Syndicate Bank Education Loan: Application, Eligibility, Interest Rate, Documents & Much More.

Syndicate Bank Education Loan

The Syndicate Bank is one of the oldest commercial banks in India. The bank, along with 13 major commercial banks of India, was nationalised on 19 July 1969, by the Government of India. Syndicate Bank Provide Education loan schemes to students helping them realize their dream of higher education in India and abroad. If you want Educational Loan to complete your education or pursue higher studies from India or Abroad, You are at the right place to collect every aspect of information related to Educational Loan in India.

Syndicate Bank logo

Read this full post on Syndicate Bank Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Educational Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding Syndicate Bank Educational Loan it’s Process to Apply and full detailed Information.


 Syndicate Bank 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.

Brief Review

Profile Description
Name of Bank  Syndicate Bank
Founded on 1925
Headquarter Manipal, Karnataka, India
Type of Bank  Nationalised Bank
Number of Employees 34,989 (March 2017)
CEO Name Mrutyunjay Mahapatra
Maximum Loan Amount  Rs. 2 Crore
Timeline for Loan Disposal Maximum 15 Working days
Annual Revenue ∇ 6,913.09 crore (US$960 million)(2017)
Processing Fees No Processing Fee will be charged
Other Subsidiaries
  • Syndicate Bank, London Branch
  • Sandbank Services Ltd.
  • Syndicate Bank, Asset Management Arm
Category  Education Loan in India

Types of Syndicate Bank Education Loan

S.no. Scheme Description
1. Synd Vidya For pursuing higher education course both in India or Abroad through Entrance Test/Merit Based Selection process after completion of HSC (10plus 2 or equivalent). One can avail a loan Maximum amount Rs.10.00 lakhs for studies in India and Rs.20.00 lakhs for studies abroad
2. Synd Super Vidya For pursuing higher studies in technical and professional courses both in India and Abroad. One can avail a loan Maximum amount Rs. 20.00 lakhs for studies in India and abroad.
3. Synd Vidya Abroad The student should have obtained the admission for abroad studies through Entrance Test/Merit Based Selection. One can avail a loan amount Above Rs. 20 lakhs with a maximum amount of Rs. 2.00 Crore.
4. Synd Vidya-
Skill Loan Scheme
Syndicate Skill Loan Scheme aims at providing a loan facility to individuals. who intend to take up skill development courses as per the Skilling Loan Eligibility Criteria. One can avail a loan amount from Rs 5000 to Rs 1.5 lac
5. SyndVidya- Vocational Courses This Scheme is for students to pursue vocational educational training and skill development courses of a duration of 6 Months to 3 years. the loan limit up to 2 lakhs depending on the duration of the course

How to Apply

Online

  • Visit official Web Site of Syndicate Bank (Click Here)
  • Find the Educational Loan Section Apply Now Button
  • Fill online Application Form

Offline

  • Visit the nearest branch of Allahabad 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.

Eligibility

  • The applicant should be an Indian national.
  • Applicant must have secured admission in a Government recognized educational institution.
  • Applicant student who is aged above 18 and represents himself/ herself.

Documents Needed

  • Photocopy Mark sheet of last qualifying examination for school and graduate studies in India.
  • Proof of admission: Offer Letter or Admission Letter from the Institution.
  • Schedule of expenses for the course.
  • Copies of the letter confirming scholarship, etc.
  • ID Proof documents(Aadhar Card, Passport, PAN Card, Voter ID Card, Arms Licence, Driving Licence, Ration Card).
  • Date of birth Certificate.
  • Two passport size photographs.
  • Statement of Bank accounts for the last six months of a borrower.
  • A brief statement of assets and liabilities of the borrower.
  • Proof of Income of Parents or Guardians.

Expenses Considered

  • Tuition and course fee
  • Examination, library and laboratory fees
  • Caution deposit
  • Cost of books, Uniforms, Equipment and other instruments.
  • Travel Expenses

Return Policy

  • In case of Syndicate Bank Education loan, repayment will start after the completion of course period and moratorium period. Repayment will commence 6 months after completion of Course.
  • Repayment up to Maximum of 15 years.

EMI Calculator

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 Syndicate Bank Educational Loan: Click Here

Security

  •  Up to INR Rs. 4 Lacs
    • Co-obligation of parents
    • No security
  •  Above INR Rs. 4 lacs and up to INR Rs. 7.50 Lacs
    • Co-obligation of parents together with collateral security
    in the form of suitable third party guarantee.
  • Above INR. 7.50 lacs
    • Collateral security with 25% margin covering the loan sum and transfer of future earnings of the student for repayment of the loan after completing the course and securing a job is required.

Contact Details

Head office  Door No. 16/355 & 16/365A, Manipal – 576 104, Udupi District
Karnataka State (India)
Official website www.syndicatebank.in
Apply for Loan  Click Here
Contact Number 080-22260281

Syndicate Bank Student Loan FAQs

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  Syndicate Bank 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..!!

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