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  • Syndicate Bank Education Loan

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    Overview:

    Education is unlimited and everlasting. We get educated and educate ourselves all our lives in one way or the other. As an indispensable tool that help us figure out a way in the world, education brings us a lot more than worldly amplifications. Anyone may have inclination and endowment for studies. But not everyone has ample resources to chase their dreams. Government of India and RBI too believes that this cannot be the reason to impede anyone from their education and has introduced education loans with subsidized interest rates.

    Syndicate Bank's commitment to education dates back to decades as it was the first bank to start a series of Rural Training Institutions designed to empower the youths in villages through vocational training. SB Education Loan can be obtained from any local branch close to the applicant’s place of permanent residence.

    Features & Benefits of Syndicate Bank Education Loan:

    Objective/ Purpose of Loan:

    Syndicate Bank as per the Government and RBI regulation, offers educational loans for students who wish to pursue any course in India or abroad at subsidized interest rates. It will take care of every expense related to the course, which need to be paid back only after landing a job upon course completion.

    Expenses considered for Syndicate Bank Education Loan:

    SB education loans are granted purely on the basis of need, which include:

    • Course fee
    • Hostel fee
    • Exam fee
    • Cost of books, instruments and travel for educational purposes
    • Other passage fares for international education

    [Note that capitation fee, donation amount or money for external coaching will not be granted.]

    Amount of Education Loan:

    The applicant can request for a maximum of INR. 10 lakh for studying in India and no more than INR. 20 lakh for studying overseas.

    Processing fee:

    No processing charge or service charges are levied for Syndicate Bank Education Loans.

    Interest Rates:

    Prime Lending Rate is currently 13.25 percent

    For Syndicate Bank education loans up to INR. 4 lakhs, the interest rate is Prime Lending Rate (PLR) minus 1.50 percent.

    • For SB education loans above INR. 4 lakhs, the interest rate is PLR minus one percent.
    • Girl students and students belonging to SC/ST group are entitled for a deduction of 0.50 percent on the aforementioned rates.
    • Girl students under SC/ST group are qualified for an additional rebate of .25 percent on the said rates and together they get a concession of .75 percent.

    Repayment:

    The loan is expected to be repaid in five to seven years after one year of completing the course or six months after getting a job. You get an interest free window period of 6 months till the applicant finds a job.

    Security:

    • For SB Education Loans up to INR. 4 lakhs, there is no requirement for any security by the bank.
    • For SB Education Loans between INR. 4 lakhs and INR. 7.50 lakhs, a security in the form of an acceptable third party guarantor is required.
    • For SB Education Loans above INR. 7.50 lakhs, a collateral security with 25 percent margin covering the loan sum and transfer of future earnings of the student for repayment of loan after completing the course and securing a job is required.
    • In all these scenarios, the parent or guardian or even the third party guarantor can join the transaction as co-debtor.

    Margin:

    • For an SB Education Loan up to INR. 4 lakhs – Nil
    • For loans more than INR. 4 lakhs – 5 percent for studying in India and 15 percent for overseas studies.

    Eligible Courses:

    INDIA:

    • Bachelors in Arts, Commerce & Science.
    • Masters in Arts, Commerce & Science and MPhil and PhD.
    • Professional Courses: Engineering, Medicine, Dentistry, Veterinary, Agriculture, Law, Computer Programming.
    • Management Courses: BCA, MCA, BBM, BBA, and MBA, approved by All India Council for Technical Education.
    • For Computer Studies, the recognized training institution must have authorization of DOE and Government of India to conduct the course under Department of Electronics Accreditation of Computer Course (DOEACC) Scheme.
    • Computer Certification Courses of renowned institutions attributed to Department of Electronics or Institutes associated to Universities.
    • Courses like CA, ICWA, and CFA.
    • Courses held by IIT, IIM, IISc, XLRI, and NIFT.
    • Courses provided in India by known international universities.
    • Evening Courses from authorized institutes.
    • Any other course offering a Diploma or Degree by UGC/ Govt approved colleges and universities.
    • Courses conducted by National Institutes and other valid private institutes accepted by Syndicate Bank.

    INTERNATIONAL:

    • Bachelors in any employment-centric professional or technical courses offered by renowned colleges or universities.
    • Masters in MBA, MCA & MS.
    • Any course held by CIMA-London, CPA in USA etc.
    • Other International Diploma courses are non-eligible.

    Mandatory Documentation:

    • Photocopy of mark sheet of the applicant’s latest qualifying public exam for school or college in India.
    • Proof of admission to the course (Fee receipts, Transfer Certificate obtained from the institute).
    • Two recent passport size photos of the prospective student, guardian and guarantor.
    • Photocopy of any national ID card like passport, Voters ID, Driving License etc of all the student, parent(s) and guarantor.
    • Most recent salary slips if you are a salaried person and income proofs like reference from clients, IT papers etc. if you are self-employed, freelancers, professionals, entrepreneurs or agriculturist.

