Studies in India |
Eligibility for Education Loan |
- Must be an Indian National.
- Secured admission to Professional/ Technical courses through Entrance Test/ Selection Process.
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| Eligible Courses for Education Loan |
- Professional courses like Medical/Engineering/Veterinary/Nursing/Law/Management/PGDRIM/ ICWA/CA/CFA/IIM/ IIT/IISC/XLRI/NIFT and other courses approved by State/ Central Government.
- All other courses leading to diploma/ degree etc., conducted by colleges/ universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.
- Courses offered by reputed private institutes and national institutes that are acceptable to the bank.
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| Quantum of Finance |
| Maximum of Rs. 10.00 lacs for studying in India |
| Margin |
- Upto Rs.4,00,000/- -- NIL
- Above Rs.4,00,000/- -- 5%
|
Studies in Abroad |
Eligibility |
- Must be an Indian National.
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| Eligible Courses for Education Loan |
- Post graduation/technical courses offered by reputed universities like MCA, MBA, MS and PhD(Doctor of Philosophy) etc.
- Courses conducted by CIMA - London, CPA in USA etc.,
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| Quantum of Finance |
| Maximum of Rs. 20.00 lacs for studies in abroad. |
| Margin |
- Upto Rs.4,00,000/- -- NIL
- Above Rs.4,00,000/- -- 15%
|
Common aspects for Indian and Abroad studies |
Security |
- Upto Rs.4.00 lacs - No security
- Rs. 4.00 lacs to 7.5 lacs - Collateral in the form of satisfactory third party guarantee acceptable to the Bank.
- Above Rs. 7.50 lacs - Collateral security with 25% margin covering the loan amount and assignment of future income of the student for payment of loan instalments.
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| Rate of Interest |
- Upto Rs.4.00 lakhs - PLR minus 1.50%
- Above Rs.4.00 lakhs - PLR minus 1.00%
- Girl students and students belonging to SC/ST category are eligible for concession of 0.50% on the above rates.
- Girl students under SC/ST category are eligible for a further concession of 0.25% on the above rates.
- Simple interest to be charged during the Repayment holiday/Moratorium period.
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| Repayment |
| In 5 to 7 years commencing one year after completion of the course or 6 months after securing the job whichever is earlier. |
| For more details visit Syndicate Bank official website: syndicatebank.in |