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Product Details
Bank Name

State Bank of India

Maximum Loan Tenure

15 Years

Maximum Loan Amount

1.5 Crores

Interest Rate

The effective rate of interest would be 11.15% per annum. The rate type would be floating depending on the reference rate.

Purpose/Field of Education Loan

It is a higher cost educational loan

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SBI El Takeover Loan

Repayment Cycle

Repayment should have been started & EMIs are regular in the books of other Bank/Financial Institution

Grace Period


Minimum CIBIL Score

Not mentioned

Co-Borrower Required


Collaterals Required

The collateral security acceptable to the bank to be minimum 100% of the value of the proposed loan*.

Fees & Charges

Pre-payment Charges: Nil Penal Interest in case of delayed payment: 2% + interest rate. Bounce Charges: INR 400 Processing Fee: Upto 1.5% of the loan amount. Legal and stamp duty charges: Differs from state to state.

Fees and Charges
Special Features

SBI offers student loans for domestic and international study. You are eligible for financing to study for both professional and vocational courses. There are also takeover loans that enable you to replace your high-interest loans with SBI loans that have reduced interest rates.

Eligibility Criteria

Borrower must be an Indian citizen Co‐applicants(s) must be an Indian citizen Co‐borrower(s) must have a bank account in any bank in India with cheque writing facilities Confirmed admission in the colleges before disbursement Borrower and Co‐applicant(s) to meet HDFC Credila’s credit and underwriting norms as applicable from time to time. HDFC Credilia also looks at Students past academic track record 2. Quality of institute/college and course the student wish to pursue 3. Student's ability to get an appropriate job after the course that he/she is seeking education loan for 4. Also, the potential salary is also estimated to calculate eligibility of loan amount 5. Also, credit histories of the applicant and co-applicants play an important role in approval 6. Lastly, the value and type of property being offered as collateral security for higher value loans also play an important role in decision"

Special Concession

There is a 0.50% concession for students availing of SBI Rinn Raksha or any other existing life insurance policy assigned in favour of our Bank. It also offers 0.50% concession for girl students.

Features, Eligibility and Concession

State Bank of India (SBI) offers a wide range of education loans with interest rates that start at 11.15% . The flexible repayment tenures also include a moratorium period after course completion. There are no penalty charges for pre-payment of the loan, which can be done at any time during the loan tenure. Some loans also offer interest concessions for girl students.


As the loan has a floating interest rate, borrowers may be exposed to interest rate fluctuations, which could affect monthly repayments in the future.

Pros & Cons
Application Procedure

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How to Apply?

You can apply through SBI Takeover Loan's website.

Documents Required

• Completely filled-in Loan Application Form • 2 passport size photographs • PAN Card of the student and Parent/ Guardian / other co-borrower • Aadhaar Card of the student and Parent/ Guardian/ other co-borrower • Proof of Identity (Driving Licence/Passport/Aadhaar/ any other acceptable photo identity as per KYC norms) • Proof of Residence (Driving Licence/Passport/Electricity bill/Telephone bill) • bank account statement of the Student/Co-borrower/Guarantor,for the last 6 months • IT return/ IT assessment order, pertaining to previous 2 years, of Parent/ Guardian/ other co-borrower (if IT Payee) • Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrowe Proof of Income (i.e. salary slips/ Form 16) of Parent/ Guardian/ other co-borrower

Account Opening and Procedure
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