Dreams Come True with Syndicate Bank Education Loan


Education has become very expensive nowadays. Hence one needs to have funds to support the educational expense. This becomes even more essential when one has to go abroad for studying. However, with the surge of education loans, studying in India and abroad has become relatively easier. This loan not only bears the expense of fees but also covers the additional cost of education. Syndicate Bank education loan allows students to study in recognized and prestigious institutions and pay off the loan after getting the job. 
When it comes to repayment of education loan, students can repay their loan after completing their education. Six months grace period is given to the students to get or join a job. This is called a moratorium period; the tenure of this period varies between 6 months to 1 year. The student is expected to repay the loan only after this period. 

What are the different types of education loan offered in India?

In India you can get education loan under the following categories:
•    Under Graduate Education Loan – This loan is given to the student who has completed his/her senior secondary education and wishes to pursue higher education. One can get a loan for studying in India and abroad.  
•    Postgraduate Education Loan – If you have completed your graduation and are seeking admission abroad, then one needs to have funds for the same. Studying in reputed institutes comes at a cost and the education loan helps you get that education. 
•    School Fees Financing- This is yet another essential loan provided by banks and NBFCs to the parents so that they can easily pay off the fees of reputed schools. 
There are many banks and NBFCs offering education loan. Syndicate Bank is one such bank which offers education loan at competitive interest rates. Its customer-friendly policies and approach have made it a popular choice for the students who wish to pursue their education. 
                                                                                          

Why should one take education loan from Syndicate Bank?

Various reasons that make Syndicate Bank a popular choice for those who are looking for education loan. Here are the benefits offered by Syndicate Bank:
1.    Attractive interest rate
2.    No processing fee
3.    No pre-closure charges
4.    Less paperwork
5.    Quick loan disbursal

Quick Snap at Syndicate Bank Education Loan:
Eligibility Parameter    Student must have a secured admission
Loan Tenure    Need to consult with the Bank
Loan Amount    Up to Rs. 2 Crores
Interest Rate    13.25%
Processing Fees    NIL
Key Feature of Education Loan offered by Syndicate Bank
•    One can avail loan for studying in India and abroad.
•    The student must be continuing education from a reputed and recognized institute
•    Syndicate Bank offers education loan of up to Rs. 10 Lakhs for studying in India and Rs. 20 Lakhs for studying abroad. 
•    There is no need for collateral for a loan up to Rs. 4 Lakhs, but here the parents or grandparents need to be the co-borrower. For loan amount between Rs. 4 Lakhs -7.5 Lakhs, one need to have collateral with a third-party guarantee. In case of loan above Rs. 7.5 Lakhs, one needs to have tangible collateral ready. 
•    There is no processing fee charged by Syndicate Bank

For which courses one can get Syndicate Bank Education Loan?
Syndicate Bank offers education loan for students studying in India and abroad. The courses for which one can avail this loan include:
•    Loan for graduation
•    Loan for post-graduation
•    Professional and technical course
All these courses must be approved by UGC, AICTE, IMC, Government, Department of Electronics, IIM, IIT, etc.
Expenses covered under Syndicate Bank Education Loan
The education loan gives maximum coverage so that the student can have a hassle-free curriculum. These expenses include the following:
•    Tuition fees
•    Purchase of books
•    Laptops
•    Uniforms
•    Hostel fees, study tools and 
•    Passage expenses for a student traveling abroad for study.

Syndicate Bank Education Loan Eligibility Criteria

•    The applicant must be 18 years and above
•    He/she must be a resident of India 
•    The applicant should have confirmed admission.
Types of Education Loan offered by Syndicate Bank
The bank offers education loan to students who wish to pursue their education in India and abroad. There are various types of education loans that cater to the variegated needs of the applicant. The education loan offered by Syndicate Bank is called Synd Vidya, and it is further divided into the following categories:
•    Synd Vidya
•    Synd Super Vidya
•    Synd Vidya Abroad
•    Synd Vidya Skill Loan Scheme
•    Synd Vidya Vocational Courses
Synd Vidya Loan
This is the basic loan scheme offered to students who wish to pursue their higher education in India or abroad.
Eligibility Criteria:
•    The applicant must be 18 years and above
•    The applicant should have confirmed admission
Quantum of Loan 
•    The loan amount sanctioned to a student studying in India is Rs. 10 Lakhs (maximum)
•    The loan amount sanctioned to a student studying abroad is Rs. 20 Lakhs (maximum)
Collateral Requirement
•    For loan up to Rs. 4 Lakhs – No Collateral
•    For loans ranging between Rs. 4 Lakhs to Rs. 7.5 Lakhs- There must be a co-borrower who would be parents or relatives
•    Loan above Rs. 7.5 Lakhs - 100% Tangible collateral security of suitable value acceptable to the bank.
Interest Rate:
Loan up to Rs. 4 Lakhs    One Year MCLR+1.60% p.a.
Rs. 4 Lakhs - Rs. 7.5 Lakhs    One Year MCLR+1.85% p.a.
Above Rs. 7.5 lakhs    One Year MCLR+2.85% p.a.

