Description

Syndicate bank is one of the oldest and major commercial banks of India. In the early days of its establishment, it was known as Canara Industrial and Banking Syndicate Limited. The bank was nationalized in 1969 by the Government of India along with 13 other major commercial banks of India. It is well-equipped bank to meet the requirements of every individual with its 1348 branches spread across the country. It is headquartered in the town of Manipal, India.

Overview of Syndicate Bank Education Loan

Education is the one indispensable tool that not only helps individuals to figure out their way in the world but also provides a lot more than just worldly augmentation. The demands of today's education are different from that of the past; it requires ample resources to receive quality education. The government of India along with RBI has introduced education loans with flexible interest rates to combat such extended financial needs and allow the students to achieve their dreams of higher education.

Syndicate Bank helps students to achieve their dreams of higher education by taking care of each and every expense related to the courses & also offers financial help to needy and meritorious candidates to further their dream of higher studies in India or abroad.

Syndicate bank offers 5 distinct education loan schemes to aspiring students to help them pursue their dreams of higher education in India and abroad. These schemes include:

1. Synd Vidya:

This scheme helps students who have secured admissions to a higher education course in recognized institutions in India or abroad through merit based selection process or entrance test to finance their education. Upto Rs. 10 lacs is offered as an Best education loan to students pursuing higher education in India and upto Rs. 20 lacs is offered to students who are going to pursue higher education abroad.

2. Synd Super Vidya:

This scheme aims at providing help to exceptionally deserving and meritorious students who have secured admissions in reputed Indian institutions like IITs, IIMs, NIT etc. to complete their graduation and post-graduation courses. A loan amount of upto Rs. 20 lakhs is given to students to pursue their education.

3. Synd Vidya Abroad:

For students who have secured admission for abroad studies through merit based selection process/ entrance test are eligible to apply for loans under this scheme. The quantum of loan offered to the needy students under this scheme is Rs. 20 lakhs to upto Rs. 2 crores.

4. Synd Vidya - Skill Loan Schemes:

Any candidate who has secured admission in 3 months to 2 years courses provided by ITIs, Polytechnics or other such courses approved by NSDC (National Skill Development Corporation) or NSQF (National Skill Qualification Framework) can avail financial help from this scheme.

5. Synd Vidya - Vocational Courses and Skills Development:

A candidate who has secured admission in vocational training courses which is employment oriented and is recognized by State/Central Government institution can apply for a loan from Syndicate Bank under this scheme.

Cost Covered by Syndicate BankEducation Loan

Syndicate Bank offers education loan of upto Rs. 2 cr. to the candidates planning to pursue higher studies in India or abroad. Education loan covers the following expenses:

  • The entire tuition fee payable to the college/ university
  • Hostel/ boarding fees
  • Examination/ library/ laboratory fees and charges
  • Cost of books, computers and other such expenses required
  • Travel Expenses along with the passage money for abroad studies
  • Lodging and Food expenses

What is Afinoz?

Afinoz.com is India's foremost online financial marketplace for availing loans and investments. Our main objective is to make the process of getting a loan or making an investment safer, convenient and hassle-free for individuals. We work with public and private banks, NBFCs and mutual fund houses across the entire country and offer an unbiased quotation on financial products. You can contact our team to get more information or apply for a loan or investment by calling on +918795021552 or by emailing at info@afinoz.com. Afinoz.com provides solutions which are quick, reliable, transparent, confidential and above all free.

Features & Benefits

  • Flexible interest rates: Syndicate Bank provides longer and flexible repayment options to the borrower. It even offers incentives to female and economically weaker class students who wish to further their education
  • Simple application process: You can apply online for Syndicate Bank education loan through Afinoz within 5 minutes without having to visit the bank to complete the related formalities
  • Tax Benefits: As per the Section 80E of the Income Tax Act, 1961 an individual can get tax deduction benefits from Syndicate Bank on education loans
  • Your education loan is approved even before you get your Visa for abroad studies
  • Quick approval and sanction of Education Loan
  • No processing or prepayment charges or fees are incurred on education loan from Syndicate Bank

Eligibility

The loan eligibility varies from student to student based on his/her academic background and monthly obligations. The following are the eligibility criteria for education loan from Syndicate Bank:

  • Courses eligible for an education loan from Syndicate Bank: Any graduation and post-graduation course in the following discipline:
    • Engineering (Both Masters and Under-graduation)
    • Medicine
    • Agriculture
    • MCA and MCM
    • Hotel and Hospitality
    • Management
    • Professional or technical training courses
  • The borrower must be an Indian citizen
  • Age: Minimum age of the candidate at the time of loan application should be 18 years
  • Confirmed Admission: The candidate must have secured admission to a recognized University
  • A co-applicant(s) if the candidate is pursuing a full time course in India or Abroad

Co-Applicant’s Eligibility Requirement:

  • The co-applicant must be a close family member of the candidate such as father, mother, sister, brother, spouse (if the candidate is married)
  • The co-applicant must provide a valid document to establish their relationship with the applicant
  • Type of collateral (if applicable), that can be submitted :
    • Fixed Deposit
    • Residential House/ Flat
    • Non-agricultural Land

Loan Re-payment Policy

The maximum tenure offered by the bank is of 15 years. The loan tenure, however, depends on the factors such as the age of the applicant, his/ her academic background, repayment capacity, future scope of the course, etc.

