SBI Loan Process - Steps

* Click here for SBI loan process ready reckoner

Application Process:
**********************
1. Send ur application to SBI Andheri West Branch.
- u hav to send *original* offer letter
- *original* signature identification doc from ur banker [hdfc/icici/..u will get this in half a day]
- *attested* copies of marksheets
- + other docs as per this year's requirement

2. After 2 days (or whatever no. courier needs), call up Mr. Gore. Get verbal acknowledgement
of receipt of your courier. Specifically ask whether all docs are ok. Ask him when to call next
to enquire about loan sanction. Eg: He says 5 days.

3. After 5 days, call Mr. Gore and enquire about sanction. You will get to know about the
status. Keep in touch with him. One fine day he will tell you that the loan has been sanctioned
and you may now come to mumbai for signing the agreement.

Post Sanction: One day @ SBI BKC (29.may.2007 Avdhut's Experience) *****************************************************************************
finally got call frm Mr Manoj( SBI Bandra -kurla complex ) to come for loan disbursement on 29 may with my parents (co-applicant ) ..... he told me that edu-shield policy is scrapped by SBI
1) reached SBI Bandra kurla complex -1st flr at 10:15 am after 15min wait Mr Manoj gave me 4 docs and asked me to do franking ( this is new system starated by gov ...after stamp paper scam .... so instead of agreement on stamp paper we need to get loan agreements franked by gov )
2) Franking office is on grd floor of MHADA office , room no 77 ( grd flr pe kisi kone me hai ye office ) . its at a dist of 10-15 min from SBI office ......
3) paid fees 990 for franking n came back to SBI BKC
4) then he asked my parents n me to sign on around 15 docs.....and gave him the break-up of DDs i want ...
5) then he collected receipt of 35 K which i submitted to college ...so carry all d receipts for the payment to SPJIMR ....
6) i expected that he ll give me DD n i ll submit it to college but he said he ll call me within 2-3 days when DDs ll b ready ....
7) Margin money is @ 6.5% n not 5 % ...when i asked him abt this change he said margin ll b different for different cases .....
also if u / ur parents hv account with SBI carry acc no with u ......
strangely he didnt asked me to open new acct with SBI .....

Post Sanction: One day @ SBI andheri (21.apr.2006)
******************************************************

Trivia: SBI andheri branch is in frnt of Shopper's Stoppe, S.V Road.
Caveat: The slowest process is 'opening of s.b a/c'..do it last.
First thing: As soon as you reach the bank, call up Ms. Bina [loan insurance] and fix an
appointment in the next 45 min (she will need some time to travel to andheri)

Docs to carry:
1> margin dd 2> processin fee dd 3> original passport 4> 2 fotocopies of passport
5> 2 copies of PAN 6> 2 fotos 7> cheque book 8> spjimr lokal addres proof or offer letter
9> Your Nominee's DOB (no doc, jus info)

People/tasks: order of events as listed..
*****************************************

1) Mr. Gore/Mr.Khadamkar: Mr.Gore was on leave. Went to Mr. Khadamkar. He asked me to go meet Ms. Manju.

Ms.Manju [loan term execution]: Affable. You will have no probs here. my agreement papers wer franked n ready [trivia: if not franked, u hv to get it franked from nearby bank of rajasthan -> 300 bucks].
* giv her margin dd n proc fee dd. documentation fee is 400 bucks. i had included this in my processing fee dd.
* sign d docs
* u need to tell her abt the figures for INR and USD dd's
- i asked her to make INR dd for 1,00,000 + 28,000 + 36,000 = 164,000
so tht spjimr fee instalment # 1 + hostel + mess fees r covered

Exit criteria: time ~30 min
* copy of term agreement duly signed by Mr.Khadamkar
* get ur 9 digit loan a/c no.
* SBI transfers INR amount to spjimr

2) Ms. Karina [forex]: u wil hv no probs here.
* she will help u fill up 4 docs.
* dont forget to give her ur loan a/c no. ... she debits amt frm d loan a/c for makin a USD dd. form wil lie there if u dont provide this.
* ask her when cud you come and collect USD DD (avg. 2 days)
- on that day, one of you who wud have come to sign docs can collect DDs of rest of your friends.
- note down DD nos v/s names - you will neways come to spjain in step # 5
- deposit DDs in our office

Exit criteria: time - ~ 20 min
* no receipts here

3) Ms. Bina [insurance]: u wil hv no probs here [tho' she shocked me wid googlies like 'y cant u keep bangalore hutch num in roamin whn u shift to mumbai..for all of d course period! i told her i cud do it if sbi gives me a 'sbi caller loan' :) ]

* fill up form
* giv copy of passport
* giv cheque/cash

Exit criteria: time - ~ 20 min
* receipt wil b ready in 10 days. she wil retain it wid herself. v can collect it later.

4) Mr. Deshpande [new s.b a/c]: You can revisit rk narayan omnibus cover to cover if u like to..

* fill up form
* 2 fotos
* copy of passport
* spjimr offer letter [in lieu of spjimr lokal addrs proof] - Ms. Bina helped me in negotiatin this wid deshpande.

After all this negotiation..new a/c openin app stopped workin. they blamed it on 'slow n/w'..but d error msg was abt unmatched data n was pretty fast in throwin exception. v tried to contact their IT support group..d reply was tht it was first of its kind error! but, it was quite apparent tht thr was wrong sequencin of data in one of their tables. hmmmm... spent 3 hrs...no luck. managed to convince him to keep my docs and create a new a/c whnever the app starts workin again. He obliged n took down my mobile num. Have not got call in the last one year :)

Exit criteria: time - ~ 3 hrs
* new s.b a/c num
* anyways, s.b a/c can be opened later...no worries. In order to start paying interest amount, you need a s.b a/c + your insurance premia get debited from this a/c

5) Went straight to spjain

Dipali ma'am [hostel confirmation]:

* confirmed hostel requirement
* gave date of arrival, 28.may
* also, she asked me to write down my landline num in VT doc

COB

****************************************************************************************************************
* NOTE: wot follows is for guys who had projected a loan amt tht included lappy's value...but, later decided no need to spend money on lappy while we already own one.

More importantly, the question is 'how does sbi decide the INR amt to be disbursed to spjimr as regards first instalment?'

Issue: sbi does not kno whthr iam gonna avail hostel facility/lappy.. so default is: 1 lac [fee]

Ms. Manju asked me whthr she shud include 28k [hostel] and 35k for lappy. i said tht lappy is not required. but, i asked her to 'include' 28k [hostel] + 36k for mess fees.
So, our input helps them decide the value of loan disbursal as regards first instalment to spjimr.

* wot happens to 35k [or any amt] that is not utilized during 24 months?
- this amt is not 'released' at all.So, NO INTEREST on such UNUSED amt.


Cheers,
Ganga