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.
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