The interest will start getting accrued immediately after the disbursement of the first loan installment.

The monthly loan repayment amount will be deducted from the candidate's/co-applicants’ bank account using ECS (Electronic Clearing System) or the applicant can pay using Auto-debit or through monthly post-dated cheques.

Syndicate Bank Education Loan eligibility and Syndicate Bank Education Loan interest rates can easily be evaluated through and seen on Afinoz. If there is any query about Syndicate Bank Education Loan application, you can log on to afinoz.com or give us a call at +918795021552 or mail us at info@afinoz.com and get all the solutions at one go.

Documents Required

  • Completely filled and signed Application Form for an education loan from Syndicate Bank
  • Two Passport size photographs
  • Address Proof: Candidate and co-applicant (Any one of the following)
    • Passport
    • PAN Card
    • Aadhaar Card
    • Driving License
    • Voter's ID
    • Electricity/Telephone Bill
  • ID Proof: Candidate and co-applicant (Any one of the following)
    • PAN card
    • Aadhaar Card
    • Passport
    • Voter's ID
    • Driving License
    • Passport
  • Academic Documents :
    • HSC and SSC Marksheet/certificate
    • Entrance exam Marksheets of GMAT/GRE/IELTS/TOEFL/CAT/CET etc
    • Scholarship Documents (If applicable)
    • Marksheet/ Certificate of the last attended highest education
  • Admission Letter Proof :
    • Proof of confirmed admission letter with the university's letterhead and the institute's address
    • Xerox copy of the Identity card of the university/college
  • Applicant’s and Co-Applicant(s) Bank Statement :
    • Last 6 months bank statement of the applicant and co-applicant(s)/guarantor
  • Co-Applicant's Income Documents :
    • Form 16 and Form 60 Income documents or ITR return statements or Balance sheets as certified by CA
  • If collateral - any one of the following documents of the immovable property
    • Title Deed of the Property
    • Current maintenance bill along with receipts as provided by the society or builder
    • Latest property tax receipt
    • Original property registration receipt
    • Allotment letter provided by Municipal Corporation/ Government Authorities like MHADA, CIDCO, HUDO, DDA, JDA etc

Interest Rates

Synd Vidya

Loan Amount Rate of Interest as per Marginal Cost of funds based Lending Rate (MCLR) Reset Period
Upto 4 lacs MCLR+1.60% 1 year
Above 4 lacs to 7 lacs MCLR+1.85% 1 year
Above 7.50 lacs MCLR +2.85% 1 year

Synd Vidya Abroad

Loan Amount Rate of Interest Reset Period
Above 20 lacs to 2.0 cr MCLR+2.10% 1 year

Synd Super Vidya

Loan Amount Rate of Interest Reset Period
Upto 20 lacs MCLR+0.10% 1 year

Skill Loan Scheme

Loan Amount Rate of Interest Reset Period
Rs. 5000 to Rs. 150,000 MCLR+0.50% 1 year

Loan for Vocational Courses

Rs. Upto 2 lacs Base rate + 2.5% p.a.  

 

Education Loan Provider in India 

Avanse Education Loan

InCred Education Loan

Bank of Baroda Education Loan

HDFC Credila Education Loan

PNB Education Loan

SBI Education Loan

Allahabad Bank Education Loan

Syndicate Education Loan

Axis Bank Education Loan

 

 

 

FAQs

Query: Does Syndicate Bank offer any incentive to girl students?

Reply: Syndicate Bank provides a concession of 0.5% to the girl candidates who are planning to pursue higher studies in India or abroad.

Query: Does Syndicate Bank offer an education loan to NRIs?

Reply: Syndicate Bank can accept a request for an education loan from the individuals who holds a valid Indian passport and meets all the eligibility criteria and requirements for an education loan. Although the candidate will be required to provide tangible collateral of a good market value and is enforceable in India.

Query: What is the mode of repayment of the education loan for an Indian student?

Reply: You can either repay your loan through ECS (Electronic Clearing System) or Auto Debit or through monthly post-dated cheques.

Query: Will I get a moratorium period for an education loan from Syndicate Bank?

Reply: Syndicate Bank offers a moratorium period of 1 year after the completion of education or 6 months after the date of joining (whichever is earlier)

Query: Isthe moratorium period of Syndicate Bank education loan available for all courses?

Reply: The moratorium period is available only for the selected courses and is wholly at the discretion of the bank.

Query: Do I need a co-applicant for an education loan from Syndicate Bank?

Reply: You will be asked to provide a co-applicant if the loan amount you are applying for is greater than Rs. 4 lakhs.

Query: What is the eligibility requirement for availing an education loan for studies abroad with respect to Diploma or PG courses?

Reply: The candidate should have secured admission to a reputed and recognized institution to pursue a degree/ diploma course for availing an education loan from Syndicate Bank.

For any query about Syndicate Bank Education Loanapplication, you can log on to afinoz.com or give us a call at +918795021552 or mail us at info@afinoz.com.