Struggling with high education loan EMIs? The SBI takeover of education loan scheme allows you to transfer your existing student loan to SBI at a lower interest rate, helping you save on repayment costs. If your current loan has become expensive due to rising interest rates, switching to SBI can provide financial relief with reduced EMIs and a longer repayment period.
With this loan transfer option, you can refinance your education loan hassle-free, without any processing fee. Plus, SBI offers flexible repayment terms and quick loan disbursement, ensuring a smooth transition. Read on to learn how you can benefit from the SBI Takeover of Education Loan scheme!
Table of contents
- Overview of SBI Takeover of Education Loan Scheme
- SBI Takeover of Education Loan Interest Rates
- Benefits of SBI Loan Transfer
- Who is Eligible for an SBI Loan Transfer?
- How to Apply for an SBI Takeover of Education Loan?
- Documents Required for SBI Loan Transfer
- Key Tips for a Successful SBI Education Loan Takeover
- FAQs
Overview of SBI Takeover of Education Loan Scheme
The SBI Takeover of Education Loan scheme allows students to transfer their existing education loan from another bank or financial institution to the State Bank of India (SBI) at a lower interest rate. This refinancing option helps reduce EMI burden, offers flexible repayment tenure, and includes benefits like zero processing fees, no hidden charges, and the possibility of availing a top-up loan for further studies.
| Feature | Details |
|---|---|
| Loan Amount | INR 10 lakh to INR 3 crore |
| Interest Rate | 8.15% to 11.15% p.a; Competitive (Floating) |
| Repayment Tenure | Up to 15 years* |
| Processing Fee | NIL |
| Hidden Charges | NIL |
| Prepayment Penalty | NIL |
| Top-Up Loan | Available for further studies (subject to documents) |
| Accepted Loan Types | Partially disbursed & fully disbursed loans |
| Payment Modes | Net Banking, Mobile Banking, Cheques |
With a fast disbursement process and no extra charges, the SBI Takeover of Education Loan helps students manage their loan burden efficiently.
Also Read: Want to get an education loan from SBI? Check here all about SBI Global Ed-vantage education loan to study abroad
SBI Takeover of Education Loan Interest Rates
The SBI Takeover of Education Loan scheme offers competitive interest rates based on the loan amount and collateral security. By transferring your existing education loan to SBI, you can benefit from lower EMIs and flexible repayment options. Here’s a breakdown of the interest rates:
| Loan Type | Interest Rate |
|---|---|
| Without Collateral (Up to ₹7.50 lakh) | 11.15% p.a |
| With Collateral (Above ₹7.50 lakh) | 10.15% p.a |
| Takeover Loan (Above ₹10 lakh, with collateral) | 10.15% p.a |
| For Girl Students | 0.50% Concession on Interest Rate |
Check out the SBI Education Loan Interest Rate comparison below-
For students from select institutions, lower interest rates are available under different schemes:
- SBI Scholar Loan Scheme: 8.15% to 8.90% (for top institutions)
- SBI Global Ed-Vantage Scheme: 9.65% to 10.15% (based on collateral)
- Shaurya Education Loan: 10.15% to 11.15% (special rates for defense personnel & families)
Since the interest rate on SBI takeover of education loan is the same as regular SBI education loans with collateral (10.15%), transferring your loan can help reduce your financial burden and take advantage of longer repayment terms, lower EMIs, and top-up loan options.
Benefits of SBI Loan Transfer
SBI Loan Transfer or SBI takeover of education has a lot of benefits. Lower SBI education loan interest rates, flexible repayment period, easy application process etc are some of the major benefits of SBI loan transfer. Check the details below:
- The bank provides competitive interest rates on education loan transfers which can reduce the overall cost of loan
- There is no processing fee or any hidden charges for the education loan transfer
- Students can pay their EMIs through multiple payment modes such as mobile banking, net banking, cheques etc
- The students will also have the advantage of a top-up loan after the SBI loan transfer to fund further studies
- Due to the fast and secure SBI Education Loan disbursement process, the existing loan will be closed in less than 24 hours.
Who is Eligible for an SBI Loan Transfer?
SBI loan transfer is available for students who have taken an education loan of an amount not more than INR 1.5 crore from a bank or financial institution. However, the bank has determined certain eligibility criteria for the applicant which are mandatory to be followed. Check the details below:
- The loan transfer should be a fresh (first-time) takeover and the existing shall not have been refinanced by any other bank or financial institution
- At the time of applying for SBI takeover of education loan, the student/applicant should be a major i.e. above 18 years of age
- There shall be no pending amount to be disbursed from the existing lender and the entire loan amount shall have been transferred to the applicable beneficiary
- The repayment must have been started for the existing loan and the payment of EMI shall be regular in the books of the existing lender
How to Apply for an SBI Takeover of Education Loan?
