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Know the SBI Takeover of Education Loans Scheme details. Understand the features, eligibility, documents required, and all other relevant details related to the scheme.
Got your education loan approved? Congratulations! You have crossed one of the biggest bottlenecks of the study abroad journey. The loan approval certainly eases the financial stress; however, the repayment will also be upon you after studies, and what if we say that there is an easy way to trim down your repayment after studies. Loan transfer, also known as education loan refinancing, can help you pay your existing education loan with a new study loan with a lesser rate of interest.
When you take an abroad education loan, you may settle for a loan at a higher interest rate as it is solving your current financial needs, and also your financial history is yet not sturdy enough. But once you complete your course and you get a job, you build your financial record and can then be easily eligible for an education loan at a lower interest rate. Though you are not going to study further, you can do a loan transfer and shorten down the monthly and overall financial burden. Several government and private lenders in India offer loan transfer facilities. In this blog, we would talk about the education loan refinancing scheme of one of the largest banks in India- the State Bank of India. SBI's loan transfer product is known as SBI Takeover of Education Loans.
Without further ado, let's explore the features, eligibility criteria, required documents, and other details of the SBI Takeover of Education Loans Scheme.
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SBI Takeover of Education Loans Scheme Details
Loan Amount | INR 10 Lakhs to INR 1.5 Crores |
---|---|
Interest Rate |
9.55% p.a. For current interest rates, click here |
Processing Fees |
Nil |
Collateral Security |
Required. A minimum 100% of the amount of the proposed loan amount |
Repayment Period |
Up to 15 years |
Top-Up Facility |
Available |
Check Your Education Loan Eligibility
The process to refinance an in Takeover Scheme of SBI is quite simple:
GyanDhan endeavors to make abroad education loans easy and simple for everyone. We have partnered with leading lenders in India to make it easy for study abroad aspirants to apply for loans. We have also partnered with SBI and by leveraging this partnership, we can help in availing of SBI takeover of education loans Scheme. You can get in touch with GyanDhan and according to your profile, we will suggest you the best education loan balance transfer option available for you in the market.
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