SBI Takeover of Education Loan: Features, Benefits, Interest Rates

SBI Takeover of Education Loan
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SBI is the largest government bank in India providing multiple education loan services to students. SBI is even better if you want education loan refinancing for a lower rate of interest rate which can save you a lot of money if your existing lender increases the rate of interest. Apart from the other SBI education loan schemes, SBI takeover of education loans is available for students who have an ongoing education loan from any other bank or lending institution. Let’s check and understand all the major features, eligibility, and application processes of SBI’s takeover of education loans.

SBI Takeover of Education Loan: Major Highlights

SBI Takeover of education loan or SBI loan transfer is a scheme offered by SBI in which you can transfer your existing student loan with any bank or financial institution to the State Bank of India (SBI). In a rising inflation scenario, the interest rate usually rises making your loan costly. So it becomes beneficial to get a balance transfer i.e. education loan refinancing from SBI at a lower interest rate. Check the major features of SBI loan transfer below:

ParticularDetails
Name of SchemeSBI Takeover of Education Loan
Rate of Interest11.15% (floating)
Maximum amount of loanINR 1.5 crore
Processing FeeNIL
Repayment PeriodUp to 15 years
Collateral RequirementCollateral security acceptable to the bank is to be a minimum of 100% of the value of the proposed loan

Also Read: Want to get an education loan from SBI? Check here all about SBI Global Ed-vantage education loan to study abroad

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.

SBI Loan Transfer: Eligibility Criteria

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

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

What is SBI Takeover of Education Loan?

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.

What are the benefits of opting for SBI Loan Transfer?

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.

Who is eligible for SBI Loan Transfer?

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.

How can I apply for SBI Takeover of Education Loan?

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.

What documents are required for SBI Loan Transfer?

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.

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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About Shekhar Suman

Shekhar is a versatile writer with a passion for sharing knowledge and creativity. With expertise in crafting informative blogs on study abroad and finance, Shekhar helps readers navigate the complexities of education and financial planning. Most of his writings blend the practicality of finance and the beauty of language, making a meaningful impact in both spheres. Beyond his professional pursuits, he finds solace in the writing Shayari.

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