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All About Syndicate Bank Education Loan To Study Abroad

Syndicate Bank Education Loan

Written by Aaliya Shaikh

A piquant and humorous writer with the love to scrawl and create. For me writing is supreme. To believe that I can give words to my thoughts and connect to people through it is extraordinary.

April 30, 2022

Education is the one and only tool that not only aids individuals in navigating the world but also delivers far more than just worldly enhancement. The expectations of today’s education are different from those of the past; receiving a high-quality education necessitates a large number of resources. To counteract such extensive financial needs, the Indian government, in collaboration with the Reserve Bank of India, has offered education loans with adjustable interest rates, allowing students to pursue their goals of higher education. Syndicate Bank Education Loan for abroad studies assists students in pursuing their aspirations of higher education by covering all course-related expenses and providing financial assistance to poor and meritorious individuals pursuing their dreams of higher education in India or abroad.

Syndicate Bank Education Loan Interest Rate

Students can borrow up to 7.5 lakhs from Syndicate Bank at an interest rate of 8.90% per annum. Those who take out an education loan in excess of INR 7.5 lakhs must pay an annual interest rate of 8.50%. Students who borrow from the Vidya Turant plan with a co-borrower must pay 6.90% p.a. in interest, while students who loan without a co-borrower must pay 7.50% p.a. in interest.

Syndicate Bank Education Loan Details

Maximum Loan AmountUpto INR 40 Lakhs
Loan TenureUp to 15 Years
Interest Rate6.90% to 8.80% p.a
Moratorium PeriodOne year after the course is completed
Margin MoneyFor up to INR 4 Lakhs – Nil
More than INR 4 Lakhs – 15% for studying abroad & 5% for Indian college/university.
EligibilityThe student must be an Indian Citizen. Students should have got admission to technical & professional courses in India & abroad. 

Margin Money On SBE Loan

For loans up to INR 4 lakhs, Syndicate Bank does not impose any margin money. The margin money for education loans above INR 4 lakhs for studying in India is 5%, while the margin money for studying abroad is 15%.

How Much Education Loan Can A Student Take?

The Syndicate Bank IBA model education loan is a need-based education loan. Those who have been accepted into “A” category institutes can take out a maximum loan of INR 40 lakhs under the Vidya Turant scheme. Under the Vidya Turant plan, students enrolling at ‘B’ category institutes are entitled to a maximum loan amount of INR 25 lakhs, while those applying to other schools are eligible for a maximum loan amount of INR 20 lakhs.

What Is The Moratorium Period?

Those who take out an IBA model student loan or a Vidya Turant loan from Syndicate Bank/Canara Bank would not have to repay anything during their studies. The Syndicate Bank imposes a one-year moratorium when the programme is completed. The maximum loan term for a Syndicate Bank overseas education loan is 15 years.

Documents Needed For A Syndicate Bank Education Loan?

The specific documentation needed to apply for a Syndicate Bank education loan will differ from one candidate to the next. However, for a Syndicate Bank education loan, the following documents are usually required:

  • Proof of age
  • Address proof
  • Details of fee
  • 10th/12th mark sheet for undergraduates & graduate scores & mark sheets for Post Graduate Students
  • Family income proof like ITR, salary certificate of guardian and parent, and pension certificate. 
  • Proof of admission from the college or university. 

Is There A Syndicate Bank Education Loan For All Degrees & Disciplines?

The Syndicate Bank/Canara Bank IBA model education loan is available for graduate and post-graduate courses in India and abroad. This scheme is open to courses that offer a degree or diploma from Indian colleges approved by appropriate agencies such as the UGC/Government, autonomous institutions such as IIT, IIM, and AICTE/Department of Electronics/IMC.

Advantages

Some of the benefits of applying for an educational loan with Syndicate Bank are listed below.

  • Interest rates are low.
  • There will be less paperwork.
  • There are no processing costs.
  • Disbursement in a Shorter Time
  • There are no fees for paying in advance.
  • There are no pre-closure fees.

Syndicate Bank: Taking Over Of Education Loan

An education loan is transferable, which is the act of moving high-interest debt from one lender to another with a lower interest rate and more favourable repayment terms. The 1 Year MCLR + 1.50% spread Syndicate Bank Takeover Of Collateralised Education Loans Scheme is available at a cost of 1Year MCLR + 1.50% spread. For girls, Syndicate Bank offers a 0.50% interest rate reduction.

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