An Education loan is intended to support students to pay for college tuition, books, and living expenses. Syndicate Bank Education Loans are can help the students to study peacefully and shape their career. This student loan covered under SyndVidya Loan Scheme which has objective to fulfil continuous expenses of students to pursue professional courses.
Eligibility criteria of Syndicate Bank education loan is that candidate must be Indian National, who is an adult or a minor student represented by a guardian can apply for the loan. The applicant will be considered eligible if he gets admission to a professional or vocational program on the basis of a selection procedure or an entrance test. However, there can be exceptions made in special cases. If students are planning to study a program from a reputed foreign university abroad, they are eligible to apply.
An applicant can apply for Syndicate Bank Education Loans if he wants to study graduate, postgraduate or doctoral programs in India. They must be eligible for the loan if they plan to study computer certificate courses of recognized institutes having accreditation to Department of Electronics or affiliation to universities in India. An applicant who wants to achieve professional programs in Engineering, Agriculture, Medicine, Veterinary Science, Law, Computer and other streams in India will also be considered eligible. Specialized courses such as CFA, ICWA; programs by the likes of IIMs, IISc; Evening programs; diploma courses sanctioned by bodies like UGC, AICTE or government; programs of foreign universities or recognized national institutes in India can all be considered for loan.
can also apply loan from this bank. Courses include Graduation for job oriented professional / technical courses offered by reputed universities, Post Graduation: MCA, MBA, MS etc., Courses conducted by CIMA-London, CPA in USA etc., Degree/diploma courses like aeronautical, pilot training, shipping etc provided, these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad. If candidates want to study abroad a postgraduate course like MBA or MCA, employment-oriented graduate program by recognized university or one by CPA in the US or CIMA-London in abroad, they are eligible to apply.
The most important document is proof from the college/institute that the student has a confirmed admission there. Candidates have to fill the Syndicate Bank Education loan application form and must include pertinent necessary documents of latest last 2 months salary slip of parent and income tax assessment sheet. Students have to attach one set of Education qualification certificates of his/her last studies like 10th class and Intermediate etc. Other documents like Income Proof-Any either salary slip/other, Residency proof. Education Certificates of SSC, Intermediate are needed to apply for loan. Latest 2 passport Photo graphs, and Passport/Visa is also required.
To study Abroad, there is sum of Rs.20 lakhs and to study in India, bank grant loan of Rs.10 lakhs.
Numrous expenses are covered by Syndicate Bank Education Loans. The college, hostel or school fee and even exam fee is covered by the loan. Other expenses like cost of buying books, travel expenses, cost of essential equipment, caution deposit, building fund and refundable deposit are also taken into account.
There is no margin on loan amount up to Rs 4 lacs. Nonetheless on a loan amount above Rs 4 lacs, there is a margin of 5% and 15% for studying in India and abroad correspondingly. If students apply for a loan amount above Rs 4 lacs, you need to submit a 3rd party as a guarantee. When the amount exceeds Rs 7.5 lacs, students need to submit a collateral security along with 25% margin that covers the amount of loan. In this case, they also need to assign the future income of the student for paying the instalments.
Interest linked to Loans-Base Rate of the Bank at monthly compounding. Upto Rs.4.00 lakhs, rate of interest is Base Rate + 2.25%. Above Rs.4.00 lakhs, rate of interest is Base Rate + 2.75%.
Girl students and students belonging to SC/ST category are eligible for concession of 0.50% per annum on the above rates. The girl students under SC/ST category are eligible for a further concession of 0.25% on the above rates (Total concession 0.75%). Simple interest would be charged during the repayment holiday /moratorium period.
Repayment:Students can repay the loan in 5 to 7 years beginning from 6 months after getting a job or 1 year after completing the course, whichever happens earlier.
There are no processing charges and Documentation charges.
For further details please click on the link: Syndicate Bank Education Loans