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.
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
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
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
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BANKS |
INTEREST RATE |
|
13.70% to 15.20% |
|
|
9.55% to 13.50% |
|
|
9% to 14% |
|
|
11.5% to 24% |
|
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8.30% to 10.41% |
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|
Starts from 8.50% |
|
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14.15% to 16.15% |
|
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7.50% to 9.75% |
|
|
7.25% to 9.75% |
|
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11.35% |
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10.99% |
|
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9.30% |
|
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8.80% |
|
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8.30% to 9.95% |
|
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9.30% |
|
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9.30% |
2. SBI Loan Against Properties
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
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 : [email protected]
Financials products offered by Bank :
The maximum loan amount is Rs.1.5 crore for SBI takeover of education loan.
No, there are no hidden charges apply for SBI takeover of education loan.
The interest rate provided by SBI takeover for education loan is 9.30% per annum.
The minimum loan amount is Rs.10 lakh for SBI takeover of education loan.
Last Updated on : 10/Aug/2020Know More About
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
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