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SBI Takeover of Education Loans Scheme: Features, Eligibility and Documents Required

SBI Takeover of Education Loans Scheme: Features, Eligibility and Documents Required

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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.

GyanDhan
Gurbani Kaur Suri
Updated on:  21 Sep 2024  | Reviewed By:  Aman  | 8.68K | 10  min read
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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What are the salient features of the SBI Takeover of Education Loans Scheme?

  • list items The maximum amount that can be considered is up to Rs. 1.5 Crores.
  • list items Interest rate starts around 9.55% p.a.
  • list items Total repayment tenure can go up to 15 years.
  • list items There is no processing fee or hidden charges.
  • list items Applicants can pay the EMIs through net banking, mobile banking, or cheques.
  • list items The minimum amount that can be refinanced is Rs. 10 Lakhs
  • list items The loan amount covers all outstanding in the account
  • list items The collateral security acceptable should be a minimum of 100% of the value of the requested loan amount.

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

 

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What are the eligibility criteria of the SBI Takeover of Education Loans Scheme?

  • list items The loan should be a first-time takeover.
  • list items The borrower should be a major at the time of loan transfer.
  • list items The previous loan should have been fully disbursed at the time of the loan transfer.
  • list items The borrower should have started repaying the previous loan and EMIs are regular in the books of the other lender.
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What are the documents required for the SBI Takeover of Education Loans Scheme?

  • list items Duly filled-in loan takeover application form
  • list items PAN card of the student and co-applicant
  • list items Aadhaar Card of the student and co-applicant.
  • list items Identity proof such as DL, Aadhar, voter ID, passport, etc.
  • list items Address proof such as DL, passport, telephone bill, gas bill, electricity bill, etc.
  • list items Last 6-month bank statement of the student and co-applicant.
  • list items 2-year ITR of guarantor (if any) or parents.
  • list items A brief statement of assets & liabilities of co-applicant.
  • list items Proof of income such as salary slips or Form 16 of co-applicant.
  • list items 2 passport-size photos.

 

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What is the process of education loan transfer in the SBI Takeover of Education Loans Scheme?

The process to refinance an in Takeover Scheme of SBI is quite simple: 

  • list items Step-1: Approach the current lender and apply for loan foreclosure. 
  • list items Step-2: Apply to SBI for loan refinancing or contact GyanDhan. 
  • list items Step-3: Arrange all the required documents. 
  • list items Step-4: Once SBI approves your loan application, it will issue a cheque for the outstanding amount to the previous lender. 
  • list items Step-5: Once the cheque from SBI is cleared, the previous lender will foreclose your loan and will release all your original documents.
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What are the key points to remember while applying for the SBI Takeover of Education Loans Scheme?

  • list items Compare the pre-payment penalty to the previous lender and the difference in a total repayment of both the previous lender and SBI. Refinance only if you are saving good money. 
  • list items Your CIBIL score should be good, at least more than 700. 
  • list items Opt for education loan refinancing in the early stages of loan repayment. 
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How can GyanDhan help in getting the SBI Takeover of Education Loans Scheme? 

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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