The South Indian Bank is a Private Bank which is Headquartered at Thrissur, Kerala, India. South Indian Bank was found in 1929. Bank has 852 Branches across the country. SIB has crossed many milestones till now. This bank provides several services like Credit-card, Consumer Banking, Corporate Banking, Wealth Management, Investment Banking, Education loan etc. If you too want Education Loan to complete your education or pursue higher studies from India/Abroad, You are at the right place to collect every aspect of information related to Education Loan in India.
Read this full post on SIB Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Education Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding SIB Education Loan it’s Process to Apply and full detailed Information.
SIB Education Loan
The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.
|Name of Bank||South Indian Bank|
|Type of Bank||Private Bank|
|Number of Employees||7677 (2017)|
|CEO Name||V.G. Mathew|
|Maximum Loan Amount||Rs.25 lakhs|
|Timeline for Loan Disposal||Maximum 15 Working days|
|Annual Revenue||Δ ₹6,562.64 crore|
|Processing Fees||No Processing Fee will be charged|
|Category||Education Loan in India|
Types of Student Loan
|1.||Vitjnan Pradhan Scheme||This Scheme is for students leading to graduate/PG/PG diploma with approval and university affiliation in India and job oriented professional/technical courses etc. An applicant can avail a loan of Rs 10 Lakhs and Rs. 20 Lakhs for India and Aboard Respectively|
|2.||SIB Excellence Scheme||This Scheme is for students preferring courses offered in India by premier educational institutes like IIT, IIM, and NIT etc. Admission through merit channel only. Under this Scheme One can avail the loan of Rs. 25 lakhs.|
|3.||SIB EDUSUM||This Scheme is for students leading to graduate/PG/PG diploma with approval and university affiliation in India and job oriented professional/technical courses etc. An applicant can avail a loan from Rs. 2.5 lakhs to 10 lakhs|
|4.||SIB GLOBAL EDUCATION||In this scheme applicant can avail loan from Rs. 20 lakhs to Rs. 150 Lakhs for full-time UG/PG/PhD courses and diploma, skill development courses with a duration of more than 1 year.|
|5.||Skill Loan Scheme||In this scheme, a loan can be sanctioned for Courses run by ITI, Polytechnic and other vocation courses recognised by NSDC/sector Skill council/State Skill mission/State Skill Corp etc. The loan amount will range from Rs. 5000 to Rs. 1.5 Lakhs|
|6.||Vidyanidhi Scheme||Loan amount restricted to 10% of tuition fees or Rs.1 lakhs whichever is lower.|
How to Apply
- Visit official Web Site of South Indian Bank (Click Here)
- Find the Education Loan Section Apply Now Button
- Fill online Application Form
- Visit the nearest branch of South Indian Bank to get offline Education Loan form.
- You may also download the form from official web handle.
- Submit the Application Form to Nearest Branch along with document needed.
- The Applicant should be an Indian National or NRI with Indian Passport
- Applicant must have secured admission in a government recognized educational institution.
- Eligibilities are also different according to Loan Scheme
- Proof of Identity including PAN
- Proof of Residence Address
- Academic Records: 10th Result, 12th Result, Graduation result-semester Wise (if Possible) Entrance Exam Result through which admission is being taken
- Proof of admission: Offer Letter or Admission Letter from the Institution.
- Schedule of expenses for the course
- Copies of the letter confirming scholarship, etc.
- Copies of foreign exchange permit, if applicable.
- Passport size photographs
- Tuition and course fee
- Examination, library and laboratory fees
- Caution deposit
- Cost of books, Uniforms, Equipment and other instruments.
- Travel Expenses
- In the case of SIB Education loan, repayment will start after the completion of course period+ 6 Months or Moratorium period.
- Repayment up to Maximum of 15 years
- Repayment period is also different according to Scheme
EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.
- If you want to calculate EMI for SIB Education Loan: Click Here
- Security taken is Different according to Loan schemes. You can visit the official website by the link given below to read more about it.
|Head office||T.B Road, Mission Quarters, Thrissur 680 001, Kerala, India|
|Apply for Loan||Click Here|
|Contact Number||+91-487-2420020, 2420058, 2420113|
SIB Student Loans FAQs
We hope that the information furnished above will guide you to get the best educational loan for your studies. In case of any doubt regarding the loan procedure and other related terms, read our FAQ’s session.
Q1. Who can be my co-borrowers?
Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.
Q2. How long does it take to process Education Loan?
Ans. Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5 Working days, once the student fulfils all documentation.
Q3. What all expenses will be covered by education loans?
Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.
Q4. What are the courses for which an education loan can be availed?
Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.
Q5. Can a student avail another loan for further studies?
Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.
Q6. Do education loans have any Income Tax benefits?
Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.
Q7. Why do banks require an insurance policy?
Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.
Q8. Is any incentive available for a girl student applying for education loan?
Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.
Q9. Are there any special privileges for students of SC/ST category who avail education loans?
Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.
Q10. Where can I avail on a SIB education loan?
Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.
Best of Luck..!!