Syndicate Bank Education Loan

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Syndicate Bank Education Loan Summary Table 

Syndicate Bank Education Loan Amount For India – INR 10 Lacs
For Abroad – 20 Lacs
(Up to ₹ 7.5 lakh without collateral)
Syndicate Bank Education Loan Interest Rate 9.65% per annum
Syndicate Bank Education Loan Margin For loan above INR 4 Lacs
In India: 5%
In abroad: 15%
Syndicate Bank Education Loan Processing Fee Up to INR 4 Lacs: Nil
Above INR 4 Lacs: INR 5000
Syndicate Bank Education Loan Security Up to 7.50 Lacs: Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee

Above INR 7.50 Lacs: Tangible security along with parents as co-borrower

Syndicate Bank Education Loan Repayment Starts After 1 year of course completion or 6 months after getting the job

Syndicate Bank Education Loan FeaturesSyndicate Bank Education Loan

  1. Amount of Loan
    1. for studying in INDIA: maximum Rs.10 lakh
    2. for studying ABROAD: maximum Rs.20 lakh
  2. Collateral security for availing an education loan
    1. For Loans up to INR 7.5 Lakh – NO – Nil Collateral nor Third-Party Guarantee
    2. For Loans Above INR 7.5 Lakh – Yes, Any of the following collaterals: Residential Property, Syndicate Bank Bank Fixed Deposit, LIC/NSC/KVP
  3. Loan available up to tenure of 7 years, including moratorium period
  4. Repayment to start 1 year after course completion / 6 months after obtaining employment (whichever is earlier)
  5. Loans available for short duration/ job oriented courses also
  6. Avail the tax rebate, offered under section 80-E of the Income Tax Act 1961* for the entire interest amount paid towards your education loan.

Syndicate Bank Education Loan Eligibility Criteria

Parameters 

Eligibility Criteria

Applicant’s Age

  • Non-employed personnel: Up to 35 years
  • Working employees / Executives: Up to 45 years

Who Can Apply?

  • An Indian National: With secured admission to professional/technical courses in recognized institutions.
  • Permanent employees: Who are employed for not less than three years with any organization and have secured admissions in a reputed institute or who intend to acquire higher professional qualifications.

Maximum Loan Amount

  • For studies in India: Up to Rs. 1,000,000
  • For studies in Abroad: Up to Rs. 2,000,000
  • For studies at IIT’s, IIM’s and ISB’s: Upto Rs. 4,000,000

Frequency Of Repayment

  • Quarterly or monthly rests.
  • Starts 1 year after completing the course of six months after getting a job, whichever is first.
  • Loan interest re‐payment will start immediately after disbursement of the first installment of the loan.

Repayment Period

  • Tenure: Education Loan consists of Duration of Study, Grace Period after the Study, and Repayment Period.
  • For Indian courses: Repayment tenure is a maximum of 12 years after the commencement of repayment.
  • For Abroad courses: Repayment tenure is a maximum of 12 years after the commencement of repayment.

Syndicate Bank Education Loan Interest Rates

Scheme Maximum Loan Amount Interest rate (p.a.)
Syndicate Bank’s Education Loan for Indian Up to Rs.20 lakh 9.55% – 13.25%
Education loan for Foreign Education No Upper limit 9.55% – 13.25%

Syndicate Bank Education Loan Schemes with detailed features, docs, max loan, courses

Schemes Maximum Loan Amount Interest Rates
Syndicate Bank Student Loan Rs.20 lakh 10.05%
Syndicate Bank Scholar Loan Rs.40 lakh 8.95% to 9.25%
Syndicate Bank Global ED-Vantage Rs.1.5 crore 10.05%
Syndicate Bank Skill Loan Rs.1.5 lakh 9.55%
Syndicate Bank Take Over of Education Loan Rs.1.5 crore 10.05%

Syndicate Bank Education Loan Documents Required

Under Know Your Customer Policy (KYC), the bank requires certain documents.

These documents are required from both the student and co-borrower:

Identity Proof

One of any mentioned document for Identity proof:

  • Passport
  • PAN Card
  • Aadhaar Card
  • Voter’s ID Card
  • Driving Licence
  • Photo Credit Card
  • Central and State Govt. issued Photo ID Proof
  • Defense ID Card.

Residence Proof

One of the following documents for Residence proof (It should not more than 3 months old):

  • Aadhaar Card
  • Ration Card
  • Passport
  • Bank Account Statement
  • Voter’s ID Card
  • Letter from any recognized public authority
  • Telephone Bill
  • Electricity Bill
  • Water Bill

Income Proof in case of salaried co-borrower

  • Salary Slips (not more than 3 months old)
  • Bank Statements (not more than 3 months old)
  • ITR
  • Form-16 (for the last 2 years)
  • bank account statement (for the last 6 months of salary account)

Income proof for self-employed co-applicant

  • Business address proof
  • IT returns for the last two years (If IT payee)
  • TDS certificate
  • Form 16A if applicable
  • Certificate of qualification (for CA, doctor, and other professions)
  • Bank account statement for the last 6 months.

Additional documents: Aside from KYC documents:

  Student Applicant

Mandatory Passport submission
Academic Records: X, XII grade results. Graduation results semester wise. Entrance Exam results that formed the basis of admission
Proof of admission: A conditional application letter may be considered
Cost of education, schedule of expenses.
2-passport size photographs
If the loan was taken out before then loan account statement for the last 1 year.

Co-applicant

2-passport size photographs
If the loan was taken out before then loan account statement for the last 1 year.

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Syndicate Bank: Takeover of Education Loan

An Education Loan is Transferable, it is basically a process of transferring high-interest debt from one to another lender and with a lower interest rate and better repayment policies.

The Syndicate Bank Takeover Of Collateralised Education Loans Scheme can be availed at an interest rate of 1Year MCLR + 1.50% spread. Syndicate Bank also gives a 0.50% concession in the interest rate for girls.

How To Apply For Syndicate Bank Education Loan

  • Visit  Dialabank for an education loan.
  • Go to the Syndicate Bank Education Loan page.
  • Check out all the eligibility and documents criteria for an education loan.
  • Fill out all the details required in the Education Loan application form.
  • Once done, our representative will soon contact you for a further stress-free process.

FAQs For Syndicate Bank Education Loan

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List of Approved Institutes

  • Architecture college
  • Law college
  • Medical college
  • Pharmacy college
  • Engineering college
  • Bio-technology
  • college
  • Management college
  • Science, Commerce, and Arts college
  • Physical education college
  • B.ED college

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