The address on my passport and my loan sanction letter is different?
Not a relevant issue as far as study visa is concerned. Its a common thing that people change addresses. Having a different present address than that on your passport is no problem. Anyhow remember that your ties in your home country are important. Such as fixed assets in the name of yours and/or in the name of your parents which show that you have intention to return after study. Also attach some proof of your new address (other than the loan sanction letter) alongwith your visa application.