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Syndicate Bank Education Loan

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Best Rate

13.25%

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Syndicate Bank Education Loans

What Is an Education Loan?

An Education loan is the loan or funds acquired by an individual to pursue higher studies in India or abroad. The loan repayment commences for the student after completing the education and a period of 6 months is given as grace period to students to get or join a job.

The repayment amount will be determined by your choice of interest, you need to decide how you want to repay the loan. That is if you want to start paying during the time of moratorium period itself or after the moratorium period. The Moratorium period is the time of your education plus 6 months or 1 year given to get a job. It is only after this time that you are expected to pay the loan.

The loan interest starts to accrue at the time of dispersal of funds, so at the time of your graduation you have a huge amount to repay. The other option is your parents or guardian can start paying the loan during the moratorium period itself where it is calculated as a simple interest.

This way your loan amount at the time of graduation is drastically reduced.

There are 4 types of education loans in India

1. Under Graduate education loan - These are given to students who have completed their secondary education and looking to do higher studies in the form of under graduation. It can be done in India or abroad.

2. Post graduate education loan - These are education loans given to individuals who want to pursue post-graduation after completing under graduation course from a reputed university/college. Here also the loan can be for studying in India or abroad.

3. Parents availing education loan - This is the case where the parents take loan for the education purposes of their children. This is an unsecured loan and need not be for graduate or post-graduation courses but also for elementary and higher secondary courses.

4. Career growth education loans - These are loans provided to young people who want to pursue courses or trainings, certifications that will benefit their career growth.

About Syndicate Bank

Syndicate Bank is one of the oldest and major commercial banks in India. At the time of its establishment, the bank was known as Canara Industrial and Banking Syndicate Limited. The bank, along with 13 major commercial banks of India, was nationalized on 19 July 1969, by the Government of India. The bank is headquartered in the university town of Manipal, India.

An Introduction to Syndicate Bank Education Loans

Education is one area where everybody is willing to spend a lot of money to live a prosperous life in the future. Being one of the major education loan providers, Syndicate Bank understands the needs of the students and offers extremely competitive education loans at better interest rates. Every year, a large number of students secure admissions in top universities and colleges in India and abroad with Syndicate Bank education loans.

Advantages of Syndicate Bank Education Loan

Following are some of the advantages of applying for an educational loan with Syndicate Bank.

  • Low interest rate
  • Less paperwork
  • No processing fees
  • Faster Disbursal
  • No prepayment charges
  • No pre-closure charges

Key Highlights of Syndicate Bank Education Loan

Eligibility CriteriaStudents who have secured the admission
Loan TenureDecided by the bank
Loan AmountUp to 2 crores
Interest Rate13.25%
Processing FeesNil

Features of SyndVidya Education Loan

Objective: To provide term loan to Indian students for pursuing higher education in India and foreign universities

Quantum of Loan:Up to 10 Lakhs for studies in India and up to 20 Lakhs for studies overseas

Margin: No margin required for loans up to INR 4 Lakhs, 5% of margin for loans above INR 4 Lakhs for studies in India and 15% of margin for above 4 Lakhs for studies overseas

Security: No security required for loans up to 4 Lakhs, however parents/guardian to be co-borrower. For loans between 4 Lakhs to 7.5 Lakhs, suitable collateral is accepted with the third-party guarantee. Tangible collateral will be accepted as security by the bank with the third-party guarantee for loans above 7.5 Lakhs.

Processing Fees: There are no processing fees for availing Syndicate Bank education loan.

Courses Covered

The courses covered under Syndicate Bank education loan are graduation, post-graduation, including technical/professional courses with employment potentials conducted by colleges/universities approved by UGC/Government, AICTE/Department of Electronics/IMC, autonomous institutions like IIM, IIT, etc.

Expenses Covered

Expenses covered under Syndicate Bank education loan are payment of course fees, purchase of books, equipments, instruments, uniform, payment of hostel fees, examination fees, study tools, and passage expenses, (for study abroad).

Eligibility Criteria: Who Can Apply?

  • Must be an Indian Resident
  • Applicant should have secured admission with the educational institution

Interest Rate of Syndicate Bank Education Loan for Studies in India and abroad:

Loan AmountRate of Interest
Up to 4 LakhsMCLR+1.50% p.a
Above 4 Lakhs and up to 7.5 LakhsMCLR+1.75% p.a
Above 7.5 LakhsMCLR+2.75% p.a

Features of SyndVidya Education Loan Abraod

Objective: To provide term loan to meritorious Indian students for pursuing higher education in foreign universities

Quantum of Loan:Up to 2 crores for studies overseas

Margin: 15% of margin

Security: No security required for loans up to 4 Lakhs, however parents/guardian to be co-borrower. For loans between 4 Lakhs to 7.5 Lakhs, suitable collateral is accepted with the third-party guarantee. Tangible collateral will be accepted as security by the bank with the third-party guarantee for loans above 7.5 Lakhs.

Processing Fees: There are no processing fees for availing Syndicate Bank education loan.

