Syndicate Bank Education Loan

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Syndicate Bank Education Loan

Syndicate Bank was one of the, oldest and significant commercial bank in India. It was founded by T.M.A Pai, Upendra Pai and Vaman Kudva in 1995. It has its headquarters in Manipal and a workforce consisting of over 35000 employees. On 1st April 2020 it merged with Canara Bank.

Overview

Scheme Name Details/ Eligibility
SYNDVIDYA -Applicable to Indian National

-For Inland and studies abroad

-After completion of 10+2

SYND SUPERVIDYA -Applicable for Indian National

-Applicable to reputed Indian institutions

-Maximum loan amount of 20 lakhs

SYNDVIDYA – ABROAD -Applicable for Indian National

-Loan applicable only for studies abroad

-Maximum Loan amount of 2 Crore

SYNDVIDYA – SKILL LOAN SCHEME -Applicable for Indian National

-Applicable for courses from ITI, Polytechnics,

-Courses to affiliated to NSDC and NSQF

 

SYNDVIDYA –VOCATIONAL COURSES -Applicable for Indian National

-Maximum Loan amount of 2 lakh

-Applicable after passing 10th class.

SyndVidya Scheme

The main purpose of this loan is to provide financial assistance to students for payment of course fee, hostel fees, examination fees, library fees etc. The loan can be used towards procurement of study materials and necessary equipment’s.

Eligibility of courses

This loan is applicable for pursuing undergraduate, postgraduate and other technical courses from reputable colleges/universities in India and abroad. This may include engineering, medical studies etc.

Margin Amount

It is the amount which the borrower will have to pay towards the loan amount thus contributing to the entire amount borrowed.

For loan amount up to 4 lakh rupees there is no margin amount. For loan amount above 4 lakh rupees the margin is 5% and 15% for India and abroad respectively.

Loan Security

Loan is granted jointly with the Parent/Guardian of the. For loan amount up to 4 lakhs no tangible collateral is required, for loan amount between 4-7.5 lakhs tangible collateral security is required in the form of third-party guarantee. For amount above 7.5 lakhs tangible collateral is required, to at least 100% of the loan amount.

Loan tenure and Repayment of Loan

The tenure of the loan is 15 years excluding the moratorium period (this the duration of applicant’s course + 1). The repayment of loan will start after the moratorium period in the form of equated monthly installment (EMI).

 

 

Synd SuperVidya Scheme

The purpose of this loan is to provide financial assistance to meritorious students who have secured admission in top institutes in India to pursue their courses in the respective fields.

Eligibility of courses

The loan is applicable to all Technical and post-graduation courses offered by top premier technical and management institutes in India. This includes IITs and IIMs.

Margin Amount

The margin amount for this loan is 5%.

Processing Fee

There is no processing fee applicable for this loan.

Loan Security

Loan is granted jointly with the Parent/Guardian of the students. No security is required for loans up to 4 lakhs, however guarantee of parents is required for loans above 4 lakhs.

Repayment and Loan Tenure

The tenure of the loan depends upon the amount of loan borrowed. The repayment of loan starts after the moratorium period (6 months if the duration of the course is 1 year and 12 months if the duration of the course is more than 1 year). The repayment of loan will happen in the form of EMI (equated monthly installments).

SyndVidya Abroad Scheme

The main purpose of this loan is to provide financial assistance to job-oriented students who are planning to pursue post-graduation or degree/ diploma (courses from universities or colleges abroad.

Eligibility of courses

The loan is eligible to those students planning to pursue further education abroad This includes -:

  1. Post- Graduation courses like MBA, MCA, MS etc.
  2. Courses from CIMA-London
  3. CPA In USA
  4. Degree/Diploma courses in pilot training, shipping etc.

Margin Amount

The margin amount is 15%, which is brought in on year to year, pro-rata basis.

Processing Fee

There is no processing/documentation fee applicable for this loan.

Loan Security

Loan security in the form of liquid securities like NSC/KVP/RBI relief Bonds etc. Another security which can be offered in the place of the above is non-agricultural land/property whose value is not less than 125% of the loan amount. The bank also requires Assignment of future income of the students as security.

