Flywire has partnered directly with the State Bank of India (SBI) to streamline the process of paying tuition fees using education loans. This payment method is designated exclusively for SBI customers with a sanctioned education loan, as SBI's existing disbursement process has been integrated with Flywire’s platform.
Important requirements for SBI Education Loans (INR)
Before creating your payment request, please prepare the following to ensure a successful transfer at your bank branch:
- Pre-approved loan required: You must have already applied for and received official approval for your SBI education loan before using this method.
- Loan account number: You will need the exact 11-digit SBI loan account number found on your loan sanction letter to complete the online booking.
- Matching payer details: The payer information you enter on Flywire must exactly correspond to the details of the co-borrower or borrower listed on the SBI loan application.
- Tax deductions from savings: SBI will calculate the applicable GST and TCS (which is generally 0% for Section 80E approved loans). Please note that any applicable taxes or processing fees will be debited directly from the co-borrower/borrower’s savings account, not from the loan amount itself. You must ensure sufficient funds are available in your savings account to avoid payment failure.
- Physical branch visit: This process cannot be fully completed online. You must visit your bank branch in person to initiate the transfer.
Steps to complete your INR SBI loan payment
1. Initiate your payment: Access Flywire (or use the unique payment link provided by your institution), select your institution, choose 'India' as the country you are paying from, and enter your desired payment amount.
2. Select your method: Choose "SBI Education Loan in INR" as your preferred payment method.
3. Provide your loan details: Fill out the payer information carefully, ensuring the names perfectly match the loan application, and enter your 11-digit SBI loan account number.
4. Download instructions: Review the receiver information and confirm your payment. Our system will generate a unique set of Flywire payment instructions specifically for this transaction.
5. Visit your SBI branch: Print and take your payment instructions to your base branch or the RACPC branch where your loan was originally processed. If you would like to ensure your disbursement is processed on the same day, please submit your request to the branch before 2:00 PM local time. Requests submitted later may be delayed to the next business day.
6. Wait for processing: SBI will process your payment to Flywire. Once we receive the funds, we will notify you by email. Flywire typically delivers the funds to your educational institution within 1-2 business days, provided there are no delays due to compliance checks.