Education Loan

South Indian Bank Education Loan

South Indian Bank Education Loan

On this Page:

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.

GyanDhan
Rohit Gidwani
Updated on:  12 Oct 2023  | Reviewed By: 
Aman 
| 5.73K | 5  min read

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.

Sprinkles

Overview of South Indian Bank

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

Sprinkles

Eligibility criteria for South Indian Bank

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:

  • list items Applicable to Indian nationals or NRI with an Indian passport.
  • list items Minimum age 18 years and maximum 50 years.
  • list items All full-time undergraduate, postgraduate, and PhD courses and diploma, and skill development courses with a duration of more than 1 year.
  • list items You should have strong past academic records. 
  • list items Successful completion of essential exams like IELTS, TOEFL, GRE, or GMAT is mandatory.
  • list items Admission to a well-regarded international university is necessary.
  • Sprinkles

    Expenses covered by South Indian Bank education loan

    The various expenditures that will be included when obtaining an overseas education loan from SIB encompass:

  • list items Tuition fees
  • list items Accommodation fees
  • list items Travel costs
  • list items Living expenses
  • list items Procurement of educational materials such as books and laptops, among others.
  • list items Registration or subscription fees for facilities like libraries and laboratories, and similar expenses.
  • list items Any additional charges or outlays, including security deposits, healthcare expenses, or other essential items.
  • Sprinkles

    Features of South Indian Bank abroad education loan

    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

    Interest rate

    10.90% - 13.75%

    Interest rate incentive

    0.50% concession for female applicants

    Loan Tenure

    7 - 15 years

    Moratorium period 

    Course + 6 months

    Processing fee

    1% + GST

    Tax Benefit

    Yes

    Prepayment penalty

    No

    Margin Money

    25%

    Insurance

    Mandatory Life insurance under SIB EDUGUARD


    *Interest Rate as of September 2023


    Looking for an abroad Education Loan?
    By entering my phone number, I give consent to override NCPR and recieve WhatsApp messages.
    Sprinkles

    Document required for South Indian Bank education loan

    There are several documents that you will be required to submit in order to get a SIB abroad education loan. These are - 

  • list items Proof of Identity
  • list items Address
  • list items PAN of the student as well as Parents
  • list items Offer/Admission letter
  • list items Basic qualification & mark list
  • list items qualifying exam scorecard
  • list items Fee structure
  • list items Affiliations and approval of course
  • list items Property-related documents (if secured loan)

  • Read More About: Kerala Gramin Bank Abroad Education Loan

    Sprinkles

    How to apply for South Indian Bank education loan?

    There are few simple steps that you can follow in order to apply for SIB education loan for abroad studies. These are - 

  • list items Visit the official website of South Indian Bank. 
  • list items On the homepage you will see several options on the top. From it select ' ‘Personal Banking’’. 
  • list items A drop down menu will open in which as soon as you take your cursor to ‘Loan’ option several loan products will be shown from which you need to choose ‘Education Loans’.
  • list items A new webpage will open that will show several education loan schemes by SIB. In this you have to choose ‘SIB Global Education’.
  • list items The details of the scheme will start to appear on the page and when you scroll down a little you can see the apply now option. 
  • list items The application form will open, you need to fill in all the necessary details and submit it to your nearest branch.  
  • 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

  • list items Indian Bank Abroad Education Loan
  • list items Education Loan for Abroad Studies Without Collateral
  • list items Abroad Education Loan Terms
  • list items Best Banks For Abroad Education Loans in India
  • list items IBA Model Education Loan Scheme
  • list items Education Loan for Abroad Studies by Indian Government
  • Sprinkles

    Frequently asked questions

    What is the repayment schedule for the South Indian Bank education loan?

    The repayment period for the loan commences after 6 months after course completion. 

    What is the maximum amount that I can get from South Indian Bank?

    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. 

    What is the interest rate range for South Indian Bank abroad education loans?

    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. 

    Will I be able to get tax benefits if I get a loan from South Indian Bank?

    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.

    Check Your Education Loan Eligibility


    Sprinkles

    Have More Questions on This Topic?

    Ask from a community of 10K+ peers, alumni and experts