Loan tenure and Repayment of Loan

The tenure of the loan is 15 years excluding the moratorium period (this the duration of applicant’s course + 1). The repayment of loan will start after the moratorium period in the form of equated monthly installment (EMI).

SyndVidya Skill Loan Scheme

The main purpose of the loan is to provide need-based finance to students who have secured admission in ITIs or technical courses affiliated to NSQF or NSDC.

Eligibility of courses

This loan is only applicable to students who are pursuing courses from / affiliated to -:

  1. ITIs (Industrial training institutes)
  2. Polytechnics
  3. NSDC (National Skill Development Corporation)
  4. NSQF (National Skill Qualification Framework)

Margin Amount

There is no margin amount for this loan.

Processing Fee

There is no processing fee applicable for this loan.

Loan Security

No loan security is required for this loan/scheme.

Repayment and Loan Tenure

The tenure of the loan depends upon the amount of loan borrowed. The repayment of loan starts after the moratorium period.

Loan Amount Loan Tenure
Up to 50,000 Up to 3 years
50,000 – 100,000 Up to 5 years
100,000 < Up to 7 years

SyndVidya -Vocational Courses Scheme

The main purpose of this loan is to provide need-based finance to students who have passed 10th class so that they can pursue vocational training from a government recognized university.

Eligibility of courses

This loan is applicable only for pursuing vocational training courses from government recognized university/Institute. The duration of the course should be between 6 months to 3 years and should lead to a diploma or a certificate.

Margin Amount

There is no margin amount for this particular loan.

Processing Fee

There is no processing fee applicable for this loan.

 

Loan Security

No loan security is required for this loan/scheme.

Repayment and Loan Tenure

The tenure of the loan depends upon the duration of the course. For courses of duration up-to 1 year the loan tenure is 3 years and for courses of duration greater than 1 year the loan tenure is 7 years.

Loan Amount and Interest Rates

NAME OF THE SCHEME QUANTUM OF FINANCE/ LOAN AMOUNT INTEREST RATE
SYNDVIDYA For study in -:

India – up to 10 lakhs

Abroad – up to 20 lakhs

*Need based finance

Up to 4 Lakh:

Current 1 Year MCLR +1.60 %

4 – 7.5 Lakh:  current 1 Year MCLR+1.85 %

Above 7 lakhs:

1 Year MCLR+2.85 %

Concession of:

0.5% for girl students

1% children of Govt. employees

SYND SUPERVIDYA Maximum loan amount of 20 lakhs

Additional 3 lakh if selected for student exchange

Current 1 Year MCLR+1.10 %

If int is serviced during moratorium period then 1 Year MCLR+0.10 %

SYNDVIDYA – ABROAD Minimum – 20 lakhs

Maximum – 2 Crore

Current 1-year MCLR + 2.10%

Concession of: 1% children of Govt. employees

SYNDVIDYA – SKILL LOAN SCHEME Minimum – 5000

Maximum – 150,000

Current 1-year MCLR + 1.50%

Concession of:

0.5% for girl students

1% children of Govt. employees

SYNDVIDYA –VOCATIONAL COURSES Maximum loan amount of 2 lakh

*Need based

Current 1-year MCLR + 2.25%

Documents Required (may vary depending on the scheme)

  1. Duly filled application form
  2. Proof of Identity – Passport/ Voter’s ID
  3. Address Proof – Telephone Bill / Electricity Bill
  4. Photograph of applicant and guardian
  5. Mark list of qualifying exams
  6. Proof of income of guardian – Bank statements
  7. Xerox copy of Admit Card
  8. List of all possible expenditure to be incurred during the course
  9. Proof of selection into the course – Offer/ Admission letter from the college (including fees details)
  10. Papers for collateral acting as security

How to Apply for the loan?

  1. Applicants can download pdf application form, from the bank’s website. They can then fill and upload the pdf to the website. They will then be called to their nearest bank branch for further procedures.
  2. Applicants can visit its nearest bank and make an appointment to know more about the schemes
  3. The place of sanction will be the closet bank branch to your house.

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