Syndicate Bank Education Loan for Abroad Studies

Students can take the education loan from Syndicate Bank up to 7.5 lakhs at an interest rate of 8.90% p.a. Those who take the education loan for more than INR 7.5 lakhs have to pay an interest rate of 8.50% p.a. Students who take the loan from Vidya Turant scheme with a co-borrower have to pay an interest of 6.90% p.a. while students who take it without a co-borrower have to pay an interest rate of 7.50% p.a. 

Syndicate Bank does not charge any margin money for loans up to INR 4 lakhs. For education loans above INR 4 lakhs for studying in India, the margin money is 5% while for studying abroad, the margin money is 15%. 

The IBA model education loan from Syndicate Bank is a need-based education loan. In Vidya Turant scheme, those who have gained admission in “A” category institutes can avail of a maximum loan amount of INR 40 lakhs. For studying in ‘B’ category institutes, students are eligible for a maximum loan amount of 25 lakhs while those applying at other institutes can take a maximum loan amount of INR 20 lakhs under the Vidya Turant scheme. 

Those who take the IBA model education loan or Vidya Turant loan from Syndicate Bank/Canara Bank do not have to make any repayment during the study period. The Syndicate Bank moratorium period is up to one year after the program gets completed. Maximum loan tenure for Syndicate Bank abroad education loan can be up to 15 years.

The exact documents required for applying for the education loan in Syndicate Bank will vary from applicant to applicant. However, for Syndicate Bank education loan some common documents required are as follows:

• Address proof 
• 10th/12th mark sheet for bachelors and graduation mark sheet for Post Graduate students.
• Proof of age 
• Proof of family income such as ITR, pension certificate, salary certificate of parent or guardian.
• Proof of admission or I20 from the college/university
• Details of fee
• In the case of secured loans, collateral documents