Takeover Of Education Loans

Takeover Of Education Loans
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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


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Last Updated On : Thursday, 20-02-2020

Interest Rates

8.50%* p.a. onwards

w.e.f. 05.04.2024

*T&C Apply.

 

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