SBI loan top-up can be availed from the bank by applying online. The bank provides the option for applying for a second loan i.e. top-up loan. However, the loan amount shall not exceed the total eligible loan amount which was determined while applying for the first education loan under the SBI education loan scheme. If you are pursuing a top-notch course and the chances of getting a job are high, you can easily get an SBI loan top-up. Check all the details and know how to get a top-up education loan from SBI.
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What is SBI Loan Top Up?
A SBI top-up loan is a second loan provided by the bank if you want to pursue another course after finishing the ongoing one. The loan will be provided if the amount is within the overall limit and is for pursuing a professional course in India or abroad. However, to get the loan, the student’s projected income after placement must be sufficient to cover the full loan repayment.
- This is subject to the security requirements applicable to the total loan limit. If the loan amount exceeds INR 7.5 lakh and the current pledged security is less than the total amount, you need to pledge more.
- As the student cannot take up employment after completing the first course, their obligation to repay the loan after one year of completion would need to be deferred.
- In such cases, the moratorium period may be extended for the second-course duration.
- The combined repayment will begin one year after the second course is completed or 6 months after securing a job, whichever is earlier.
Also Read: Looking for education loans at affordable, low and competitive interest rates? Check our blog on How to Secure Education Loan at Low-Interest Rate
How to Apply for a Top-Up Education Loan from SBI?
You can apply for an SBI top-up loan through the official website or the YONO SBI education loan portal. In case of offline application, you can visit the nearest SBI branch and apply for the loan. Check the steps involved in applying for an education loan top-up from SBI below:
- Visit the official website of SBI
- Go to the personal banking section and click on education loan
- Check out the loan features and fill out the application form
- You just need to fill in basic details like name, email, contact number etc
- The bank will get back to you for further processing
SBI Loan Top-Up Eligibility Criteria
The eligibility criteria for SBI top-up loans must be understood properly before submitting the application. Check the major eligibility criteria for SBI top up loan below:
- The student must already have an ongoing education loan with SBI to be eligible for a top-up loan.
- The top-up loan must be used to pursue further studies, such as an additional professional course in India or abroad.
- The student should have a good academic performance in the previous course(s) funded by the initial loan.
- The projected income after course completion must be sufficient to cover the repayment of both the original loan and the top-up loan.
- The top-up loan is subject to the same security or collateral requirements that apply to the total loan amount.
Also Read: Check here all the information on Inflation and its Effect on Education Loan
Documents Required
The documents required for an education loan top-up from SBI include financial documents, academic documents and KYC documents. Check all the details on the documents below:
- ID and Address Proof (Aadhaar Card, PAN Card, Passport etc).
- Duly filled and signed the loan application form for the top-up loan.
- Admission letter or proof of enrollment in the new professional course for which the top-up loan is being sought.
- Mark sheets and degree certificates of the previous course(s) funded by the initial loan, showing satisfactory academic performance.
- Income Proof of Co-borrower
- Collateral Documents.
- Last 6 months’ bank account statements of both the student and co-borrower.
A SBI top-up loan is one of the best options to fund your education if you want to pursue another course after the existing one. Check some common FAQs based on the same below:
FAQs
SBI Loan Top-Up is a second loan offered by the bank to students who want to pursue another professional course after completing their initial one.
Yes, you can apply for an SBI Loan Top-Up online through the official SBI website or the YONO SBI education loan portal. You can also apply offline by visiting the nearest SBI branch.
To be eligible, you must already have an ongoing SBI education loan, be pursuing a professional course in India or abroad, and have a good academic record in the previous course.
Repayment starts one year after completing the second course or 6 months after securing a job, whichever is earlier. The moratorium period can be extended during the second course.
Some of the common documents required for an SBI top-up loan are ID and address proof, loan application form, proof of admission, academic records etc.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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