PROCEDURE FOR GETTING LOAN FROM A NATIONALIZED BANK

I am having a very good experience running behind different branches of a nationalized bank to and fro for more than a month. I would like to share my experience to the younger brothers and sisters who would be applying for educational loan if required.

As usual let me start with a proverb prepare for the best and be ready for the worst.

1)Approach the bank manager in which you have the bank account and talk to the bank manager whether he can or not because at last they may say that our bank is very small and they have a limit to sanction only 10 to 12 educational loan which they have reached.
In turn as the customer of the bank you have the rights to ask the branch manager that it’s true he has reached the target but he can exceed his expectation of his higher official by sanctioning your educational loan sanction letter.

2)Once if your manager accepts your loan amount ask him to provide you all the required forms that have to be filled and ask him/her to provide you with the checklist for the documents you should be attaching with your application form.

3)Once if you are done with filling application forms then take a photocopy of the application form and submit it as early as possible with all the reference documents etc.

4)Any nationalized bank manager would be forwarding it to the head office where the Chief Manager or Assistant General Manager (AGM) would be the deciding authority once if everything is fine.

5)Before sanctioning the loan they will go through all the documents and if the loan amount exceeds 7.5 L then you need to provide collateral security (plot or flat).

6)They would be inspecting with the help of engineer who would be assessing the worth of the land and in turn would be submitting their report to AGM.Along with this we need to submit the photocopies of the land document to the advocate who would be referred by the branch managers who in turn would be submitting a report that there is no problem in the documents this process is called legal opinion.

7)Once if everything is done the loan sanction letter has to be sanctioned within few days.

Suggestion: I would suggest aspiring/deserving students who would like to pursue their higher studies to go approach State Bank of Hyderabad (SBH), Whites Road Branch. The branch manager is not only helping the aspirant student but also encouraging the students like me.

WISH YOU ALL THE VERY BEST