Bank institutes always give priority to support financially to candidates who are desirous to pursue higher education. Education makes bright career of youngster, and thereby to secure their life. To accomplish this target, South Indian Bank has customised educational loans to suit any need. Following schemes are offered at this bank:
It is for students who want to pursue professional courses in India and abroad. Minimum Margin: Up to Rs. 25,000 : NIL and above Rs.25, 000: 15% . Overseas studies: 25% Repayment period will start from 1 year after qualifying exam or six months after obtaining employment, whichever is earlier. For overseas studies, the holiday is restricted to 6 months fixed after the qualifying examination. Loan should be repaid in 60 equal monthly instalments after the holiday/moratorium as above. Rate of Interest: fixed at BPLR +TP â€"2.50%
It is for students who want admission to premier educational institutions such as IITs, IIMs etc. The main objective is to offer loan to talented youths pursuing professional studies in the top prestigious educational institutions in India to our bank. Nodal Branches are in.Ahmedabad, Bangalore-City, .Lucknow, .Indore, .Kolkata-G .C Avenue ,.Kozhikode Main 7.Delhi-Con.Place, .Mumbai-Powai, .Chennai-T.Nagar / Nungambakkam and.Hyderabad
Max.Rs.10.00 lakhs subject to actual requirement, whichever is lower.
Upto Rs. 4 .00 lakhs : NIL . Above Rs. 4.00 lacs : 5% Scholarships /assistantship can be included in margin. Margin may be brought in on year-to-year basis as and when disbursements are made
Payment, preferably through RTGS direct to the institution / supplier for college/hostel fees, books, uniform, computers etc as far as possible. RTGS charges may be waived. The paid bills / vouchers (not older than 3 months) may be reimbursed by credit to borrower's account.
In the case of (major) students, borrower to be the student him/herself along with atleast one of his/ her parents as guarantor. Net worth of the guarantor/s should not be less than the loan amount. If parents are not alive, close relative should be guarantor. Security: Guarantee by one of the parents/close relative.
Repayment will start from 1 year after qualifying exam or six months after obtaining employment, whichever is earlier. Loan should be repaid in 60 equal monthly instalments after the holiday/ moratorium as above. No prepayment penalty. Interest during holiday period may be funded /remitted as per option given by the borrower at the time of availment of loan. Only Indian Nationals (including NRIs) are eligible.
3. Vidyanidhi Scheme is mainly for students securing admission in Professional colleges in Kerala. Minimum Margin: Up to Rs. 4 Lacs : NIL and above Rs.4Lacs :Studies in India : 5%. Overseas studies : 15%
Upto Rs 4 lacs, parents to be joint borrowers. No security required. Above Rs.4 lacs and upto Rs.7.50 Lacs, parents to be joint borrowers together with collateral security the form of suitable third party guarantee
Repayment period will start from 1 year after qualifying exam or six months after obtaining employment, whichever is earlier. For overseas studies, the holiday is restricted to 6 months fixed after the qualifying examination.
Repayment of the loan should be in Equated Monthly Instalments as :
For loan upto and including Rs.7.50 Lacs : Upto 10 years.
For loans above Rs.7.50 Lacs : Upto 15 years
Processing/ upfront charges are nil.
Head Office
South Indian Bank Ltd.
T.B Road, Mission Quarters, Thrissur 680 001, Kerala, India
Phone : +91-487-2420020, 2420058, 2420113
For further details please click on the link: South Indian Bank Education Loans