Syndicate Bank Education Loan

Synd Vidya: A SyndicateBank’s Education Loan Scheme

Purpose: Providing financial support to deserving / meritorious students for pursuing higher education in India and abroad.

Courses Eligible:

(a) Studies in India:

• Graduation courses: BA, B.Com., B.Sc., etc.
• Post graduation courses: Masters Degree & Ph.D.
• Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
• Computer certificate courses of reputed institutes accredited by Dept. of Electronics or Institutes affiliated to University.
• Course 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.
• Regular Degree/Diploma/Certificate courses like Aeronautical, Pilot training, Commercial Pilot training, Shipping etc. approved by Director General of Civil Aviation / Shipping.
• Teacher training course/Nursing course/B.Ed are eligible for educational loans provided the training institutions are approved either by Central Govt or  by the State Govt and such courses should lead to degree or diploma course and not to certification course.

(b) 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.

Student eligibility:

• Any major student representing himself or a minor student represented by parent or guardian, of Indian nationality.
• Secured admission to professional / technical courses in India or abroad through entrance test/ Merit based selection process.

Quantum of Finance:
Need based finance subject to repaying capacity of the parents/ students with margin and the following ceilings.

• Studies in India - Maximum Rs. 10.00 lakh
• Studies abroad - Maximum Rs. 20.00 lakh

Margin amount (to be brought in by the student/parent):

• Upto Rs.4 lakh: Nil
• Above Rs 4 lakh: Studies in India - 5%
• Studies abroad : 15%

Security:

• Upto Rs.4 lakh: Co-obligation of parents. No security.  Assignment of future income.
• Above Rs.4 lakh upto Rs.7.50 lakh: Co-obligation of parents together with suitable third party guarantee acceptable to the Bank.  Assignment of future income.
• Above Rs.7.50 lakh: Co-obligation of parents together with tangible collateral security of suitable value along with assignment of future income of student. The security can be in the form of land/building/Govt. Securities/Public Sector Bonds/Units of UTI, NSC, and KV, Life Policy, Gold, Shares/Mutual Fund Units/Debentures, Bank deposit etc.

Rate of Interest: Interest linked to Loans-Base Rate of the Bank at monthly compounding.

Interest rate:

• Upto Rs.4.00 lakhs  -  Base Rate + 2.25%   
• Above Rs.4.00 lakhs - Base Rate + 2.75%

Concessional rate of interest:

• 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:
Repayment holiday / moratorium: Course period +1 year or 6 months after getting job, whichever is earlier.
The loan is to be repaid in 5-7 years after commencement of repayment.

Processing & Documentation Charges: No processing charges and Documentation charges.

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