Courses Covered

Graduation: For job oriented professional/ technical courses offered by reputed universities. 1. Post-graduation: MCA, MBA, MS, etc. 2. Courses conducted by CIMA-London, CPA in USA etc. 3. Degree/Diploma courses like aeronautical, pilot training, shipping etc, provided these are recognized by competent regulatory bodies in India/abroad for employment in India/abroad.

Expenses Covered

Expenses covered under Syndicate Bank education loan are payment of course fees, purchase of books, equipments, instruments, uniform, payment of hostel fees, examination fees, study tools, and passage expenses.

Eligibility Criteria: Who Can Apply?

  • Must be an Indian Resident
  • Applicant should have secured admission with the educational institution

Interest Rate on SyndVidya Education Loan Abroad

LoanInterest Rate
SyndVidya AbroadMCLR + 2.0%

Features of SynVidya Skill Loan Scheme

Objective:To provide term loan to Indian students for pursuing various skill development courses

Quantum of Loan: up to INR 1,50,000

Margin: No margin required.

Security: No security required

Processing Fees: There are no processing fees for availing Syndicate Bank education loan.

Courses Covered

Courses run by above mentioned Training Institutes, aligned to National Skill Qualification Framework (NSQF) shall be covered by the Skill Loan

Expenses Covered

Expenses covered under Syndicate Bank education loan are payment of course fees, purchase of books, equipments, instruments, uniform, payment of hostel fees, examination fees, study tools etc.

Eligibility Criteria: Who Can Apply?

  • Must be an Indian Resident
  • Applicant should have secured admission with the educational institution

Interest Rate on SyndVidya Education Loan for Vocational Courses

LoanInterest Rate
SyndVidya AbroadMCLR + 1.50%

Features of Syndicate Bank Education Loan for Vocational Education and Training

Objective:To provide term loan to Indian students for pursuing vocational courses

Quantum of Loan: up to 2 Lakhs

Margin: No margin required.

Security:No security required, however, third-party guarantee will be taken.

Processing Fees: There are no processing fees for availing Syndicate Bank education loan.

Courses Covered

Vocational/Skill development courses of duration of 6 months to 3 years leading to certificate/Diploma course offered by a recognized State/Central Govt Institution.

Expenses Covered

Expenses covered under Syndicate Bank education loan are payment of course fees, purchase of books, equipments, instruments, uniform, payment of hostel fees, examination fees, study tools etc.

Eligibility Criteria: Who Can Apply?

  • Must be an Indian Resident
  • Should have completed 10th standard
  • Applicant should have secured admission with the educational institution

Interest Rate on SyndVidya Education Loan for Vocational Courses

The effective interest rate = Base Rate + 2.25% per annum.

Documents Required

  • Letter of admission
  • Filled in Loan Application Form
  • 2 passport size photographs
  • Statement of cost of study
  • PAN Card of the student and Parent/ Guardian
  • AADHAR Card of the student and Parent/ Guardian
  • Proof of identity (Driving Licence/Passport/Aadhar/ any photo identity)
  • Proof of residence (Driving Licence/Passport/Electricity bill/Telephone bill)
  • Student/Co-borrower/ guarantor's bank account statement for last 6 months
  • IT return/ IT assessment order, of 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) Parent/ Guardian/ other co-borrower

EMI Payment Methods

Syndicate Bank education loan can be repaid in following three ways.

Standing Instruction (SI): If you are an existing account holder with Syndicate Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Syndicate Bank account you specify.

Electronic Clearing Service (ECS): This mode can be used if you have a non-Syndicate Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs): You can submit post-dated EMI cheques from a non-Syndicate Bank account at your nearest Syndicate Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

How to Apply for Syndicate Bank Education Loan?

You can either apply online or visit a nearby Syndicate Bank branch for the application. You can also download the education loan application form from the Syndicate Bank official website, complete the form and submit it the bank representative.

You can also check your eligibility for an education loan through CreditMantri and apply for it.

Syndicate Bank Education loan FAQ

1. What is the interest charged during moratorium period?

Only simple interest will be charged during the moratorium period. After the moratorium period the actual interest mentioned will be charged.

2. Can I take an education loan without a co-borrower?

No, a co-borrower is needed to take an education loan. The loan will be taken as a joint loan in collaboration with your parent/ guardian or spouse.

3. I am planning to study abroad. Am I eligible to apply for an Education Loan?

Yes, Syndicate Bank offers up to INR 2 Crores for courses pursued abroad which also includes travel expenses and study tours. Higher amount can be obtained based on eligibility and creditworthiness.

4. Is there a processing fee for an education loan with Syndicate Bank?

No, there are no processing fees on Syndicate Bank education loan.

5. Is there a way I can reduce the interest paid?

There is special subsidy provided according to Central Government subsidy for education loans. Syndicate Bank also provides special interest rates for some premier institutions. The other option is your parent/ guardian or spouse can pay the loan amount during the moratorium period due to which the loan amount you need to repay is less.

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