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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

You can transfer your existing education loan to SBI.

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SBI Takeover Of Education 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

Processing Fee: INR 0. Pre-Payment Penalty: INR 0, Late Payment Charges: INR 0. Penal Interest: 2% above the applicable interst rate.

Fees and Charges
Special Features

Lower interest rate in comparison to other banks.

Eligibility Criteria

Loan to be a fresh (first-time) takeover The student-borrower should be a major at the time of switch over The loan should have been fully disbursed at the time of takeover Repayment should have been started & EMIs are regular in the books of other Bank/Financial Institution

Special Concession

0.50% concession for students availing of SBI Rinn Raksha or any other existing life policy assigned in favour of our Bank and 0.50% concession for girl students.

Features, Eligibility and Concession
Pros

Low interest rate in comparison to majority of private banks. Loan up to Rs. 1.50 Crores. The repayment process is made easier with the option of Equated Monthly Installments (EMI) spanning up to 15 years. Lloan approval, even prior to obtaining their i20/Visa, facilitating timely preparations for studying abroad. Loan qualifies for tax deductions under section 80(E).

Cons

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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Product Review
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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