Syndicate bank Education Loan - Interest Rates, EMI Calculator, Apply Online

Syndicate bank Education Loan Rate of Interest

Syndicate Bank offers education loan to meet financial needs of student for maximum loan amount upto 10 Lacs

The maximum loan limit is INR 10 Lacs.
0.50% concession is given to girls and SC/ST boys.
0.75% concession is given to SC/ST girls.

Rate of Interest charge by the bank depends on the base rate set by Syndicate Bank as per the guideline set by RBI:

The rate of interest for a loan up to INR 4 Lacs is 1-year MCLR+1.60%.
The rate of interest for a loan amount ranging between 4 Lacs and 7.5 Lacs is 1-year MCLR+1.85%.
The rate of interest for a loan above INR 7.5 Lacs is 1-year MCLR+2.85%.

CALCULATE YOUR EDUCATION LOAN EMI

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YrMo

56789101112131415

EMI Payable

1,000 per month

Total Interest

1,000

Payable Amount

1,000

Total Interest

Principal Loan Amount

Syndicate bank Education Loan Eligibility

Indian National. The student must be an Indian National or an NRI having an Indian passport
10+2. The student must have cleared 10+2 from a recognized board or institute with 50% marks.
Eligible Institute. You must have secured admission in a recognized institute in India.
Eligible Course. Post Graduation/ Doctorate/ PG Diploma courses
Admission Basis. The admission should have been secured through an entrance exam or on merit basis.
Qualification. Qualified essential games with appropriate grades.

Bank / Financer	Change bank	Change bank	Change bank	Change bank
Applicable Rate of Interest	up to INR 4 Lacs: 1-year MCLR+1.60%. 4 Lacs to 7.5 Lacs: 1-year MCLR+1.85%. above INR 7.5 Lacs: 1-year MCLR+2.85%.	Up to INR 7.50 Lacs: 10.55% Above INR 7.50 Lacs: 10.80%	up to INR 7.5 Lacs: MCLR + 2.00% above INR 7.5 Lacs: 2.60%	Upto 4 Lacs- 16.50% Upto 7.5 Lacs- 17.50% Above 7.5 Lacs- 15.50%
Max Loan with Collateral	10Lacs	For India: 10 Lacs For Abroad: 20 Lacs	For India: 10 Lacs For Abroad: 20 Lacs	For India: 10 Lacs For Abroad: 20 Lacs and beyond based requirement
Max loan without collateral	10Lacs	For India: 10 Lacs For Abroad: 20 Lacs	For India: 10 Lacs For Abroad: 20 Lacs	For India: 10 Lacs For Abroad: 20 Lacs and beyond based requirement
Processing Fee	Nil	Up to INR 4 Lacs: Nil Above INR 4 Lacs: INR 5000	Nil	Nil
Repayment Period	15Year	15 years	15 years	7 years
Loan for top institutions	Yes, Synd Super Vidya	Yes, SBI Scholar Loan Scheme	Yes, PNB Pratibha	No
Margin	Up to INR 4 Lacs: Nil Above INR 4 lacs: 5%	For loan above INR 4 Lacs In India: 5% In abroad: 15%	Up to INR 4 Lacs - NIL Above INR 4 Lacs - 5%	Upto loan 4 Lacs: No margin Above 4 Lacs: for India: 5% for Abroad: 15%
Age Limit	No age criteria	no age limit	No age limit	No
Loan Security	Up to 4 lacs - No security required From INR 4 to 7.5 Lacs - Collateral security in form of third party guarantee Above INR 7.5 Lacs- Tangible collateral security equal to 100% of the loan amount	Upto 7.50 Lacs: Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee Above INR 7.50 Lacs: Tangible security along with parents as co borrower	Upto INR 7.50 Lacs: Parent(s)/guardian be made joint borrower (s). No tangible Security and /or 3rd party guarantee is required. Above INR 7.50 Lacs: Parent(s)/guardian be joint borrower(s). Tangible collateral security of suitable value acceptable to bank.	Third party guarantee Collateral security Additionally, assignment of LIC policy in favor of bank amounting 100% of education loan amount Assignment of Future salaries in favor of Axis Bank
Eligibility concession for SC/ST	0.50% to SC/ST Boy 0.75% for SC/ST Girl	No	50% for SC/ST, and;60% for General category.	No
Processing Time	N.A	20 days	15 days	14 Days
Prepayment charges	Nil	Nil	Nil	Nil
Penal charges	Nil	Penal interest @ 2% to be charged for loans above Rs.4 lacs for the overdue amount and overdue period	Nil	@ 2% per month on the overdue installment/s
Mandatory insurance cover	Not mandatory	Yes	yes	yes
Travel expeneses	Yes	yes	yes	yes
Bank transfter allowance	No such clause mentioned	available	available	No such clause mentioned
Top up loan availability	Unavailable	yes	available	unavailable
Interest Subsidy Schemes	CSIS Skill Loan Scheme	Padho Pardesh CSIS Skill Loan Scheme	Padho Pardesh CSIS Skill Loan Scheme	CSIS
Tax benifit	Yes	yes	yes	yes
Concession/benefits	Zero Margin for Loan upto INR 4 Lacs No collateral is required if the loan is less than INR 4 Lacs 0.50% concession to girl students 0.50% concession to SC/ST boy students and 0.75% to SC/ST girl students	Concession to girl students 1% concession if interest is serviced during moratorium period including course period	0.5% concession to girl students 0.5% concession if interest is serviced during moratorium period including course period Online application	There is no processing fee charged No pre- payment charges are applied No pre- closure charges are applied Loan Disbursal period is 15 working days from the date of final submission of documents

