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Education Loan in Syndicate Bank
A Syndicate Bank’s Education Loan Scheme – SyndVidya
Syndicate Bank’s involvement in education dates back to the decades prior to the Nationalisation of Banks. The Bank was also the first to set up a string of Rural Training Institutes aimed at empowering the young India in rural areas through entrepreneurial education and training.
Continuing this commitment to education, the Bank has introduced a comprehensive Education Loan Scheme-SyndVidya, which is more student responsive and parent friendly. The Scheme covers the entire spectrum of educational needs from the school education to super speciality courses including overseas courses.
The scheme makes available need based finance to cover expenses related to education such as fees payable to College, Hostel, Examination, Library, Laboratory fees, caution deposit / building fund / refundable deposit upto 10% of tuition fee, Cost of Books, Equipments, Travel expenses for studies abroad etc. Only capitation fees, donation or external coaching fee are not covered.
The education loan scheme carries liberal limits of ₹10.00 lac for courses within the country and ₹ 20.00 lac for overseas courses.
The scheme which is attractively priced at the Bank’s prime lending rate and other details are furnished below :
Syndicate Bank Education Loan Eligibility Criteria
- Any student who is a major representing himself or a minor student represented by parent or guardian of Indian nationality.
- Must have secured admission on the basis of merit to professional / technical / other courses through entrance test / selection process. Deviation / relaxation is also permitted under special circumstances.
- Must have secured admission to Foreign universities / Institution ( for studies abroad ).
a) Syndicate Bank Education Loan for Studies in India
- Graduation : B.A., B.Com, B.Sc., etc.
- Post graduation : Masters & Phd.
- Professional courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental Management, Computer etc. In respect of Management studies, apart from University affiliation, course should also be approved by All India Council for Technical Education. For Computer education, the recognised training Institute should have accreditation of DOE, Govt of India to conduct the course under Department of Electronics Accreditation of Computer Course (DOEACC) Scheme.
- Computer certificate courses of reputed institutes accredited to Department of Electronics or Institutes affiliated to Universities.
- Courses like ICWA, CA, CFA etc.
- Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc.
- Courses offered in India by reputed foreign universities.
- Evening courses of approved institutes.
- Other courses leading to Diploma / Degree etc. conducted by colleges / universities approved by UGC / Govt./ AICTE / AIBMS / ICMR etc.
- Courses offered by National Institutes and other reputed private institutions acceptable to the Bank.
b) Education Loan in Syndicate Bank for Studies abroad
- 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.
- Other Foreign Diploma courses are not eligible.
Syndicate Bank Student Loan Eligibility :
- Should be an Indian National.
- Secured admission on the basis of merit to professional / technical courses through Entrance Test / Selection process. Deviations / relaxations are also permitted under special circumstances.
- Secured admission to foreigh university / institutions.
- The student who is a major representing himself or a minor student represented by parent or guardian.
Quantum of Loan :
- Need based finance to meet expenses such as fee payable to college / school / hostel, examination fee, cost of books, travel / passage fare for studies abroad etc.
- Capitation fee / donation / external coaching fee are not eligible for finance.
- Maximum of ₹ 10.00 lac for studies in India and ₹ 20 lac for studies abroad.
Education Loan Margin :
- For loans upto ₹ 4 lac – No Margin required.
- For loans above ₹ 4 lac – 5% for study in India and 15% for study abroad.
Collateral Security for Education Loan in Syndicate Bank
- For loans upto ₹ 4.00 lac – Nil.
- For loans above ₹ 4.00 lac and upto ₹ 7.50 lac – Collateral in the form of satisfactory third party guarantee acceptable to the Bank.
- For loans above ₹ 7.50 lac – Collateral security with 25% margin covering the loan amount and assignment of future income of the student for payment of loan instalments.
Note : In all the above cases, the parent / guardian shall join the transaction as co – borrower.
Syndicate Bank Rate of Interest ( PLR presently 12% )
- For loans upto ₹7.50 lakhs – PLR minus 2.00%.
- For loans above ₹ 7.50 lakhs – PLR minus 2.50%.
- No processing charges / service charges are levied for educational loans.
Repayment of Education Loan in Syndicate Bank : In 5 to 7 years commencing one year after completion of the course or 6 months after securing the job whichever is earlier.
Capability Certificate : Capability certificate for students going abroad for higher studies are also issued on production of financial and other supporting documents.
Please refer http://syndicatebank.in/downloads/Adv_Synd_Vidya_EduLoan.pdf to take a print of SyndVidya Application form.
For further details, please contact any of our branches.
Application Form Submission 16 Dec 2020 to 16 Jan 2021.