You can apply for an SBI takeover of education loan by visiting the nearest branch or by applying online on the official website of SBI. You can also apply through the YONO SBI education loan app. You just need to fill out the application form mentioning all the details about the existing education loan and other personal details. In order to decrease the SBI Education Loan processing time, fill in all the details carefully. Check the steps involved below:
- Log in to the official website of the State Bank of India (SBI)
- Visit the personal banking section and click on education loan
- Check the features and eligibility mentioned on the page and then click on the “Apply Now” button
- Fill out and submit the application form along with the required documents
- Wait for the bank to verify the application and the documents
Documents Required for SBI Loan Transfer
The documents required for the SBI education loan transfer shall be properly submitted to the bank to get the loan transfer application quickly. Any minor error in the documentation may lead to cancellation of the application. Check the details of the documents required for the SBI loan transfer below:
- Duly filled loan application form
- 2 passport-size photos
- PAN Card of the student and co-applicant
- The Aadhaar Card of the student and co-applicant
- Any proof of identity (Driving Licence/Passport/Aadhaar/ any other government-issued photo identity)
- Residential proof (Driving Licence/Passport/Electricity bill etc)
- Last 6 months’ bank account statement of the student and/or co-applicant
- Last 2 years IT return of co-applicant (if IT Payee)
- Statement of assets and liabilities of co-applicant
- Proof of Income of the co-applicant
Also Read: Check here all the important details about SBI RinN Raksha for Education Loan and know how loan insurance works
Key Tips for a Successful SBI Education Loan Takeover
Transferring your education loan to SBI can help you save on interest and manage your EMIs better. Here are some essential tips to ensure a smooth and successful SBI education loan takeover:
Check Eligibility Before Applying: Ensure you meet SBI’s loan transfer criteria, including a clean repayment history and no pending disbursements from your existing lender.
Prepare All Required Documents: Submit all necessary documents, such as loan statements, income proof, collateral details, and identity proof, to avoid delays in processing.
Assess Interest Rates & EMI Savings: Compare your current loan interest rate with SBI’s lower interest rate to calculate your potential savings and ensure the switch is financially beneficial.
Consider Top-Up Loan Options: If you plan to pursue further studies, check SBI’s top-up loan facility, which allows you to get additional funds with an extended repayment period.
Apply Early to Avoid Extra Charges: Start the loan transfer process well in advance to avoid additional EMIs or penalties from your existing lender.
Use Online Application for Faster Processing: Apply via the SBI official website or YONO app for YONO SBI education loan to streamline the process and minimize processing time.
By following these tips, you can successfully transfer your education loan to SBI, reduce financial stress, and enjoy lower EMIs with flexible repayment options.
This was all the major details about the SBI takeover of education loans or SBI loan transfers. Students are suggested to conduct proper research before initiating the application process. Check some of the frequently asked questions regarding SBI loan transfer below:
FAQs
SBI Takeover of Education Loan is a scheme offered by the State Bank of India. Students can transfer their existing education loan from any other bank or financial institution to SBI. This allows borrowers to benefit from lower interest rates and other advantages offered by SBI.
Opting for SBI Loan Transfer provides several benefits like competitive interest rates, flexible repayment periods of up to 15 years, and no processing fees or hidden charges. Additionally, borrowers can enjoy convenient payment methods and even avail a top-up loan for further studies.
To be eligible for SBI Loan Transfer, students must have an existing education loan not exceeding INR 1.5 crore from another bank or financial institution. The loan transfer must be fresh and not previously refinanced elsewhere.
You can apply for SBI Takeover of Education Loan by visiting the nearest branch, online through the official SBI website, or using the YONO SBI education loan app. Fill out the application form with details about your existing loan and personal information, and submit it along with the required documents.
Documents required for SBI Loan Transfer are a duly filled loan application form, passport-size photos, PAN Card and Aadhaar Card of both the student and co-applicant, proof of identity and residence, last 6 months’ bank account statement, last 2 years IT return of co-applicant (if applicable), statement of assets and liabilities of co-applicant, and proof of income of the co-applicant.
By transferring your loan to SBI, you can benefit from lower interest rates and reduced EMIs, helping you save significantly over the repayment period.
SBI processes education loan takeovers quickly, often within 24-48 hours after document verification and approval.
Yes, the SBI Takeover of Education Loan allows you to transfer a loan from any recognized bank or financial institution. However, you must be applying for a fresh (first-time) takeover.
No, SBI charges zero processing fees and no hidden costs for education loan transfers.
After transferring your loan to SBI, you get a longer repayment tenure (up to 15 years), flexible EMI options, and the possibility of a top-up loan for further studies.
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.
Follow Us on Social Media