Bank / Financer

Change bank

Applicable Rate of Interest

up to INR 4 Lacs: 1-year MCLR+1.60%.
4 Lacs to 7.5 Lacs: 1-year MCLR+1.85%.
above INR 7.5 Lacs: 1-year MCLR+2.85%.

Up to INR 7.50 Lacs: 10.55%
Above INR 7.50 Lacs: 10.80%

up to INR 7.5 Lacs: MCLR + 2.00%
above INR 7.5 Lacs: 2.60%

Upto 4 Lacs- 16.50%
Upto 7.5 Lacs- 17.50%
Above 7.5 Lacs- 15.50%

Max Loan with Collateral

10Lacs

For India: 10 Lacs
For Abroad: 20 Lacs

For India: 10 Lacs
For Abroad: 20 Lacs and beyond based requirement

Max loan without collateral

10Lacs

For India: 10 Lacs
For Abroad: 20 Lacs

For India: 10 Lacs
For Abroad: 20 Lacs and beyond based requirement

Processing Fee

Nil

Up to INR 4 Lacs: Nil
Above INR 4 Lacs: INR 5000

Nil

Repayment Period

15Year

15 years

7 years

Loan for top institutions

Yes, Synd Super Vidya

Yes, SBI Scholar Loan Scheme

Yes, PNB Pratibha

Margin

Up to INR 4 Lacs: Nil
Above INR 4 lacs: 5%

For loan above INR 4 Lacs
In India: 5%
In abroad: 15%

Up to INR 4 Lacs - NIL
Above INR 4 Lacs - 5%

Upto loan 4 Lacs: No margin
Above 4 Lacs: for India: 5%
for Abroad: 15%

Age Limit

No age criteria

no age limit

No age limit

Loan Security

Up to 4 lacs - No security required
From INR 4 to 7.5 Lacs - Collateral security in form of third party guarantee
Above INR 7.5 Lacs- Tangible collateral security equal to 100% of the loan amount

Upto 7.50 Lacs: Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee
Above INR 7.50 Lacs: Tangible security along with parents as co borrower

Upto INR 7.50 Lacs: Parent(s)/guardian be made joint borrower (s). No tangible Security and /or 3rd party guarantee is required.
Above INR 7.50 Lacs: Parent(s)/guardian be joint borrower(s). Tangible collateral security of suitable value acceptable to bank.

