Syndicate Bank Education Loan
Education Loan

Syndicate Bank Education Loan for Abroad Studies

Syndicate Bank Education Loan for Abroad Studies

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Read about Syndicate Bank education loan for studies in India & abroad. Know the interest rate, eligibility criteria, margin money, repayment tenure, and more.

GyanDhan

Gurbani kaur Suri

Updated on: 11 Sep 2023
 

Nationalized in 1969, Syndicate bank was one of the oldest commercial banks in India. The bank was merged into Canara Bank on 1st April 2020 and Syndicate Bank education loan as an independent product was also closed. If you want to apply to Syndicate Bank study loans, you can check the Canara Bank education loans.


Students who wish to take a study loan from Canara Bank can take any of the following - 

Let’s explore the current education loan product…

Check Your Education Loan Eligibility

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What is the Syndicate Bank education loan interest rate? 

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 Education Loan Details

Loan Tenure

Up to 15 Years

Interest Rate

6.90% to 8.80% p.a.

Moratorium Period

One year after the course completion

Margin Money

Up to INR 4 Lakhs- Nil
For more than INR 4 Lakhs- 15% for studying abroad and 5% for Indian college/university

Eligibility

The student should be an Indian citizen.
  Students should have secured admission to professional or technical courses in India or abroad  

 

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What is the margin money on the Syndicate Bank education loan?

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%. 

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How much loan can be taken from the Syndicate Bank education loan to study abroad?

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. 

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What is the moratorium period in the Syndicate Bank study loan?

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.

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What are the documents required for a Syndicate Bank education loan?

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:

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

Check Your Education Loan Eligibility

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At what locations in India can a student avail of an education loan from Syndicate Bank

An education loan from Syndicate Bank can be taken from any branch closest to your place of residence. 

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Is Syndicate Bank education loan available for all types of degrees and disciplines?

The IBA model education loan from Syndicate Bank/Canara Bank is available for graduate courses and post-graduate courses in India or abroad. Courses that offer a degree or diploma from Indian colleges accredited by relevant bodies such as UGC/Government, autonomous institutions like IIM, IIT, etc, AICTE/Department of Electronics/IMC, are eligible for a loan under this scheme. 

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How can GyanDhan help you with your education loan?

GyanDhan is India’s first education loan financing marketplace helping students get the best education loan product for studying abroad from public banks- SBI & BOB and private banks- ICICI Bank & Axis Bank as well as NBFCs- HDFC Credila. Get in touch with GyanDhan and get an abroad education loan at the lowest interest rate and faster approval.

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