It is that time of the year when most of you have started browsing for abroad education loans. On one hand, you already keep hearing that amongst other nationalized banks, the SBI abroad education loans come with great offers while on the other hand, the long list of procedures may seem confusing and difficult to understand.

One smart way to make it easier is to approach our team at WeMakeScholars. We are the official national Digital partner for SBI in their abroad education loan processing. Let’s hear all about the required paperwork and relevant steps involved in the application process for education loan from SBI; straight from our experts at WeMakeScholars. The below video titled "SBI Education Loan- Documents, Process & Timeline" is the 5th episode of our web-series, Loanflix- Abroad education loans simplified.

Our previous article on abroad education loans elaborated on the two SBI loan schemes offered under abroad education loans segment. It also explained why the Global Ed-Vantage loan scheme by the SBI was a better option. WeMakeScholars is the official national digital partner for SBI in assisting candidates to make their abroad education loans process simpler. This article is a step-by-step guide to securing an education loan from SBI with the help of the WeMakeScholars team.

Step 1: Applying for the education loan from SBI

This is the first step towards applying for an education loan from SBI. SBI has introduced two loan schemes that could help fund higher studies abroad. They are:

  1.  SBI Global Ed-Vantage loan
  2. SBI student loan.

The SBI Global Ed-Vantage loan is recommended for candidates who are exclusively looking for abroad education loans. You may find the link to the application here.

Read more: SBI abroad education loan schemes- Interest rates @8.99%*

Step 2: Coordination with prospective candidates

After the SBI online application form is filled, our digital team will get in touch with the applicant. They verify whether the candidate is eligible for the selected abroad education loan scheme. One may also check for the education loan eligibility on the WeMakeScholars website. If they qualify, our team assigns the application to the nearest and the fastest branch located near the applicant. Once the application is assigned, a candidate receives a checklist of the documents to be submitted, along with a digitally generated application form via e-mail from the processing officer.

Step 3: SBI Document Collection

Once the candidate receives the SBI document checklist, he/she is expected to gather the documents mentioned in the checklist. Here is a rough idea of what documents would be required;

  • Academic documents: Mark-sheets of 10th and 12th, degree certificate (if applicable), English language eligibility test scores (IELTS, TOEFL),  Admission test scores (GRE, GMAT, SAT), and finally, the admit letter received by the candidate from the desired university.
  • Proof of identity: address proof and bank statements of the applicant and the co-applicant.
  • Proof of income: Includes ITR, Salary slips (if co-applicant is a salaried employee), and business documents (if co-applicant is a business owner).
  • Documents related to the collateral security being pledged. Episode four of Loanflix elaborates on the exact list of documents which are to be submitted by students at the time of applying for an education loan.

As mentioned earlier in this article, in certain metros, WeMakeScholars has been authorized by the SBI corporate centre (HO) to maintain dedicated on-field relationship managers. This helps candidates with the collection and arrangement of documents mentioned in the SBI document check-list. The collected documents will be submitted to the respective branch by the assigned relationship manager. Candidates from other locations are expected to directly go to the bank and submit the mentioned documents. This is one among the many steps in which opting for WeMakeScholars eases the process and takes the candidate several steps closer to realizing his/her dreams. This service is absolutely free of cost.

Read more on Education loan documents required by the bank 

Step 4: Legal verification and property valuation

Before we proceed further with the details involved in this step, it is important to understand the importance of processing centres in the SBI education loan process.

  • Processing Centers and their importance

A processing centre is a place where all the relevant documents are verified. In SBI, processing centres that are located in urban areas (metros) are referred to as Retail Assets Central Processing Centre (RACPC) while those located in suburban areas are called Retail Assets and Small and Medium Enterprises City Credit Center (RASMECCC). The processing of documents in remote areas is done by the Regional Business Office (RBO). Documents collected from the candidates in metro cities are forwarded to the respective RACPCs; where the legal verification of documents and valuation of a property is done. Sometimes, the legal and valuation procedure may be done at the branch level itself.

  • Verification and valuation of the pledged collateral

Moving on to the task, the documents submitted by our relationship manager will be forwarded to a lawyer to verify the legal points. Please note that this step is not applicable to those who have pledged their liquid security (FDs, Gold, insurance policies, Govt. bonds) as collateral.
If the candidate has pledged immovable property (house, flat, non-agricultural land, non-commercial flat) as collateral, the documents will be sent to an appraiser, a civil engineer, who will determine a fair market value for the pledged property.
The process of assigning a lawyer and an appraiser/valuator varies in the following manner according to the location of the bank branch.