Third party guarantee
Collateral security
Additionally, assignment of LIC policy in favor of bank amounting 100% of education loan amount
Assignment of Future salaries in favor of Axis Bank

Eligibility concession for SC/ST

0.50% to SC/ST Boy
0.75% for SC/ST Girl

50% for SC/ST, and;60% for General category.

Processing Time

N.A

20 days

15 days

14 Days

Prepayment charges

Nil

Penal charges

Nil

Penal interest @ 2% to be charged for loans above Rs.4 lacs for the overdue amount and overdue period

Nil

@ 2% per month on the overdue installment/s

Mandatory insurance cover

Not mandatory

Yes

yes

Travel expeneses

Yes

yes

Bank transfter allowance

No such clause mentioned

available

No such clause mentioned

Top up loan availability

Unavailable

yes

available

unavailable

Interest Subsidy Schemes

CSIS
Skill Loan Scheme

Padho Pardesh
CSIS
Skill Loan Scheme

CSIS

Tax benifit

Yes

yes

Concession/benefits

Zero Margin for Loan upto INR 4 Lacs
No collateral is required if the loan is less than INR 4 Lacs
0.50% concession to girl students
0.50% concession to SC/ST boy students and 0.75% to SC/ST girl students

Concession to girl students
1% concession if interest is serviced during moratorium period including course period

0.5% concession to girl students
0.5% concession if interest is serviced during moratorium period including course period
Online application

There is no processing fee charged
No pre- payment charges are applied
No pre- closure charges are applied
Loan Disbursal period is 15 working days from the date of final submission of documents

How to apply for Syndicate bank Education Loan ?

Syndicate bank Education loan application form can be available online or offline at Bank branches.

Online
Offline

Visit the official website of Syndicate Bank.

Select loan scheme and click on Apply Now

Fill out the form with your details

Upload the mandatory documents required.

Submit the form and take out a print out of the application.

Visit the bank branch for further formalities.

Applicants can directly visit the nearest branch and ask for an application form. The bank representative will then guide them with all the necessary information regarding eligibility, documents required and also which loan is best suitable.

Syndicate bank Education Loan Details

Loan Limit

10 Lacs

Margin

Up to INR 4 Lacs: Nil
Above INR 4 lacs: 5%

Processing Fee

Nil

Loan Security

Up to 4 lacs - No security required
From INR 4 to 7.5 Lacs - Collateral security in form of third party guarantee
Above INR 7.5 Lacs- Tangible collateral security equal to 100% of the loan amount
Assignment of students future salary towards the bank

Loan Repayment

15 Years

All Post- Graduation or Doctorate courses

Professional Courses including Medical, Law, Dental, Engineering, etc

Courses that are offered by reputed foreign universities in India

Regular or Evening Courses conducted by colleges/ universities approved by UGC/ Government/ AICTE/ AIBMS/ ICMR etc.

Degree or Diploma courses in Teacher Training, Nursing, B.Ed.

Education Loan Documents Required ?

Copy of admission letter along with fee structure and other documents.

Copies of identity proof,Passport, Voter's ID, Driving Licence or PAN Card

Two recent passport size photographs of applicant, co-applicant, and guarantor

Mark sheet of recently qualified public exam for school, college in India

Latest salary slip, Form 16 and recent salary certificate.

Schedule of expenses for the course

Interest Subsidy Schemes

Central Scheme of Interest Subsidy (CSIS)

Formulated by the Govt. of India, a scheme to assist the students belonging to the economically weaker section.

Skill Loan Scheme

The bank offers 'Skill Loan Scheme' for students who aspire to gain knowledge and specialized training in one specific field.

Frequently Asked Questions

What schemes does Syndicate Bank considers for its education loans?

