Syndicate bank Education Loan Rate of Interest
Syndicate Bank offers education loan to meet financial needs of student for maximum loan amount upto 20 Lacs
- A margin of 5% margin is charged.
- The maximum loan limit is INR 20 Lacs.
- Free debit card
- An additional loan of up to INR 3 Lacs if selected to go abroad under a student exchange programme.
- Loan can be availed from the nearest branch.
Rate of Interest charge by the bank depends on the base rate set by Syndicate Bank as per the guideline set by RBI:
- The rate of interest for all the amounts is 1-year MCLR+0.10%.
CALCULATE YOUR EDUCATION LOAN EMI
1,000 per month
1,000
1,000
Looking for admission for India and Abroad?
Syndicate bank Education Loan Eligibility
- Indian National. The student must be an Indian National or an NRI having an Indian passport
- 10+2. The student must have cleared 10+2 from a recognized board or institute with 50% marks.
- Premier Institute. You must have secured admission in one of the premier institutes in India.
- Eligible Course. Post Graduation/M.Phil./Ph.D. programme
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| Bank / Financer |  Change bank |  Change bank |  Change bank |  Change bank |  Change bank |
| Applicable Rate of Interest | 1-year MCLR+0.10%. | For List AA Institutes, the interest is 8.75% for loan amount up to INR 30 Lacs without collateral For List A Institutes, the interest is 9.05% for IITs and NITs and 9.55% for other institutes For List B Institutes, interest rate is 10.20% for loan amount up to INR 20 Lacs and 9.95% if collateral security value is greater than loan amount For List C Institutes, interest rate is 9.05% for NITs and 10.05% for others | up to 3 Years: BR+1.50% Above 3 Years :1.50% + Term Premium where BR is at the rate of 10.00%. | Upto 4 Lacs- 16.50% Upto 7.5 Lacs- 17.50% Above 7.5 Lacs- 15.50% | |
| Max Loan with Collateral | 20Lacs | For AA Category: 40 Lacs For A Category: 20 -30 Lacs For B Category: 20 Lacs For C Category: 7.5 Lacs | 7.50 Lacs to 15 Lacs | 10Lacs | |
| Max loan without collateral | 20Lacs | For AA Category: 40 Lacs For A Category: 20 -30 Lacs For B Category: 20 Lacs For C Category: 7.5 Lacs | 7.50 Lacs to 15 Lacs | 10Lacs | |
| Processing Fee | Nil | Upto INR 4 Lakhs: No Above INR 4 Lakhs: INR 5,000 | Nil | Nil | |
| Repayment Period | 15Year | 15 years | 15 years | 7 Years | |
| Loan for top institutions | Yes, Synd Super Vidya | Yes, SBI Scholar Loan Scheme | Yes, PNB Pratibha | No | |
| Margin | 5% | Scholar Loan Scheme- Nil | 5%(above 4Lacs) | Upto loan 4 Lacs _ No margin Above 4 Lacs_ for India: 5% | |
| Age Limit | No age criteria | No age criteria | No age criteria | No age criteria | |
| Loan Security | No collateral security. Guarantee of parents/ guardian for the loan amounting above INR 4 Lacs | Upto INR 4 Lacs: Parents considered as co-borrower Between INR 4 to 7.50 Lacs: Parent as well as third party guarantee is required Above INR 7.50 Lacs: Tangible security along with parents as co borrower | Co-obligation of parents/guardian as joint co-borrowers | Third party guarantee Collateral security Additionally, assignment of LIC policy in favor of bank amounting 100% of education loan amount Assignment of Future salaries in favor of Axis Bank | |
| Eligibility concession for SC/ST | 0.50% to SC/ST Boy 0.75% for SC/ST Girl | No | 50% for SC/ST 60% for General category. | No | |
| Processing Time | N.A | 20 days | 15 Days | 14 Days | |
| Prepayment charges | Nil | Nil | Nil | Nil | |
| Penal charges | Nil | Penal interest @ 2% to be charged for loans above Rs.4 lacs for the overdue amount and overdue period. | Nil | @ 2% per month on the overdue installment/s | |
| Mandatory insurance cover | Not mandatory | Yes | Yes | Yes | |
| Travel expeneses | Yes | Yes | Yes | Yes | |
| Bank transfter allowance | No such clause mentioned | Yes | Branch Transfer allowance is available | No such clause mentioned | |
| Top up loan availability | Unavailable | Available. Also, takeover loan facility is also available | Available | No such clause mentioned | |
| Interest Subsidy Schemes | CSIS Skill Loan Scheme | Skill Loan Scheme CSIS | Padho Pardesh CSIS Skill Loan Scheme | CSIS | |
| Tax benifit | Yes | Yes | Yes | Yes | |
| Concession/benefits | Zero Margin for Loan upto INR 4 Lacs No collateral is required if the loan is less than INR 4 Lacs 0.50% concession to girl students 0.50% concession to SC/ST boy students and 0.75% to SC/ST girl students | Concession to girl students 1% concession if interest is serviced during moratorium period including course period | 0.5% concession to girl students 0.5% concession if interest is serviced during moratorium period including course period Online application | There is no processing fee charged No pre- payment charges are applied No pre- closure charges are applied Loan Disbursal period is 15 working days from the date of final submission of documents |
How to apply for Syndicate bank Education Loan ?
