Education Loan Transfer to the SBI Bank: Have you started repaying your education loan? Are you facing a high interest rate and your loan is getting costlier? Well, this is the right time when you should go for education loan refinancing. State Bank of India (SBI) is the largest public sector bank in India with over 22,405 branches in the country and 65,627 working ATMs.
The Indian banks have provided around INR 17000 crore of education loans in FY 2022-23 and SBI is one of the leading lenders in that. For education loan refinancing, SBI offers a dedicated scheme to the students called SBI Takeover of Education Loans. Let’s understand the major features of education loan transfer to SBI.
Table of contents
SBI Takeover of Education Loan
SBI Takeover of Education Loan provides loan refinancing of up to INR 1.5 crores with a flexible repayment period of up to 15 years. The bank will offer you the most competitive interest rates in the market and you will get the loan without any processing fee. There are no hidden charges and the bank will provide you with complete transparency.
- You can also avail a top-up loan for further study as per your requirement.
- You can pay your EMIs through various payment modes like Net Banking, Mobile Banking, Cheques etc.
- You can easily get a top-up loan after refinancing to pursue further with an extended repayment period for that course.
- The refinancing is available with a minimum amount of INR 10 lakhs.
- The Quantum of Finance for SBI take over of education loan will cover all the outstanding in the account including limits sanctioned as Top Up Loan (if any) and the prepayment penalty (if any)
- The collateral should be 100% value of the education loan.
Also Read: Credit Score and its Impact on Education Loan Refinancing
Eligibility Criteria for Education Loan Transfer to SBI
State Bank of India (SBI) has prescribed some eligibility criteria which is mandatory to be fulfilled by the student. Always carry all the required documents and make sure that you are completely eligible for the education loan transfer before applying to avoid rejection and any other issues. Check the eligibility criteria for education loan transfer to SBI below:
- The education loan should be a fresh take-over i.e. the application should be the first and the loan shall not have been transferred previously.
- The applicant i.e. the student applying for the education loan transfer to SBI shall be a major applicant i.e. above 18 years of age.
- No amount shall be pending from the existing bank and the entire amount shall have been transferred to the respective amount.
- The education loan repayment shall have been started before applying for a loan transfer.
- The EMI payment towards the existing loan shall be regular in the books of the existing lender.
Documents Required for Education Loan Transfer to SBI
Always be a responsible applicant and keep your documents perfect as directed by the bank. If any supporting documents are missing from your application it may create unnecessary delay and hassle in the loan transfer process. Check the list of documents prescribed by SBI for the takeover of the education loan.
- A completely filled-in Loan Transfer Application Form signed by the student as well as co-applicant/parent.
- 2 passport-size photographs of the student
- Copy of the PAN Card of the student as well as the parent/co-applicant
- Aadhaar Card/UID of the student and as well as the parent/co-applicant
- Identity proof of the student (Driving Licence/Passport/Aadhaar)
- Residential proof (copy of Driving Licence/Passport/Electricity bill etc)
- Bank account statement of the Student and co-applicant for the last 6 months
- IT return of last 2 years of co-applicant (if paying income tax)
- Statement of assets & liabilities of Parent or co-applicant
- Income proof like salary slips of Parents or co-applicants
Also Read: Best Education Loan Refinancing Rates and Lenders
How to Apply for Education Loan Transfer to SBI?
You can apply for an education loan transfer to SBI through their official website. The bank offers a seamless application process for takeover of education loans and the processing is also very fast. Check the below-mentioned steps to apply online:
- Login to www.sbi.co.in
- Visit the education loan section and click on the takeover of education loan
- On the left side of the page, you will see the ‘apply now’ button
- Click on the Apply Now button and enter the necessary information
- Enter your contact number and mention the relationship you are maintaining with the bank
- Choose the category as per your requirement
- Click on the submit button
- The bank will verify your application and the loan will be approved subject to terms and conditions
FAQs
The credit score criteria depend upon the terms and conditions of SBI. However, you should always try to maintain a CIBIL score of 700-750 and above so that you can easily get loan approvals.
The application process for SBI takeover of education loans is completely online. However, you may have to visit your nearest branch subject to the verification process of SBI.
SBI offers a flexible repayment period of up to 15 years for takeover education loans.
SBI is the largest public sector bank in India and one of the leading banks in terms of education loans. Contact your nearest branch or visit their official website for all loan-related queries.
To know more about education loan refinancing, 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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