Repayment Period - The repayment period lies between the course duration and one year to 15 years from the date of start of the first installment. 
 
KYC 
•    Identity Proof like Aadhaar card, passport, ration card.
•    Address Proof like Ration card, Aadhaar card, etc.
•    Admission confirmation letter
•    Passport size photographs
Processing Fees - No Processing Fees
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Synd Super Vidya 
This loan is for that meritorious student who wishes to pursue his/her higher education from a reputed institute.
Purpose: One can use this loan for a technical course, executive courses offered in India by premium technical and management institute. 
Eligibility Criteria:
•    The applicant must be 18 years and above
•    The applicant should have confirmed admission
Quantum - The loan amount allowed to a student studying is Rs. 20 Lakhs (maximum)
Collateral Requirement:
For loan up to Rs. 4 Lakhs – No Collateral
For loan above Rs 4 Lakhs – Parents have to guarantee the loan amount
Interest Rate: One-year MCLR + 0.10% (If interest is serviced during the moratorium period, otherwise 1% additional interest)

KYC 
•    Identity Proof like Aadhaar card, passport, ration card.
•    Address Proof like Ration card, Aadhaar card, etc.
•    Admission confirmation letter
•    Passport size photographs
Processing Fees - Syndicate Bank charges zero processing fee on education loan.  
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Synd Vidya Education Loan for Studying Abroad
This loan is available for the students who wish to pursue their education abroad. They must have got the admission in the institute and should be able to produce the proof of admission at the time of loan application. 
Quantum of Loan: The loan amount sanctioned by Syndicate Bank varies from Rs. 20 Lakhs to Rs. 2 Crores.
Margin: 15% of margin on a pro-rata basis
Security: 
•    Tangible liquid securities in the form of NSC, KVP, RBI bonds, non-agricultural land, etc. which is more than 125% of the loan amount.
•    A part of the future income of the student

Synd Vidya Abroad Education Loan Interest Rate- 
One year MCLR+2.10%
•    Bank gives 1% concession if the applicant pays the interest during the study period and subsequent moratorium period before the repayment period starts. 
•    Children of government employees or employees of Public Sector Undertakings like LIC, Banks, etc. get an additional concession of 1% 
•    The total interest should not be less than the  MCLR

Processing Fees: Syndicate Bank charges zero processing fees on education loans.
Courses Covered under education loan offered by Syndicate Bank:
•    Students are planning to pursue their graduation in professional or technical courses offered by reputed and accredited institutes.
•    Loan for post-graduation- students can take the loan for continuing post-graduation courses like MBA, MCA, MS, etc. 
•    Courses conducted by CIMA London 
•    Course offered under CPA in the USA
•    Aeronautical engineering, pilot training, shipping, etc. from the institutes recognized by the regulatory bodies. 
What does the Synd Vidya Abroad Education Loan amount cover?
The expenses covered by the reduction loan from Syndicate Bank include:
•    Tuition Fees
•    Books and laptops
•    Uniforms 
•    Hotels fees
•    Examination Fees
•    Traveling expenses 
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Synd Vidya Skill Loan Scheme
This loan is available to those who wish to purse skill-based training and courses.
Eligibility- 
An applicant is eligible for Synd Vidya Skill Loan scheme if he would get a certificate/diploma/degree under National Skill Qualification Framework (NSQF) on taking admission in any of the following:
•    Courses run by ITIs, Polytechnics, or institutions recognized by Central and State Boards, 
•    Colleges affiliated to the recognized university,
•    Training partners affiliated to National Skill Development Corporation, 
•    State Skill Corporation, 
•    Sector Skill Councils
Quantum of Loan - Rs. 5,000 to Rs. 1,50,000
Rate of Interest - Read More