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There are multiple other schemes offered by Syndicate Bank apart from the basic education loans viz Synd Vidya, Synd Super Vidya and Synd Abroad. These are: CSIS Scheme Padho Pardesh Synd Vidya – Vocational Courses Synd Vidya – Skill Loan Scheme

In whose name is the loan granted?

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The loan is granted in the name of the student

Is the loan contract executed only in student's name?

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No, the loan can be executed both in name of student and co-borrower as both are equally responsible for repayment of loan.

What is the age limit for availing loan in Syndicate Bank?

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A student must be above 18 years of age while applying for the loan and should also meet other eligibility criteria stated by the bank.

Are minors eligible to apply for Syndicate Bank Education Loan?

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Yes, Minors aspiring for further studies can apply for education loan with help of legal representation from parents/ guardians.

What does margin on any loan mean?

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Margin amount is the amount that a borrower has to pay through his/ her own sources in form of a down payment as his/ her contribution towards the education.

Should the student's margin be paid upfront in the starting?

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Margin can be paid on a year to year pro rata basis whenever bank disburses loan amount as per requirement.

Where can I avail Syndicate Bank Education Loan?

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You can either contact your nearest branch for the application form or details regarding the loan or apply online from the official website.

Is there any provision to apply for loan online?

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Yes, you can apply online through Vidyalakshmi portal to avail for this loan.

Can I view my loan statement online if I am an existing education loan borrower?

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Yes, by creating a login on Syndicate Bank web portal, you can view all details related to education loan online.

Is there any minimum aggregate marks to meet the eligibility criteria to avail Syndicate Bank education loan?

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Yes, a student must have secured a minimum aggregate marks in their last qualifying examination (10+2 or Graduation). Relaxation in the marks is given to SC/ ST students

What is the discount/ rebate offered by Syndicate Bank?

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0.50% concession is given to girl students 0.50% concession to students who have secured admission to top premier institutes. 1% concession to children of employees of government sector/ public sector undertaking/ blue chip companies. Eligibility criteria and margin on education loan is relaxed for SC/ST students

What all is included in tangible collateral security?

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Mostly Syndicate Bank asks tangible security in lieu of the loan amount sanctioned along with assignment of future salaries in favour of Syndicate Bank. Tangible security includes documents related to land/ building/ government security/ public sector bonds/ units of UTI, NSC, Life insurance policy/ bank deposits/ shares or debentures. The value of the security should be equal to the education loan amount.

Can I place my family property as collateral?

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Yes, but it will need consent of all family members involved.

Is scholarship or assistantship included in the margin?

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Yes any scholarship or assistantship will be a part of margin charged on education loan.

What is Moratorium Period?

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Moratorium period is different for different variant of loans. For Synd Vidya and Synd Super Vidya: Course Period plus one year, or six months after getting a job For Synd Vidya – Skill loan scheme and vocational course scheme: For course upto 6 months: Course Period + 6 months; For courses above 6 months duration: Course Period + 1 year

What is tenure of an education loan?

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Tenure of education loan provided by Syndicate Bank is maximum 15 years. For Synd Vidya- Skill Loan Scheme, maximum tenure is 7 years.

What does MCLR stands for?

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MCLR stands for Marginal Cost of funds based Lending Rate. It refers to the minimum interest rate of bank below which it cannot lend.

What all expenses are covered under this course?

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Expenses covered by Syndicate Bank education loan are: Tuition/ college/ hostel fee Examination/ lab/ library fee Books/ uniform/ instruments Caution deposit Passage money for studies abroad, etc.

I have taken admission through management quota. Am I eligible?

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This depends totally on bank?s discretion as whether a student meets other eligibility criteria or not.

What do you mean by reputed or recognized institutes?

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Institutes that are affiliated to state/ central universities and comes under UGC or AICTE are considered as recognized institutes. Reputed institutes are those which are well known and have standard course of repute. More often, banks provide the list of institutes they consider for loan. (You can contact nearest branch for the same)

Are there any special benefits if I have secured admission to one of the top premier institutes?

