Step by Step Guide to Apply SBI Student Loan, Online Registration Form, Eligibility, Courses, Loan Amount & Status on vidyalakshmi.co.in
State Bank of India (SBI) is the pioneer banking institution in India, offering different people’s services. It offers all the services that its competitors are offering. It has started another scheme called the student loan scheme that provides education loans to the students. The aspiring students who wish to pursue higher education can avail of this loan scheme from SBI. This student loan scheme from SBI can also be termed as Vidhya Lakshmi Scheme.
The interested candidates can visit the official portal and start applying for the Student Loan Scheme from the SBI Vidhyalakshmi Portal.
SBI Student Loan Scheme
This article explains the SBI Student Loan Scheme, Apply and Online Registration Form, Eligibility Criteria, Listed Courses, and the Loan Amount.
Eligibility Criteria for the Scheme
Let us see the eligibility criteria that an applicant should fulfill to get eligible for the SBI Student Loan Scheme.
- The student should be of Indian Nationality.
- Candidates should complete at least class 12th to get eligible for applying for the loan.
- Should secure admission to foreign university/institutions.
- In case the students have not attempted any entrance/merit-based tests to enter into the institutions, the bank considers the recognized institutions.
- The student should possess all the required documents to apply for the loan scheme.
Listed Courses to Avail of Loan Scheme
- B.A, B.Com,B.sc etc
- PG Courses like Masters and Ph.D
- Professional courses like Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Management, Computer, etc.
- Courses like ICWA, CA, CFA, etc.
- Courses conducted by IIM, IIT, IISc, XLRI, NEFT, etc.
- Alternate courses leading to a diploma, degree, etc.
- Courses offered by National Institutes and other reputed private institutions.
- Regular Degree/Diploma courses like Aeronautical, Shipping, Pilot training, etc.
- Computer Certificate courses of reputed institutes accredited to the Department of Electronics or Institutes affiliated to a university.
- Graduation: For job oriented professional/ technical courses offered by reputed universities. (Abroad)
- Post-graduation: MCA,MBA,MS Etc. Post Graduation Diploma courses for professional/ Technical courses offered by reputed universities. (Abroad)
- Courses conducted by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in the USA. (Abroad)
Note: Please note that the vocational and other skill development courses will not be covered under the SBI Loan Scheme.
Loan Amount under SBI Vidhya Lakshmi Scheme
- The student loan for applicants who wish to study in India is a Maximum of 10 Lakhs.
- The student loan for the candidates who wish to study in Abroad is 30 Lakhs.
Apply Online for SBI Loan Scheme @ vidyalakshmi.co.in/students
Find out the online procedure to apply for SBI Loan Scheme on the official portal.
- Visit the official portal of the SBI Vidya Lakshmi Loan Scheme.
- It takes the online applicant to the Home Page below.
- Now the candidates have to create a new user account.
- On the redirected page, Enter the Title, First Name, Middle Name, and Last Name.
- Enter the Mobile Number, Email, Password, and Confirm Password.
- Enter the Captcha Code and Click on the Declaration Box.
- Click on Submit Button.
- It shows the alert that the account has created successfully.
- Go to the Login Page and Enter the Credentials.
- It then redirects the online user to the below page shown.
- Click on the Loan Application Form.
Online Registration Form 2020-21 @ vidyalakshmi.co.in/students
- You can start filling the Common Education Loan Application Form.
- Click on the Next Button.
- In the Basic Information, click yes/no- Are you pursuing Higher Studies, Is your parental income upto Rs.450000 per annum, Have you taken admission for professional/technical courses.
- Click on the Next Button.
- Enter the First Name, Last Name, Father’s/Husband Name, Date of Birth, Sex, Marital Status, Educational Qualification, Marks Obtained, and Occupation.
- Enter the income from all sources, PAN Number and Status.
- Enter the Address Line 1,Address Line 2,Village/Area/Locality/, Block/Taluk/Sub-District/Town.
- Enter Pin Code, Contact Number, and Email ID.
- In the present banker details, Enter the Branch IFSC Code, Banker, Bank Branch, Account Type, SB/OD/Ac. No, Direct/Indirect liability details.
- Answer the Question, Whether you are a relative of any bank official and enter the Relationship Details.
- In the Course Details Section, Enter the Merit/Management Details, Duration of the Course, Name of the Institution, Course, Date of Commencement, and Date of Completion.
- In the cost of financial details, enter the year wise particulars like Tuition Fee, Exam Fee, Books Stationery, Equipment/Computer, Hostel and Travel Expenses.
- Enter the Total Amount of Expenses and Loan Required and Number of Installments and Amount.
- Click on the Next Button.
- In the file upload section, upload the documents like Mark Sheet, Proof of Admission, Proof of Income, Schedule of Expenses, Form 16, ITAO/IT Return, Copy of Land Records, Undertaking letter in the absence of PAN/Aadhar.
- Also upload, Applicant Photo, Parent Photo, and Co-obligate/Guarantor Photo.
- Click on the Declaration Check Box.
- Verify all the details and click on the Submit Button.
- After successful submission, it shows the below alert that the form has submitted successfully.
Check SBI Student Loan Application Status @ vidyalakshmi.co.in/students
- The applicants can check the application status of their loans online on the official portal.
- Go to Login Page and Enter your user name and password. It then redirects you to the below page.
- Click on the Application Status link to check your loan application status.
- Check Your Application Status Here (Please note : you can see status only after create account on the portal, or else it will redirects to the Home Page)
- If you apply for the loan, it shows the application status or asks you to apply for the loan.
SBI Student Loan 2020-21 FAQ’s
Who are eligible for applying the SBI Vidya Lakshmi Loan Scheme?
The students who complete class 12th and wish to pursue higher studies in India and abroad can apply for the SBI Student Loan.
Are the Vocational Students eligible for applying for the SBI Student Education Loan?
The vocation students are not eligible for applying for the SBI Education Loan.
Do the applicants need to submit the property details on the portal for applying for the loan?
Yes, the applicants should upload the land records and other property details while applying for the scheme.
Can I apply SBI Education loan for pursuing higher studies in foreign countries?
Yes, the students can apply for loans to pursue higher studies in foreign countries.