Syndicate Bank Education Loan – Studying in foreign universities is a prospect that many Indian students look forward to, but often these students have to give up their dreams and aspirations of studying abroad due to the sheer expense which accompanies foreign university education opportunities. This is the reason that the number of students seeking education loans has grown tremendously in the past decade. With the recent increase in influx of students seeking loan options for studying abroad, many public and private national banks have come up with new and unique educational loan opportunities.
In order for students to be able to successfully meet the monetary requirement for pursuing education abroad, Syndicate Bank offers two different education loan for study abroad. These offers are:
Synd Vidya education loan
Synd Vidya Abroad education loan
The Synd Vidya education loan is available for scholars pursuing education in both Indian and foreign universities whereas the Synd Vidya Abroad education loan is designated specifically for Indian students seeking education in foreign universities.
Syndicate Bank is one of the top education loan providers to study abroad. The eligibility criteria for the Synd Vidya and the Synd Vidya abroad education loan differs slightly and is mentioned below.
In order for a candidate to qualify for a SyndVidya Abroad loan through Syndicate Bank, he or she must be an Indian national who has secured an admission for studies abroad only through entrance test or merit based selection after completion of senior secondary education (10+2 or equivalent).
In order for a candidate to qualify for a SyndVidya Abroad loan through Syndicate Bank, he or she must be an Indian national who has obtained admission for studies abroad only through entrance test or merit based selection.
Apart from this prerequisite, the eligible courses for which a candidate can apply for a Synd Vidya Abroad educational loan include:
Graduation: Technical and professional job oriented courses offered by reputed universities.
Post Graduation: MBA, MS, MCA etc. offered by a reputed university.
Courses conducted by CPA in USA, CIMA – London etc.
Diploma and Degree courses which are recognized by regulatory bodies in India or abroad for employment purposes in India or abroad such as pilot training, shipping etc.
The documents required for the SyndVidya and the SyndVidya Abroad loan vary slightly as given below:
Proof of identity
Xerox of admit card for the college/university
Admission letter from the college/university
Passport size photograph
Full particulars of passport
Full particulars of foreign exchange permit
Full particulars of the VISA to be given to the scholar
Overseas address in the foreign country to be submitted for regular contact
The two categories of Syndicate Bank education loan for study abroad available to Indian students have different loan amount ranges and requirements.
The Synd Vidya educational loan is available for Indian students studying in India as well as abroad but the maximum loan amount for students pursuing education in India is Rs. 10 lacs whereas the maximum amount for students pursuing education abroad is Rs. 20 lacs.
There is no minimum amount for Synd Vidya loans and the loans are available in three bands:
Up to Rs. 4 lacs
Rs. 4 lacs – Rs. 7.5 lacs
Rs. 7.5 lacs – Rs. 20 lacs
The maximum loan amount for Synd Vidya is Rs. 20 lacs.
The Synd Vidya Abroad education loan has a minimum loan value of Rs. 20 lacs and can extend up to Rs. 2 crore depending on the student's requirements.
The rate of interest for the different loan ranges in the Synd Vidya educational loan as well as the interest rate for the Synd Vidya Abroad educational loan are given below.
Up to 4 lacs
One year MCLR + 1.60% per annum
4 lacs – 7.5 lacs
One year MCLR + 1.85% per annum
7.5 lacs – 20 lacs
One year MCLR + 2.85% per annum
Synd Vidya Abroad
20 lacs – 2 crore
One year MCLR + 2.10% per annum
Various types of interest rate concessions are available on Syndicate Bank education loans in both the categories of loans.
A 1% concession in interest rate is available for children of Employees of Government Department or Public Sector Undertakings or Corporations as well as Blue Chip companies with tie-up arrangements or Corporates which give irrevocable undertaking letters.
0.5% concession in interest rate is available for ST/SC boy scholars.
0.5% concession in interest rate is available for girl scholars.
0.75% concession in interest rate is available for girl scholars belonging to the SC/ST category.
The overall concession to these categories cannot exceed a cumulative 1% and interest charged cannot be less than MCLR.
1% concession in interest rate is provided if the interest is serviced during the study period and subsequent moratorium period prior to the commencement of repayment.
1% concession in interest rate is available for children of Employees of Government Department, Public Sector Undertakings, Corporations, Blue Chip companies etc.
The cumulative interest rate concession cannot be less than the MCLR.
For the two different educational loan categories offered by Syndicate bank, there are different collateral and security requirements:
Parent(s) to be joint borrower(s)
Collateral security in the form of third party guarantee
100% tangible collateral security of suitable value acceptable to the bank
Tangible collateral security in the form of liquid securities such as KVP/NSC/RBI Relief Bonds etc. or Non-agricultural property value at least 125% of the loan amount
Assignment of future income of the student
The disbursement as well as loan margin schemes for the Synd Vidya and the Synd Vidya Abroad educational loans varies in accordance to loan amount.
The Synd Vidya education loan has the option of full or 100% disbursement of the loan amount with no margin for loans up to INR 4 lacs.
The 100% loan disbursement for loans in the range of INR 4 lacs – 20 lacs has varying loan margin requirements as the loan margin for studies in India is 5% whereas the loan margin for studies abroad is 15%.
Additionally, for loan amounts up to INR 7.5 lacs, the loan margin will be nil if the loan is eligible for the 'Credit Guarantee Coverage'.
The disbursement of the tuition fee is done as per the requirement of the educational institute and a loan margin of 15% may be bought in on the loan amount on a year to year basis as and when disbursements are made on a proportional basis.
The education loan repayment criteria for both the Synd Vidya and the Synd Vidya Abroad loan schemes is the same. Repayment of the loan is exempted for a moratorium period which is equivalent to the one year greater than the course duration.
The maximum period for repayment of the loan is 15 years from the date of commencement of repayment of the loan.
For further assistance and details regarding Syndicate Bank educational loan options, scholars may contact or visit their local Syndicate Bank branch or visit the online portal. Scholars may also contact Syndicate Bank representatives through the customer care helpline.
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