Syndicate Bank education loans have interest rates that start at 8.25% p.a. These rates are pegged to the one-year Marginal Cost of funds based Lending Rate (MCLR). Concession in interest rate is available for different categories of individuals. The loan repayment tenure can extend up to 15 years. The quantum of loan can go up to Rs.20 lakh with a higher quantum also sanctioned in specific cases for courses in reputed educational institutions. There are no processing charges. There are a wide range of loan schemes that cater to different requirements with specific ones for meritorious students and for higher studies abroad.
Syndicate Bank Education Loan Interest Rates
|Schemes||Maximum Loan Amount||Interest Rates|
|Synd Vidya||Rs.20 lakh||9.75% to 11% p.a.|
|Synd Super Vidya||Rs.2 crore||8.25% p.a.|
|Synd Vidya Abroad||Rs.1.5 crore||10.25% p.a.|
|Synd Vidya Skill Loan Scheme-New||Rs.1.5 lakh||9.65% p.a.|
|Synd Vidya Vocational Courses||Rs.2 lakh||11.75% p.a.|
*For the Synd Vidya and Synd Vidya Skill Loan Scheme, the following interest concessions are available:
*For SC/ST category girl students: 0.75% interest concession
*For SC/ST boy students: 0.50% interest concession
*For other girl students: 0.50% interest concession
Compare Syndicate Bank Education Loan Schemes for Students
1. Synd Vidya
- Interest rate: 9.75% to 11% p.a.
- Processing fee: Nil
- Loans up to Rs.4 lakh: None
- Loans between Rs.4 lakh to Rs.7.5 lakh: Collateral of third-party guarantee
- Loans above Rs.7.5 lakh: 100% tangible collateral of suitable value
- Loan Tenure: 15 years from date of first instalment with moratorium of the course period + 1 year
- Eligibility: Indian nationals who have gained admission through entrance test or merit-based selection process after completing HSC/10+2 or equivalent
2. Synd Super Vidya
- Interest rate: 8.25% p.a.
- Processing Fees: Nil
- Collateral: None
- Loan Tenure: Contact the bank
- Eligibility: Indian nationals who are exceptionally meritorious students who require extension of education loans with special provisions
3. Synd Vidya Abroad
- Interest Rate: 10.25% p.a.
- Processing Fees: Rs.10,000 per application
- Collateral: Tangible collateral as security such as government relief bonds or non-agricultural property with value not less than 125% of loan amount or assignment of the student’s future income
- Loan Tenure: 15 years
- Eligibility: Indian nationals who have obtained admission through merit-based selection processes or entrance tests
4. Synd Vidya Skill Loan Scheme-New
- Interest Rate: 9.65% p.a.
- Processing Fees: Nil
- Loan Tenure: Up to 7 years
- Eligibility: Indian nationals
5. Synd Vidya Vocational Courses
- Interest Rate: 11.75% p.a.
- Processing Fees: Nil
- Collateral: Minimum 100% of the proposed loan’s value
- Loan Tenure: 7 years
- Eligibility: Indian nationals who have passed 10th standard who has secured admission to an employment-oriented vocational training course recognized by the government.
Syndicate Bank Education Loan EMI Calculator
You can find out how much your Equated Monthly Instalment (EMI) will be by using the BankBazaar Education Loan EMI Calculator. Knowing this in advance will help you better plan and manage your finances, which can lead to more savings as well. This will be especially helpful for any student, whether you are studying in India or abroad.
The EMI calculator is a free online tool that tells you exactly how much EMI you have to pay, what your total principal outstanding and interest amount will be, and also displays a detailed amoritisation table instantly on the page. All you have to do is enter the required details in the relevant fields and use the slider to input other amounts. Use the slider to input your desired loan amount and loan repayment tenure. Enter in the interest rate that is applicable for you. For Syndicate Bank education loans, there are no processing fees, so that will be blank. Click on the ‘'Calculate’' button to get your amortisation table which will look like the one given below.
The example given here is for the Synd Vidya loan, for a loan amount of Rs.10 lakh, assuming an interest rate of 9.75% p.a., and a repayment tenure of 15 years.
- Monthly EMI: Rs.10,594
- Total interest due: Rs.9,06,853
- Total amount payable: Rs.19,06,853
|Year||Principal Paid(A)||Interest Paid(B)||Total Payment (A+B)||Outstanding Loan Balance|
How to Apply for Syndicate Bank Education Loan Online/Offline
- You can apply for the education loan at the bank’s branch that is closest to the permanent domicile of the parent or guardian.
- You can also apply at the branch that is nearest to your educational institution.
Syndicate Bank Education Loan Documents Required and Application Form
The documents required to apply for the SBI education loan are as given below (all documents should be self-attested):
For the student/applicant:
- Identity proof
- Photocopy of admit card
- Admission letter
- Photograph of applicant
1. Is there interest concession available for government employees?
Children whose parents are employed in the following categories will get interest concession of 1%: Public Sector Undertakings (PSUs), government departments, blue chip companies and corporations where there is a tie-up agreement with an irrevocable undertaking letter.
2. Is there any way to reduce my loan EMI?
You can get 1% interest concession if the interest amount is paid during the course duration and moratorium period, before the loan repayment tenure starts.
3. Are diploma courses abroad also eligible for the education loan?
Yes, diploma courses abroad are eligible provided they are recognised by an authorised regulatory body abroad and in India for the purpose of employment.
4. Are there any other value-added benefits to the education loans?
Students who have been approved for the Synd Super Vidya loan are eligible to open a self-introduced savings bank account and will get a debit card with it.
5. Is a top-up loan available?
There is no top-up loan as such, but students of the Synd Super Vidya loan can get an additional Rs.3 lakh (which is included in the maximum loan amount of Rs.20 lakh) if they have to go abroad for a student exchange scheme in the second year of their management course.