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Syndicate Bank offers 0.50% concession to students who secure admission to top premier institutes.

What is the processing fee or prepayment charges?

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The education loan offered by Syndicate Bank does not carry any prepayment charges/ processing fee/ documentation charges.

Will cost of my computer be covered under the loan sanctioned?

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Reasonable cost for the computer or laptop well be covered under the loan if it is required to complete the course.

Why is Pan Card necessary?

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Pan Card is one of the mandatory document required by banks these days. It is mandatory because: Easy to assess Income Easy to trace borrowers

Are diploma or certificate courses considered under Syndicate Bank education Loan (both for India and Abroad)?

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Diploma courses are eligible under Syndicate Bank Education Loan. Regular degree or diploma courses like, shipping, pilot training, and aeronautical that are approved by Director General of Civil Aviation or Shipping.

Is a co-borrower necessary for loan?

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Yes, it is mandatory to have a co-borrower to avail loan from Syndicate Bank.

Who can be my co-borrower?

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Your parent/ spouse/ guardian can be a co-borrower. A co-borrower should be your immediate family member, should have a steady source of income, and a good credit history.

What all documents are required from the co-borrower?

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Documents required from the co-borrower are: Attested copies of age proof, residence proof and birth date. Self-attested passport size photograph Income proof and/or copy of income tax return file Details of collateral security along with government approved valuation certificate (if any).

How many guarantors do I need to borrow loan from Syndicate Bank?

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You need at least 2 guarantors to avail loan from Syndicate Bank.

What is the KYC requirement in education loan?

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KYC requirements are the documents as a proof of personal identification and residence proof of the applicant as well as the co-borrower.

What are maximum term for repayment?

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Synd Vidya: Loan amount upto INR 7.5 Lacs: 10 years; Loan amount above INR 7.5 Lacs: 15 years Synd Vidya- Skill Loan Scheme: Loan upto 50,000: 3 years; Loan between 50,000 to 1 Lac: 5 years; Loan above 1 Lac: 7 years. Synd Vidya- Vocational Course Scheme: Courses with 1 year duration: 5 years; Courses above 1 year duration: 7 years

How can I repay the loan?

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You can repay the loan after the moratorium period by mode of EMI or through post- dated cheques.

What is EMI? How are they calculated?

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EMI stands for Equated Monthly Installments. It can be calculated by using the formula given below EMI = [P x R x (1+R) ^n] / [(1+R)^ n-1] Here, P is Amount of Education Loan, R is Rate of Interest, n is Tenure of the Loan.

What are the charges for late EMI payment?

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24% per annum on outstanding amount is charged for the late EMI payment and INR 500 for every bounced cheque.

Is the loan disbursed in name of individual applicant or to the institute/ university directly?

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The loan is disbursed directly to the institute/ university that you have taken admission to. Hence, an applicant is supposed to submit institute brochure with proper division of the fee

If I am unable to complete my course in given tenure, will my repayment term be extended?

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It is completely on the banks discretion to extend the moratorium period or not. It can be extended for maximum 2 years based on student?s reason. You can contact your nearest branch for more details.

What is method of application of interest on education loan?

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The interest will be charged at simple rate from the date of disbursement till commencement of repayment of loan. After that, compound interest is charged on reducing balance.

If I am joining the course soon after current course, can I get an extension?

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Mostly, in such cases, you do not get an extension and even if you do there is a possibility that interest rates are higher

What is interest rate of education loan?

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Interest rate varies for different variants of education loan schemes provided by Syndicate Bank. These are: The Interest Rate for Synd Vidya Education Loan is Amount of Loan Applicable Rate of Interest Upto INR 4 Lacs 1 year MCLR + 1.60% p.a.Between INR 4 Lacs to 7.50 Lacs 1year MCLR + 1.85% p.a. Above INR 7.50 Lacs 1 year MCLR + 2.85% p.a. The Interest rate for Synd Super Vidya Education Loan is Rate of Interest on all amounts of loan is 1 year MCLR + 0.10% The Interest Rate for Synd Vidya- Skill loan Scheme is The rate of interest to all amounts is 1 year MCLR +1.50% p.a.

