Education Loan: Avoid SBI in South Kerala

[abin278]

I submitted my education loan application at SBI and was forwarded to their RACP in trivandrum. I had provided property(half acre non-agriculture land) in my own name having market value around 1 crore as per their own estimate.
I had applied for loan of 18 lakh and they made me run around for 3 whole months. Everyday they would say it wud be sanctioned next day and when we ask them they wud ask for a new document. 40 year encumberence certificate, building wall around the property and after 3 months they told me that as there was no house or building on that land, I cannot be sanctioned loan.
They could have told this initially and not asked for documents and wall which has cost over 4 lakh for me.I only went for education loan bcz it was the easiest one to verify for CIC. Atlast I went to SBT and they sanctiined me loan against FD of 16 lakh in 3 days. I was so foolish to go to SBI.
But hope this post guides prospective students to refrain from relying on SBI trivandrum RACP (which controls education loan application from most parts of southern districts or atleast Trivandrum I hope).

 

[praveencv1979]

I submitted my education loan application at SBI and was forwarded to their RACP in trivandrum. I had provided property(half acre non-agriculture land) in my own name having market value around 1 crore as per their own estimate.
I had applied for loan of 18 lakh and they made me run around for 3 whole months. Everyday they would say it wud be sanctioned next day and when we ask them they wud ask for a new document. 40 year encumberence certificate, building wall around the property and after 3 months they told me that as there was no house or building on that land, I cannot be sanctioned loan.
They could have told this initially and not asked for documents and wall which has cost over 4 lakh for me.I only went for education loan bcz it was the easiest one to verify for CIC. Atlast I went to SBT and they sanctiined me loan against FD of 16 lakh in 3 days. I was so foolish to go to SBI.
But hope this post guides prospective students to refrain from relying on SBI trivandrum RACP (which controls education loan application from most parts of southern districts or atleast Trivandrum I hope).

I think the best option to get easier loan is to contact "Wemakescholars"(google it).. a central Gov. approved firm... no need to give a single penny for processing. They will assess each student's case and give us the choice to select the bank. No need to wander behind the bank managers, they will solve all our issues. May be there are lots of firms like this, I am talking from my personal experience only.... decision is up to each candidates.