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South Indian Bank Education Loan

South Indian Bank offers a number of tailor-made education loans for studies in India and abroad. These loans, with competitive interest rates, make the goal of quality higher education achievable for students from diverse backgrounds. The bank offers loans for courses ranging from professional to skill development.

South Indian Bank Education Loan Interest Rates

The interest rates for education loans from South Indian Bank are as follows:

Schemes Maximum Loan Amount Interest Rates (p.a.)
SIB Vitjnan Pradhan Scheme Domestic courses: Rs.10 lakh Overseas courses: Rs.20 lakh 9.75% p.a. to 11.30% p.a.
SIB Excellence Rs.25 lakh 7.70% p.a. to 8.30% p.a.
SIB Edusum Rs.10 lakh 13.85% p.a. to 14.60% p.a.
SIB Global Education Rs.1.5 crore 10.05% p.a. to 10.80% p.a.
SIB Skill Loan Rs.1.5 lakh 11.05% p.a. to 11.30% p.a.

These interest rates are effective from March 2021

Compare South Indian Bank Education Loan Schemes for Students

1. SIB Vitjnan Pradhan Scheme

  • Interest rate: 9.75% p.a. to 11.30% p.a.
  • Processing fees: None
  • Collateral: None for loans up to Rs.4 lakh
  • Loan Tenure: 15 years with moratorium of one year
  • Eligibility: Indian nationals or Non-Resident Indians (NRIs) with Indian passports for admission into undergraduate, postgraduate, and diploma courses in India or abroad

2. SIB Excellence

  • Interest rate: 7.70% p.a. to 8.30% p.a.
  • Processing fees: None
  • Collateral: None
  • Loan Tenure: 15 years after moratorium period
  • Eligibility: Indian nationals or NRIs with Indian passports who are meritorious students getting admission into premier professional colleges in India

3. SIB Edusum

  • Interest Rate: 13.85% p.a. to 14.60% p.a.
  • Processing fees: None
  • Collateral: None for loans up to Rs.1 lakh
  • Loan Tenure: 15 years after moratorium period
  • Eligibility: Indian nationals or Non-Resident Indians (NRIs) with Indian passports for admission into undergraduate, postgraduate, and diploma courses inside or outside Kerala under management quota through entrance exams or through merit

4. SIB Global Education

  • Interest Rate: 10.05% p.a. to 10.80% p.a.
  • Processing Fees: 1% of loan amount
  • Collateral: 100% collateral covering loan and funded interest amount
  • Loan Tenure: Up to 15 years
  • Eligibility: Indian nationals or Non-Resident Indians (NRIs) with Indian passports for admission into undergraduate, postgraduate, diploma, and PhD. courses which are full time as well as skill-development courses with duration exceeding one year

5. SIB Skill Loan

  • Interest Rate: 8.95% p.a. onwards
  • Processing fee: None
  • Collateral: None
  • Loan Tenure: 7 years after moratorium period
  • Eligibility: Indian nationals for polytechnic, ITI, and vocational courses

South Indian Bank Education Loan EMI Calculator

South Indian Bank of India's education loan EMI calculator will help you to understand exactly how much your Equated Monthly Instalment (EMI) will be. This is essential to plan ahead for your expenses and savings while ensuring that your EMIs will be paid on time.

The EMI calculator is an online free tool that is easy to use. All you have to do is input data points relating to your loan amount, interest rate, and repayment tenure. A detailed amortisation table will be instantly generated and displayed on the screen.

To show this with an example:

Let's assume that you have taken an education loan from South Indian Bank for an amount of Rs.20 lakh for a tenure of 15 years with an interest rate of 7.70% p.a. Your EMI will be as follows:

  • Equated Monthly Instalment (EMI): Rs.18,768
  • Total interest due: Rs.13,78,290
  • Total amount payable: Rs.33,78,290

The amortisation table for the above-mentioned loan will look like this:

Principal Paid(A)1 Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance
54,807 1,14,108 1,68,915 19,45,194
78,161 1,47,060 2,25,221 18,67,034
84,397 1,40,826 2,25,223 17,82,639
91,128 1,34,092 2,25,220 16,91,512
98,397 1,26,822 2,25,219 15,93,114
1,06,247 1,18,972 2,25,219 14,86,867
1,14,723 1,10,497 2,25,220 13,72,144
1,23,877 1,01,343 2,25,220 12,48,268
1,33,757 91,462 2,25,219 11,14,510
1,44,428 80,790 2,25,218 9,70,082
1,55,951 69,268 2,25,219 8,14,131
1,68,391 56,828 2,25,219 6,45,739
1,81,826 43,393 2,25,219 4,63,914
1,96,332 28,890 2,25,222 2,67,583
2,11,993 13,227 2,25,220 55,590
55,590 716 56,306 0
18,412 357 18,769 37,178
18,530 239 18,769 18,648
18,648 120 18,768 0

How to Apply for South Indian Bank Education Loan

You can apply for a South Indian Bank of India education loan by visiting the nearest branch of the bank.

Documents Required for State Bank of India Education Loan Application

These are the documents you would need to submit to complete your application for an education loan from State Bank of India:

  • Proof of identity
  • Proof of address
  • PAN card of student
  • PAN card of parents
  • Mark list of qualifying examination
  • Admission letter from educational institution
  • Score card of qualifying examination
  • Approval and affiliations of the course
  • Fee structure
  • Property-related documents

FAQ's

  1. What is the minimum margin for an education loan amount of Rs. 4 lakh provided by South Indian Bank?

    There is no margin for a loan amount up to Rs. 4 lakh provided by South Indian Bank.

  2. What is the maximum amount of loan that can be availed through SIB-Excellence education loan scheme?

    A maximum amount of Rs.25 lakh can be availed through SIB-Excellence education loan scheme.

  3. What is the preferable mode of payment to colleges under SIB-Excellence Scheme?

    The preferable mode of payment to colleges under SIB-Excellence Scheme is through Real Time Gross Settlement (RTGS) systems.

  4. What is the repayment schedule for South Indian Bank education loan?

    The repayment starts after one year of the completion of the course or six months of employment, whichever is earlier.

  5. What is the maximum tenure that can be availed to repay the education loan?

    Maximum of 15 years can be availed to repay South Indian Bank education loan amount.

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