TAKEOVER OF EDUCATION LOANS

With SBI Take-over of Education Loans, you can switch your existing high cost Education Loan to SBI and reduce your monthly EMIs.


 

 

Special Features
  • Education Loans upto Rs. 1.5 Crores can be considered

  • Competitive Interest Rate

  • Flexible repayment tenure upto 15 years*

  • No Processing Fee

  • No Hidden Charges

  • Facility to avail top up loan for further study

* Terms & conditions apply

Benefits
  • Switch to SBI and reduce your monthly obligation

  • Pay your EMIs through Net Banking/ Mobile Banking/ Cheques

  • Avail of top up loan after take over for pursuing further studies subject to submission of required documents with extended repayment period for that course

Eligibility
  • 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

Quantum of Finance
  • Minimum: Rs. 10 Lakhs

  • Maximum:Rs. 1.5 Crores

  • Covers Outstandingin the account
    +Limits sanctioned as Top Up Loan (if any)
    +Prepayment Penalty (if any)

Processing Fee
  • Processing Fee NIL

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

* Terms & conditions apply

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-borrower

  • Proof of Income (i.e. salary slips/ Form 16) of Parent/ Guardian/ other co-borrower

* Terms & conditions apply