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Know the details of South Indian Bank Education Loan to study abroad. Read about the interest rate, loan amount, eligibility criteria, moratorium period, and more.
Abroad education loan is a reagent that can help you to pursue your abroad education dreams. There are several lending options available and among those one of the lenders is South Indian Bank. It is a private sector bank that can provide you with both secured and unsecured abroad education loans. Let’s look into its loan offerings and related aspects in this blog.
The South Indian Bank (SIB) is a prominent private sector bank headquartered in Thrissur, Kerala, with 942 banking outlets as of March 31, 2023. Established in 1929, it has been working towards the vision of becoming "the most preferred bank in the areas of customer service, stakeholder value, and corporate governance." In the fiscal year 2021-22, it generated over 7,620 Cr in total revenue. One of its prominent schemes for abroad education loans is called SIB Global Education Scheme.
Check Your Education Loan Eligibility
Here are the eligibility criteria you need to fulfill to qualify for an overseas education loan from SIB. When applying, the bank may also provide additional specific requirements. The basic prerequisites consist of:
The various expenditures that will be included when obtaining an overseas education loan from SIB encompass:
SIB is a favored option for individuals abroad seeking education loans and the primary reason for this inclination is that it provides numerous benefits, such as higher approved loan amounts, reasonable interest rates, and various additional advantages. Here are the specifics of SIB's overseas education loan:
Feature | Detail |
---|---|
Loan Amount |
Up to 1.5 Cr |
Collateral requirement |
100% collateral required equivalent to loan amount above 20 Lakh INR |
Interest rate type |
Floating |
10.90% - 13.75% |
|
Interest rate incentive |
0.50% concession for female applicants |
Loan Tenure |
7 - 15 years |
Course + 6 months |
|
Processing fee |
1% + GST |
Yes |
|
Prepayment penalty |
No |
25% |
|
Insurance |
Mandatory Life insurance under SIB EDUGUARD |
*Interest Rate as of September 2023
There are several documents that you will be required to submit in order to get a SIB abroad education loan. These are -
Read More About: Kerala Gramin Bank Abroad Education Loan
There are few simple steps that you can follow in order to apply for SIB education loan for abroad studies. These are -
Choosing the right lender is crucial for your education loan needs. Private sector banks are a solid option for abroad education loans, and banks like SIB, ICICI and Axis Bank offer competitive terms. It's vital to assess factors like interest rates, loan amounts, eligibility, margins, and processing fees. GyanDhan can help you find the perfect lender for your needs. Simply check your eligibility, and you can secure your overseas education loan through the best private bank as per your requirements.
Calculate your Education Loan EMI
Read Also
The repayment period for the loan commences after 6 months after course completion.
Based on your application profile and other variables the maximum secured education loan that you can get from South Indian Bank is 1.5 Cr INR and unsecured loan up to 20 Lakh INR.
The interest rate for South Indian Bank abroad education loan ranges from 10.90% - 13.75%. It is floating in nature with 0.50% concession to female applicants.
Yes, Under section Section 80e of the Income Tax Act you can get tax benefits on applying for a loan from South Indian Bank.
Now, indian students studying masters in France can get 5 years post study work visa which was only 2 years previously.
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