What is interest subsidy on education loan?

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Syndicate Bank offers CSIS- Interest Subsidy scheme for economically weaker sections and to promote education amongst them Synd Vidya – Vocational Course Scheme for students who wish to purse Vocational (Skill Development) courses. Padho Pardesh scheme for students who wish to pursue studies abroad Synd Vidya – Skill Loan Scheme for students who wish to pursue courses to enhance their skills and attain better career opportunities.

What documents do I need to submit to avail interest subsidy scheme?

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The documents that need to be submitted are: Income certificate issued by authorised authorities Bonafide student certificate Letter of undertaking or declaration signed by borrower/ co-borrower

What is employment verification in an education loan?

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The bank takes the responsibility to cross verify all the employment details of the applicant and co-borrower. If the banks fails to cross verify every detail provided, it might reject the loan application.

Are there any tax benefits in education loans?

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Under Section 80E of Income Tax Act, loan borrowers can avail the tax benefits. This benefit is only available over and above INR 1,50,000. Tax benefits can be availed once the borrower starts paying interest on loan. The deduction is available until borrower pays off full interest amount on loan or for maximum of 8 years (whichever is earlier).

Is it necessary to have bank account with the bank while availing loan from that particular bank?

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It is not necessary to have a bank account while availing the loan but it makes it easier for the borrower to get loan application approved.

Why do banks require insurance policy as security?

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The banks require insurance policy as security in lieu of education loan provided. The insurance policy should be equal or more to the amount of loan sanctioned. In case of untimely demise of the borrower, the bank recovers the amount from the insurance policy

Are there any additional benefits on availing loan from Syndicate Bank?

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Borrowers can open a saving account with bank and he/ she would receive ATM cum Debit Card. Student can also avail an additional loan of INR 3 Lacs if he/ she is selected to go abroad for higher students through student exchange programme.

What is credit score? Is it important for education loan?

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Credit Score is inclusive of various factors such as credit history (Loan history or credit card). If a student does not have a credit score, banks calculate it by considering factors such as University, College and the Course of admission. Banks consider the academic background of student and credit history of co-borrower.

If a student have any query, where or whom to contact?

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student can reach out to the nearest branch in case of any query. Customer Care Number: Head Office: 0820 2571181 to 2571196 Corporate Office: (080) 2226 7545/ 7548/ 6889/ 6256/ 5959 Toll Free Numbers: 1800 3011 3333/ 1800 208 3333 Other General Enquires: 080 – 222260281 Local rates apply on every call Customer Care Id: syndcare@syndicatebank.co.in

Syndicate bank
Education Loan

Synd Vidya
Loan Scheme

Synd Super Vidya
Loan Scheme

Synd Vocational Course
Loan Scheme

Synd Vidya Abroad
Loan Scheme

Syndicate bank Education Loan Rate of Interest

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Syndicate bank Education Loan Eligibility

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Syndicate bank Education Loan Details

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Education Loan Documents Required ?

Interest Subsidy Schemes

Central Scheme of Interest Subsidy (CSIS)

Skill Loan Scheme

Frequently Asked Questions

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Syndicate bank Education Loan Rate of Interest

CALCULATE YOUR EDUCATION LOAN EMI

Looking for admission for India and Abroad?

Syndicate bank Education Loan Eligibility

Compare Your Bank

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How to apply for Syndicate bank Education Loan ?

Syndicate bank Education Loan Details

Don’t miss any update from us

Education Loan Documents Required ?

Interest Subsidy Schemes

Central Scheme of Interest Subsidy (CSIS)

Skill Loan Scheme

Frequently Asked Questions

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