Syndicate Bank Indian and Foreign Education Loan – Syndicate Bank’s commitment to education dates back to decades as it was the first bank to start a series of Rural Training Establishments designed to authorize the youths in villages through vocational training. Syndicate Bank Education Loan can be obtained from any local branch close to the candidate’s place of permanent residence.
Education is limitless and never-ending. We get educated and educate ourselves all our lives in one way or the other. As indispensable tools that aid us figure out a way in the world, education brings us a lot more than worldly intensifications. Anyone may have inclination and donation for studies. But not everyone has abundant resources to pursuit their dreams. Government of India and Reserve Bank of India too trusts that this cannot be the reason to obstruct anyone from their education and has introduced education loans with funded interest rates.
Features & Benefits of Syndicate Bank Education Loan
Objective/ Purpose of Loan:
Syndicate Bank as per the Government and Reserve Bank of India directive bids educational loans for students who wish to pursue any course in India or abroad at funded interest rates. It will take care of every expenses related to the course, which need to be compensated back only after landing a job upon course accomplishment.
Expenditures considered for Syndicate Bank Education Loan
Syndicate Bank education loans are allowed purely on the basis of need, which include:
- Course fee
- Hostel fee
- Exam fee
- Cost of books, instruments and travel for educational purposes
- Other passage fares for international education
Amount of Education Loan
The candidate can demand for a maximum of Rs.10 lakh for studying in India and no more than Rs.20 lakh for studying overseas.
No processing charge or service charges are imposed for Syndicate Bank Education Loans.
Key Lending Rate is currently 13.25 percent
For Syndicate Bank education loans up to Rs. 4 lakhs, the interest rate is Main Lending Rate (PLR) minus 1.50 percent.
- For Syndicate Bank education loans above Rs. 4 lakhs, the interest rate is PLR minus one percent.
- Girl learners and students belonging to SC/ST group are eligible for a deduction of 0.50 percent on the above-mentioned rates.
- Girl students under SC/ST group are suitable for an additional rebate of .25 percent on the said rates and together they get a concession of .75 percent.
The loan is predictable to be reimbursed in five to seven years after one year of completing the course or six months after getting a job. You get an interest free window period of 6 months till the candidate finds a job.
- For Syndicate Bank Education Loans up to Rs. 4 lakhs, there is no obligation for any security by the bank.
- For Syndicate Bank Education Loans between Rs. 4 lakhs and Rs. 7.50 lakhs, a security in the form of a satisfactory third party guarantor is obligatory.
- For Syndicate Bank Education Loans above Rs. 7.50 lakhs, a collateral security with 25 percent margin covering the loan sum and transfer of upcoming earnings of the student for reimbursement of loan after completing the course and securing a job is required.
- In all these scenarios, the parent or guardian or even the third party guarantor can join the deal as co-debtor.
- For a Syndicate Bank Education Loan up to INR. 4 lakhs – Nil
- For loans more than INR. 4 lakhs – 5 percent for studying in India and 15 percent for overseas studies.
- Bachelors in Arts, Commerce & Science.
- Masters in Arts, Commerce & Science and MPhil and PhD.
- Professional Courses: Engineering, Medicine, Dentistry, Veterinary, Agriculture, Law, Computer Programming.
- Management Courses: BCA, MCA, BBM, BBA, and MBA, sanctioned by All India Council for Technical Education.
- For Computer Studies, the recognized training institution must have sanction of DOE and Government of India to conduct the course under Department of Electronics Accreditation of Computer Course (DOEACC) Scheme.
- Computer Certification Courses of renowned institutions attributed to Department of Electronics or Institutions accompanying to Universities.
- Courses like CA, ICWA, and CFA.
- Courses held by IIT, IIM, IISc, XLRI, and NIFT.
- Courses provided in India by known international universities.
- Evening Courses from sanctioned institutions.
- Any other course offering a Diploma or Degree by UGC/ Government authorized colleges and universities.
- Courses conducted by National Institutions and other valid private institutes accepted by Syndicate Bank.
- Bachelors in any employment-centric professional or technical courses offered by well-known colleges or universities.
- Masters in MBA, MCA & MS.
- Any course held by CIMA-London, CPA in USA etc.
- Other International Diploma courses are non-eligible.
- Photocopy of mark sheet of the candidate’s latest succeeding public exam for school or college in India.
- Proof of admission to the course (Fee receipts, Transfer Certificate obtained from the institution).
- Two recent passport size photos of the prospective student, guardian and guarantor.
- Photocopy of any national ID card like passport, Voters ID, Driving License etc. of all the student, parent(s) and guarantor.
- Most recent salary slips if you are a compensated person and income proofs like reference from clients, IT papers etc. if you are self-employed, freelancers, professionals, entrepreneurs or agriculturist.
Student Eligibility Criteria
- The student should be of an Indian citizen.
- Any forthcoming student who is aged above 18 and represents himself/ herself.
- Any minor student represented by parent or guardian (of Indian nationality).
- The student must have gotten merit-based admission in any professional, technical, or other courses through a valid entrance examination and other selection procedure.
- Slight renunciation it or relaxation is also acceptable under specific circumstances.
- The candidate (if planning to study overseas) must have already taken admission in sanctioned foreign universities or institutions.
Central Scheme aims to convey Interest Subsidy for the moratorium term on Educational Loans by learners from monetarily weak families from scheduled banks under IBA’s Model Education Loan Scheme. Syndicate Bank too has adopted this scheme.
The student going abroad will be issued a Competence Certificate as a supporting document for the university.