Saraswat Bank Education Loan

Features & Benefits of Saraswat Bank Education Loan

‘Saraswati education loan’ from Saraswat Bank is an excellent financing facility available to students aspiring to study in premier institutions in India or abroad. As educational costs skyrocket, Saraswat Bank provides an educational loan with affordable interest rates, higher loan amounts and flexible repayment tenures.

Quantum of Saraswat Bank Education Loan

Borrowers can avail up to a maximum of Rs.75 lakh for pursuing studies in India and a maximum of Rs.1.5 crore for education abroad. The maximum amount sanctioned for vocational courses is Rs.10 lakh. A Saraswat Bank education loan covers up to 90% of the cost of fees and other student expenses.

Repayment Terms for Saraswat Bank Education Loan

The moratorium period includes the entire tenure of the course plus a period of one year or three years, whichever is earlier. Applicants can repay a Saraswat Bank education loan with a tenure extending up to 15 years excluding the moratorium period.

Processing Fees for Saraswat Bank Education Loan

Saraswat Bank does not levy any processing charges on education loans taken to finance education in India.

Collateral or Security for Saraswat Bank Education Loan

1. Two guarantors are required for education loans taken up to Rs.4 lakh.
2. For loan amounts ranging between Rs.4 lakh and Rs.5 lakh, a third-party guarantee is required.
3. Loans above Rs.5 lakhs and up to Rs.5 lakhs require hypothecation of household articles, along with two guarantors.
4. For any loan amount above Rs.5 lakhs, borrowers can pledge any security accepted by the bank or make an equitable mortgage of their properties.

Documents Required for Saraswat Bank Education Loan

• Duly filled-in application form
• Photo ID and Proof of Residence of the applicant and guarantors
• Admission Letter
• Detailed estimate of the course fees and other expenses
• Fee receipt or any proof of payment
• Passport and Visa Photocopies (for overseas education)
• Income Proofs

1. Salaried Employees -Last three months’ pay slips\ Last three years IT returns with details of personal assets and liabilities.
2. Self-employed Businessmen -Last two years P\L statements and IT returns copies\ Balance sheet\ Bank statement for the last 6 months.

Eligibility Criteria for Saraswat Bank Education Loan

Saraswat Bank education loans can be procured by individuals who have secured admission for Undergraduate or Postgraduate courses in any institution approved by IBA.

Central Scheme of Interest Subsidy for Saraswat Bank Education Loans

The Central Scheme of Interest Subsidy is an initiative from the Government of India to give the less fortunate members of society access to inexpensive financing choices for pursuing higher education. Only if the student takes out an education loan for enrollment into accredited institutions after completing Class XII does the interest subsidy take effect. This policy allows students from families with an annual income of up to Rs. 4.50 lakhs to get the entire interest subsidy benefit, which is valid during the moratorium as well.

How to Apply for Central Scheme of Interest Subsidy for Saraswat Bank Education Loan

Let us have a look at the steps to apply for Central Scheme of Interest Subsidy for Saraswat Bank Education Loan:

Step 1: Visit Saraswat Bank Education Loan Website

Step 2: Click on 'Central Scheme of Interest Subsidy for Saraswat Bank Education Loans'.

Step 3: Read all the details and click on 'Apply Now'.

Step 4: Enter your name, email ID, address, city, state, mobile number, captcha, etc. Click on 'Submit'.

Step 5: The representatives from the bank will get in touch with you.

Padho Pardesh Scheme for Saraswat Bank Education Loans

This interest subsidy scheme has been introduced by the Government of India and IBA especially for the benefit of the weaker sections of minority communities. Students from these communities wanting to pursue their education abroad can avail themselves of this facility for approved post-graduation courses. Applicants belonging to families of minority communities with an annual family income of up to Rs.6 lakhs can use the full subsidy benefit while procuring a Saraswat Bank education loan.

How to Apply for an Education Loan from Saraswat Bank

Given below are the steps you will have to follow to apply for an education loan from Saraswat Bank online:

Step 1: Click on the link Saraswat Bank Website.

Step 2: Click on 'Apply Now'.

Step 3: Provide details such as your name, email ID, mobile number, state in which you reside, city, and the nearest branch. Click on 'Submit'.

Step 4: A representative from the bank will get in touch with you.

You can apply for an education loan offline by visiting the nearest Saraswat Bank branch and submit the necessary documents along with the application form.

Saraswat Bank Education Loan EMI Calculator

The Saraswat Bank education loan EMI calculator is a helpful and free online tool to help you calculate your Equated Monthly Instalments accurately, precisely, and quickly.

Just enter the current education loan interest rate of Saraswat Bank, the repayment tenure you have chosen (maximum of 15 years), and the loan amount sanctioned or which you are applying for. Click on the ''Calculate'' button and the amortisation table and the other details will be instantly displayed on the screen.

For illustration: For a Saraswat Bank educational loan of Rs.75 lakh with an interest rate of 8.50% and a tenure of 12 years, you will be paying the following as EMI, interest, and total amount:

1. Equated Monthly Instalment (EMI): Rs.89,631
2. Total interest due: Rs.54,06845
3. Total amount payable: Rs.1,29,06,845

The amortisation table for the loan will be as follows:

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