to fanshawe college, graduate certificate program in electronics and embedded systems (ESD2), where on the offer letter it is 'level of study : graduate certificate program', in which SBI MANAGER raised objection that is a certificate program,hence, not eligible for education loan. I tried to make them understand that it is a pg program which comes in between graduation and masters. But to no avail, they are refusing to grant the loan.

Please help how it can be done, as people do get loan grant for this course.

I have contacted the college program coordinator, and waiting for ther reply for last 3days.
Click to expand...
Did u get ur loan granted?
 
S

Sunny9840

Member
Jun 16, 2018
19
1
Sunny9840 said:
That sbi bank employee is crooked i can obly say, because u got letter of acceptance to study in the respective college?university
Click to expand...
Maybe u can contact their parent branch. Manager is some kind of aunty digging in your academics my % was also below 60
 
SanjayMystic

SanjayMystic

Star Member
Nov 28, 2018
75
6
I think the best bank to get loan from is ICICI with minimal documents, but not so with interest rates. I have seen my friends getting loan within 10 days.
 
S

Sonali221

Hero Member
Mar 21, 2018
467
29
Sunny9840 said:
Yes, some branch manager in SBI doesn't want to work by giving untrue reasons. I had to go to other branch, though it took littll more days(u know why), but they granted.
Click to expand...
Hii
Can u please let me know which bank granted u loan and how did you explain to them and convinced them?

It is true that the banks do not grant loan for pg certificate but let me know please how u make them convinced?
 
selvakk

selvakk

Champion Member
Nov 28, 2018
2,414
529
Sonali221 said:
But i only want 7.5 lakhs
Click to expand...
That's precisely the problem. Even SBI will happily give you a loan against security. If you are going for a loan without security then they will poke and prod what studies you are doing , what is your past studies marks etc.

Since you do not have a security your loan they will scrutinize your application more. Education loan has a very high default rate, therefore a loan without security will be risky. It's not a bank manager being "crooked" or other such language.

I personally am in the process with SBI for a education loan, however my amount is 20 lakh and so I have property as a security/collateral. I have not been asked any questions, although I have just got the legal opinion and valuation done and have just applied for the loan today. I might have also lucked out with the bank manager being a really good person overall, and he's very proactive in running the branch.

If you have a 7.5 lakh loan, I can suggest that you either Increase the loan amount so that you have to pledge a security, if you have a property. You will see that most banks will no longer ask any questions.

Also you can go for a loan against FD. You will have to start paying interest immideatly but it will be very low as they will deduct the interest of your FD against your loan. It comes to 1-2%, this was suggested to us by ICICI, but our amounts was too big so we didn't go for it.

Alternatively you can go for HDFC Credilla. They will ask less questions but you will have to pay interest immideatly. However if your parent or you are paying income tax, you can claim the interest paid on your loan against your tax liability. This is a good option if you or your parents have a taxable income or you are able to pay the interest.
 
K

Kenny76

Star Member
Aug 7, 2017
106
15
selvakk said:
That's precisely the problem. Even SBI will happily give you a loan against security. If you are going for a loan without security then they will poke and prod what studies you are doing , what is your past studies marks etc.

Since you do not have a security your loan they will scrutinize your application more. Education loan has a very high default rate, therefore a loan without security will be risky. It's not a bank manager being "crooked" or other such language.

I personally am in the process with SBI for a education loan, however my amount is 20 lakh and so I have property as a security/collateral. I have not been asked any questions, although I have just got the legal opinion and valuation done and have just applied for the loan today. I might have also lucked out with the bank manager being a really good person overall, and he's very proactive in running the branch.

If you have a 7.5 lakh loan, I can suggest that you either Increase the loan amount so that you have to pledge a security, if you have a property. You will see that most banks will no longer ask any questions.

Also you can go for a loan against FD. You will have to start paying interest immideatly but it will be very low as they will deduct the interest of your FD against your loan. It comes to 1-2%, this was suggested to us by ICICI, but our amounts was too big so we didn't go for it.

Alternatively you can go for HDFC Credilla. They will ask less questions but you will have to pay interest immideatly. However if your parent or you are paying income tax, you can claim the interest paid on your loan against your tax liability. This is a good option if you or your parents have a taxable income or you are able to pay the interest.
Click to expand...
Hi Selvakk,

Who did the legal opinion and Valuation for your property? Does bank take care of that or you will have to get it done? For 20 Lakh what is the value of the property they ask for?
 
selvakk

selvakk

Champion Member
Nov 28, 2018
2,414
529
Kenny76 said:
Hi Selvakk,

Who did the legal opinion and Valuation for your property? Does bank take care of that or you will have to get it done? For 20 Lakh what is the value of the property they ask for?
Click to expand...
The bank manager calls the head office and they give the numbers of a local lawyer and a local valuator. Legal guy took 3000 RS and valuator took 2500, you can add this to the loan amount if you want.

The manager told me that the property should be valued at 3 times the loan amount. So for 20 lakh the property should have a value of 60 lakh.
 
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K

Kenny76

Star Member
Aug 7, 2017
106
15
selvakk said:
The bank manager calls the head office and they give the numbers of a local lawyer and a local valuator. Legal guy took 3000 RS and valuator took 2500, you can add this to the loan amount if you want.

The manager told me that the property should be valued at 3 times the loan amount. So for 20 lakh the property should have a value of 60 lakh.
Click to expand...
Great thanks, That helps.
 
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