  • Verification process followed by branches in metros (Mumbai, Delhi and Kolkata) 

The file containing candidates’ documents which are collected in cities like Mumbai, Delhi, and Kolkata are sent by the branch to the respective RACPCs. A lawyer and an appraiser are assigned to the respective candidate by the RACPC. The verification and valuation procedure is done in the processing centre.

  • Verification process carried out by branches in other locations

In locations other than the ones mentioned above, and in remote areas, the file is sent to the processing centre (RACPC, RASMECCC, or RBO) along with a legal and valuation report from the respective SBI branch. It is the branch’s job to get these reports done.  

Step 5: What happens at the RACPC?

Once the file containing legal verification and property valuation report is received at the processing centre (RACPC for metros and RASMECC/RBO in other locations); Their coordination desk quickly checks the file. If something is missing, they communicate with the respective branch regarding the same and the branch coordinates with the customer.

Step 6: Verification process- Part 2

After the first round of verification is done by the authorities at the coordination desk, the file is forwarded to a Processing Officer. The processing officer takes a closer look at the file. The officer goes through every minute detail and double-checks the file for any discrepancies. If they come across any, it is communicated to the corresponding branch; or an email is sent to the respective candidate in case if any additional documents or affidavits are required.

When you apply for education loan via WeMakeScholars, you get better support with these steps as the requirements are communicated to the student quickly, without delay. When applied directly at the branch, mostly it takes a longer time for the bank authorities to inform the applicant about the pending documents. This can ultimately affect the dates of your further steps like visa filing etc.

Step 7: Sanctioning of abroad education loans

On successful completion of step 6, the file is sent to the Chief Manager (CM), Sanctions. He checks for the Processing Officer’s comments and once he finds them to be satisfactory, the loan is sanctioned. As mentioned previously, In certain locations, a relationship manager from WeMakeScholars is allotted to candidates. Hence he/she doesn’t have to rely on the branch or the respective RACPC to relay information about any missing documents or affidavits. The on-field WeMakeScholars relationship manager will be the sole point of contact between the candidate and the SBI. This leaves very little scope for any errors. It also makes the processing time 3X faster. This is how WeMakeScholars takes its candidates closer to realizing their dreams.

Step 8: Scheduling of appointment

Once the CM Sanctions approves the loan, the file is forwarded to the documentation desk. Officials at the desk call the respective candidate and schedule an appointment for the documentation process.

Step 9: Documentation and mortgage creation

After an appointment is fixed, a candidate, along with the co-applicant/collateral owner is expected to visit the respective branch on the scheduled day. The candidate is to carry original property documents (in case the collateral is an immovable property). If the co-applicant is not a resident (NRI), the bank has a separate set of procedures for the same. Once the final verification is completed, the documentation desk officials guide the candidate on mortgage creation and a loan account will be opened by the bank. Request a callback and get assistance with each and every step mentioned above. 

Step 10: Loan Approved!

Mortgage creation is the final task in the process of an education loan from SBI. This takes about a day or two. Once the mortgage is created, the loan is ready to be disbursed as the Fee Component goes to the university and the living expenses component will be loaded into your forex card/ your account.

The above steps will give you a fairly clear picture of the actions involved in a typical SBI abroad education loan process. Choosing WeMakeScholars for guidance and assistance is one of the things which can help you during your education loan journey. As mentioned at various points in this article, WeMakeScholars is the official national digital partner for SBI for abroad education loans. As a limited period offer, our team is offering a cashback of up to Rs. 3000 for those who apply online on our website. Do not forget to request a callback on our website from our digital desk.

We hope this article clears most of the doubts regarding SBI’s abroad education loans procedure. There is still room for doubts regarding certain points when it comes to understanding the relevant steps involved in getting SBI abroad education loans. Feel free to express your doubts in the comments section below the article. Our team will answer all your issues without fail.


Note: WeMakeScholars is an organization funded and supported by the Government of India that focuses on International Education finance. We are associated with 10+ public/Pvt banks/ NBFCs in India and help you get the best abroad education loan matching your profile. As this initiative is under the Digital India campaign, it is free of cost. The organization has vast experience dealing with students going to various abroad education destinations like the US, Canada, UK, Australia, Germany, Sweden, Italy, China, France among others.