SBI Takeover of Education Loan Scheme

  • Loan ID : N027
  • 38
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With SBI Takeover of Education Loans, you canswitchyour existing high cost Education Loan to SBI and reduce your monthly EMIs.
1% reduction in your Interest Rate can save you more than Rs. 1 Lakh on a loan of Rs. 10 Lakhs over a period of 15 years.

SBI Takeover of Education Loan Special Features

  • Education Loans upto Rs. 1.5 Crores can be considered
  • Competitive Interest Rate
  • Flexible repayment tenure upto 15 years*
  • No Processing Fee
  • No Hidden Charges
  • Facility to avail top up loan for further study

SBI Takeover of Education Loan Benefits

  • Switch to SBI and reduce your monthly obligation
  • Pay your EMIs through Net Banking/ Mobile Banking/ Cheques
  • Avail of top up loan after take over for pursuing further studies subject to submission of required documents with extended repayment period for that course

SBI Takeover of Education Loan Eligibility

  • Loan to be a fresh (first-time) takeover
  • The student-borrower should be a major at the time of switch over
  • The loan should have been fully disbursed at the time of takeover
  • Repayment should have been started & EMIs are regular in the books of other Bank/Financial Institution

SBI Takeover of Education Loan Quantum of Finance

  • Minimum: Rs. 10 Lakhs
  • Maximum:Rs. 1.5 Crores
  • Covers Outstandingin the account
    +Limits sanctioned as Top Up Loan (if any)
    +Prepayment Penalty (if any)

SBI Takeover of Education Loan Processing Fee

  • Processing Fee NIL

SBI Takeover of Education Loan Rate of Interest

  • SBI Takeover of Education Loan Security

    • The collateral security acceptable to the bank to be minimum 100% of the value of the proposed loan*.

    SBI Takeover of Education Loan Documents Required

    • Completely filled-in Loan Application Form
    • 2 passport size photographs
    • PAN Card of the student and Parent/ Guardian / other co-borrower
    • AADHAR Card of the student and Parent/ Guardian/ other co-borrower
    • Proof of Identity (Driving Licence/Passport/Aadhaar/ any other acceptable photo identity as per KYC norms)
    • Proof of Residence (Driving Licence/Passport/Electricity bill/Telephone bill)
    • bank account statement of the Student/Co-borrower/Guarantor,for the last 6 months
    • IT return/ IT assessment order, pertaining to previous 2 years, of Parent/ Guardian/ other co-borrower (if IT Payee)
    • Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower
    • Proof of Income (i.e. salary slips/ Form 16) of Parent/ Guardian/ other co-borrower

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