SBI Takeover of Education Loans: Interest Rate, Eligibility, Process & Customer Care

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SBI TAKEOVER OF EDUCATION LOAN 

About SBI Takeover of Education Loan :

SBI is one of the most trusted banks for personal facilities. It is an Indian multinational public sector banking and financial services. SBI established on 1 July 1995 and their headquarters in Mumbai. The education loans offered by State Bank of India cater to the needs of every deserving individual. If you want to pursue your studies in India, you can avail up to the maximum loan amount of Rs.10 lakhs whereas, if you want to go abroad for higher studies, you can avail up to the maximum of Rs.30 lakhs as the loan amount from SBI. The loans offered by SBI sports customer-friendly features and benefits. 

With SBI takeover of education loan, you can easily switch your existing high cost education loan to SBI and reduce your monthly EMIs. The minimum loan amount is Rs.10 lakh and the maximum loan amount is up to Rs. 1.50 crore for SBI takeover of education loan. The 100 percent of collateral security is acceptable to the bank of the proposed loan amount. The interest rate provided by SBI takeover of education loan scheme is 9.30% per annum.

Benefits of SBI Takeover of Education Loan :

1. Competitive rate of interest 

2. No processing fee

3. No hidden charges

4. Facility to avail a top up loan for further studies

5. Flexible repayment tenure up to 15 years

Eligibility Criteria for SBI Takeover of Education Loan :

1. Loan to be first time taken 

2. The student / borrower should be a major at the time of switch over

3. The loan should have been fully disbursed at the time of takeover

Documents required for SBI Takeover of Education Loan :

1. Letter of admission

2. Filled in Loan Application Form

3. 2 passport size photographs

4. Statement of cost of study

5. PAN Card of the student and the parent/guardian

6. Aadhaar Card of the student and the parent/guardian

7. Id proof  : Driving license, passport, aadhaar card, ant photo identity

8. Address proof : Driving license, passport, electricity bill, telephone bill

9. Student/co-borrower/guarantor’s bank account statement for last 6 months.

10. IT Return/ IT assessment order, of previous 2 years of parent/ guardian/ other co-borrower(If IT payee)

11. Brief statement of assets & liabilities of parent/ guardian/ other co-borrower

12. Income proof : Salary slip, form 16 of parent/ guardian/ other co-borrower

Compare other bank interest rate :

BANKS

INTEREST RATE

AXIS Bank Education Loan

13.70% to 15.20%

HDFC Bank Education Loan for Indian Education

9.55% to 13.50%

HDFC Bank Education Loan for Foreign Education

9% to 14%

Kotak Mahindra Bank Education Loan 

11.5% to 24%

IDBI Bank Education Loan

8.30% to 10.41%

Indian Bank Education Loan

Starts from 8.50%

RBL Bank Education Loan

14.15% to 16.15%

Bank of Baroda Education Loan

7.50% to 9.75%

Bank of India Education Loan

7.25% to 9.75%

Canara Bank Education Loan

11.35%

Standard Chartered Bank Education Loan

10.99%

SBI Student Loan Scheme

9.30%

SBI Skill Loan Scheme

8.80%

SBI Scholar Loan Scheme

8.30% to 9.95%

SBI Takeover of Education Loan

9.30%

SBI Global Ed-Vantage

9.30%

Other products of SBI Bank :

1. SBI New Car Loan Scheme

2. SBI Loan Against Properties

3. SBI Personal Loan 

4. SBI EMI Calculator

Expenses covered under SBI Takeover of Education Loan :

1. Tuition fees 

2. Cost of books, uniforms and stationeries

3. Cost of laptop or computer ( If required)

4. Examination Form

5. Library/ Laboratory fees

6. Hostel fee

7. Travel expenses ( for Abroad)

8. Miscellaneous Expenses

How to apply for SBI Takeover of Education Loan :

1. Offline Method : By visiting the nearest bank branch.

2. Online Method : 

  • Visit the official website of loan.

  • Click on apply now

  • Fill out the form with essential details.

  • Upload the mandatory documents required

  • Submit the form and take out a print out of the applications 

  • Visit the bank branch for further formalities.

How to contact with SBI Education Loan :

1. By customer care contact number : 1800112211 / 18004253800

2. By customer care email id : customercare@sbi.co.in

Financials products offered by Bank :

BUSINESS LOAN

CAR LOAN

COMMERCIAL LOAN

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN

HOME LOAN

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

SBI Takeover of Education Loan Frequently asked Questions :

1. What was the maximum loan amount of SBI takeover of education loan?

The maximum loan amount is Rs.1.5 crore for SBI takeover of education loan.

2. Is, there any charges taken for SBI takeover of education loan?

No, there are no hidden charges apply for SBI takeover of education loan.

3. How much interest rate is provided by SBI takeover of education loan?

The interest rate provided by SBI takeover for education loan is 9.30% per annum.

4. What was the minimum loan amount of SBI takeover of education loan?

The minimum loan amount is Rs.10 lakh for SBI takeover of education loan.

Last Updated on : 08/Oct/2020

Know More About

Sbi Takeover Of Education Loans

You're eligible for a Sbi Takeover Of Education Loans if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Education Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Sbi Takeover Of Education Loans Interest Rates

Updated on 25 Nov 2017

Sbi Takeover Of Education Loans Details
Interest Rate (Monthly reducing balance) 9.3% - 0%
Processing Fees Nil
Loan Tenure 1 year to 15 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Education Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959