Syndicate bank Education loan application form can be available online or offline at Bank branches.
Visit the official website of Syndicate Bank.
Select loan scheme and click on Apply Now
Fill out the form with your details
Upload the mandatory documents required.
Submit the form and take out a print out of the application.
Visit the bank branch for further formalities.
Applicants can directly visit the nearest branch and ask for an application form. The bank representative will then guide them with all the necessary information regarding eligibility, documents required and also which loan is best suitable.
Syndicate bank Education Loan Details
Guarantee of parents/ guardian for the loan amounting above INR 4 Lacs
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Expenses covered under Syndicate bank Student Loan Scheme
- Tuition fee
- Examination fee
- Library/ Laboratory fee
- Hostel Fee
- Cost of Books, equipment, instrument or uniforms
- Miscellaneous expenses- study tours, project work, thesis, etc.
- A reasonable cost of computer or laptop (if required)
Courses Covered Under Syndicate bank Student Loan Scheme
In India
Post-Graduate/ Masters courses
One year Executive Development Programme
Courses offered in Premier Technical and Management Institutes
Education Loan Documents Required ?
Copy of admission letter along with fee structure and other documents.
Copies of identity proof,Passport, Voter's ID, Driving Licence or PAN Card
Two recent passport size photographs of applicant, co-applicant, and guarantor
Mark sheet of recently qualified public exam for school, college in India
Latest salary slip, Form 16 and recent salary certificate.
Schedule of expenses for the course
Frequently Asked Questions
What schemes does Syndicate Bank considers for its education loans?
+ -In whose name is the loan granted?
+ -Is the loan contract executed only in student's name?
+ -What is the age limit for availing loan in Syndicate Bank?
+ -Are minors eligible to apply for Syndicate Bank Education Loan?
+ -What does margin on any loan mean?
+ -Should the student's margin be paid upfront in the starting?
+ -Where can I avail Syndicate Bank Education Loan?
+ -Is there any provision to apply for loan online?
+ -Can I view my loan statement online if I am an existing education loan borrower?
+ -Is there any minimum aggregate marks to meet the eligibility criteria to avail Syndicate Bank education loan?
+ -What is the discount/ rebate offered by Syndicate Bank?
+ -What all is included in tangible collateral security?
+ -Can I place my family property as collateral?
+ -Is scholarship or assistantship included in the margin?
+ -What is Moratorium Period?
+ -What is tenure of an education loan?
+ -What does MCLR stands for?
+ -What all expenses are covered under this course?
+ -I have taken admission through management quota. Am I eligible?
+ -What do you mean by reputed or recognized institutes?
+ -Are there any special benefits if I have secured admission to one of the top premier institutes?
+ -What is the processing fee or prepayment charges?
+ -Will cost of my computer be covered under the loan sanctioned?
+ -Why is Pan Card necessary?
+ -Are diploma or certificate courses considered under Syndicate Bank education Loan (both for India and Abroad)?
+ -Is a co-borrower necessary for loan?
+ -Who can be my co-borrower?
+ -What all documents are required from the co-borrower?
+ -How many guarantors do I need to borrow loan from Syndicate Bank?
+ -What is the KYC requirement in education loan?
+ -What are maximum term for repayment?
+ -How can I repay the loan?
+ -What is EMI? How are they calculated?
+ -What are the charges for late EMI payment?
+ -Is the loan disbursed in name of individual applicant or to the institute/ university directly?
+ -If I am unable to complete my course in given tenure, will my repayment term be extended?
+ -What is method of application of interest on education loan?
+ -If I am joining the course soon after current course, can I get an extension?
+ -What is interest rate of education loan?
+ -What is interest subsidy on education loan?
+ -What documents do I need to submit to avail interest subsidy scheme?
+ -What is employment verification in an education loan?
+ -Are there any tax benefits in education loans?
+ -Is it necessary to have bank account with the bank while availing loan from that particular bank?
+ -Why do banks require insurance policy as security?
+ -Are there any additional benefits on availing loan from Syndicate Bank?
+ -What is credit score? Is it important for education loan?
+ -If a student have any query, where or whom to contact?
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