- Overview of South Indian Bank
- Eligibility criteria for South Indian Bank
- Expenses covered by South Indian Bank education loan
- Features of South Indian Bank abroad education loan
- Document required for South Indian Bank education loan
- How to apply for South Indian Bank education loan?
- Frequently asked questions
- Applicable to Indian nationals or NRI with an Indian passport.
- Minimum age 18 years and maximum 50 years.
- All full-time undergraduate, postgraduate, and PhD courses and diploma, and skill development courses with a duration of more than 1 year.
- You should have strong past academic records.
- Successful completion of essential exams like IELTS, TOEFL, GRE, or GMAT is mandatory.
- Admission to a well-regarded international university is necessary.
- Tuition fees
- Accommodation fees
- Travel costs
- Living expenses
- Procurement of educational materials such as books and laptops, among others.
- Registration or subscription fees for facilities like libraries and laboratories, and similar expenses.
- Any additional charges or outlays, including security deposits, healthcare expenses, or other essential items.
- Proof of Identity
- Address
- PAN of the student as well as Parents
- Offer/Admission letter
- Basic qualification & mark list
- qualifying exam scorecard
- Fee structure
- Affiliations and approval of course
- Property-related documents (if secured loan)
- Visit the official website of South Indian Bank.
- On the homepage you will see several options on the top. From it select ' ‘Personal Banking’’.
- 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’.
- A new webpage will open that will show several education loan schemes by SIB. In this you have to choose ‘SIB Global Education’.
- 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.
- The application form will open, you need to fill in all the necessary details and submit it to your nearest branch.
Updated on: 12 Oct 2023
6 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.
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.
Table of Contents 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. 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 Looking For An Abroad Education Loan? There are several documents that you will be required to submit in order to get a SIB abroad education loan. These are - 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. 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.
Overview of South Indian Bank
Check Your Education Loan Eligibility Click Here
Eligibility criteria for South Indian Bank
Expenses covered by South Indian Bank education loan
Features of South Indian Bank abroad education loan
*Interest Rate as of September 2023
Fill the form to get free expert help
Document required for South Indian Bank education loan
How to apply for South Indian Bank education loan?
Calculate your Education Loan EMI Click Here
Frequently asked questions
What is the repayment schedule for the South Indian Bank education loan?
What is the maximum amount that I can get from South Indian Bank?
What is the interest rate range for South Indian Bank abroad education loans?
Will I be able to get tax benefits if I get a loan from South Indian Bank?
Written by
Rohit Gidwani
Meet Rohit, an expert in the field of study abroad and Ed-tech with many years of professional experience in content creation and creative writing. Being a BBA graduate has helped him to pursue his professional duties strategically and with creativity.
Specializes in:
Loan without collateral
Reviewed by
Aman Jain
Aman Jain graduated from IIT Kanpur, and currently functions as the CMO at GyanDhan. He is deeply passionate about creating equality in higher education and has directly interacted with 2 Lakh students in his 8-year-long journey.
Specializes in:
Education loan ,
Study Abroad Admissions
GyanDhan is India's first education financing marketplace.
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