    Student Eligibility Criteria:

    • The student should be an Indian citizen.
    • Any prospective student who is aged above 18 and represents himself/ herself.
    • Any minor student represented by parent or guardian (of Indian nationality).
    • The student must have gotten merit-based admission in any professional, technical, or other courses through a valid entrance exam and other selection procedure.
    • Slight waiver it or relaxation is also allowed under specific situations.
    • The applicant (if planning to study overseas) must have already taken admission in approved foreign universities or institutes.

    Interest Subsidy:

    Central Scheme aims to deliver Interest Subsidy for the moratorium term on Educational Loans by students from financially weak families from scheduled banks under IBA’s Model Education Loan Scheme. Syndicate Bank too has adopted this scheme.

    Aptitude Certificate:

    The student going abroad will be issued a Capability Certificate as a supporting document for the university.

    Syndicate Bank Education Loan FAQs:

    1. How is the loan sum distributed?
    2. The fee for the entire course is usually paid to the institute/ university directly by the bank. Each year or semester, you must submit a form to the Syndicate Bank entailing information of the sum required.
    3. Can I apply for a second loan for further studies?
    4. This is possible at the discretion of the bank.
    5. What is the interest subsidy that I can avail on the SB Educational Loan?
    6. Syndicate Bank grants reduced interest rates if you begin to repay during the allowed window period between course completion and getting a job. After choosing floating rate loan, it can’t be changed to fixed rate loan halfway.
    7. What is the mode of paying back the loan?
    8. Repayment is normally done on an EMI basis. The money can be transferred electronically or you can also pay via cheques.
    9. Is there a prepayment fine?
    10. Penalty for prepayment is 5 percent of the remaining principal sum though you can negotiate it with the concerned bank official.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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    Syndicate Bank Education Loan Reviews

  • Page 1 of 2 1 2
    • Syndicate Bank Education Loan
      "Not Approachable Bank"
      SYNDICATE BANK
      0.5 3.0/5 "Satisfactory"
      From SYNDICATE BANK i have taken an education loan with 14% rate of interest.The process was too long. The documentation taken so much days. The executive gave proper response and all needful at the time of the application. Since the process takes time i wont recommend this bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 26, 2017
    • Syndicate Bank Education Loan
      "Good for students and education"
      SYNDICATE BANK
      0.5 5.0/5 "Blown Away!"
      I studied engineering by Syndicate bank loan, I always do the higher studies with them. They done the loan process within the time, bank is understanding the customer. I took the education loan for the tenure period of five years but I finished the loan within two years by foreclosure without any charges.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 31, 2017
    • Syndicate Bank Education Loan
      "Its Average"
      SYNDICATE BANK
      0.5 3.0/5 "Satisfactory"
      Syndicate bank is not great for educational loan, They have lot of complication when it comes to the interest rate. Now I am not sure what was the interest rate they provided on my educational loan. Very long back my father had taken this loan for an amount of 5 lakhs and the loan is almost closed now.
      Was this review helpful? 5
      , bangalore
      Reviewed on Mar 09, 2017
    • Syndicate Bank Education Loan
      "Its average"
      SYNDICATE BANK
      0.5 3.0/5 "Satisfactory"
      Syndicate Bank was providing an average service. The rate of interest offered by them was very high . Plus, their customer support is not advanced. They were not helpful in resolving the issues of the customer. I had to visit the Bank again and again for one issue. Eventually, the issue was resolved in my favor.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 01, 2016
    • Syndicate Bank Education Loan
      "For educational loan is okay"
      SYNDICATE BANK
      0.5 4.0/5 "Great!"
      With Syndicate bank I had taken an educational loan before 10 years. This was offered based on my Father's agricultural account. I had paid some EMI which is mandate and there is a flexibility to pay the amount after 6 months too. Of course they would be charging some charges for the same however the charges are very minimal.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 16, 2016
    • Syndicate Bank Education Loan
      "Hassle free and supportive"
      SYNDICATE BANK
      0.5 4.5/5 "Excellent!"
      Really the best banker you can rely on for education loans.The entire process completed much faster and smoother than I imagined, thanks to the staff for so much involvement, patience and support. Compared to the other so called bigger banks, staff here is so much customer friendly,helpful and understanding. Also the interest rates are much attractive considering the persistent negligence of banks towards students while giving educational loans.Even the bank managers are so down to earth while talking to him regarding my doubts. Sinciere suggestion to visit Syndicate bank if you have an education loan on your mind.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 13, 2016
    • Syndicate Bank Education Loan
      "Its good"
      SYNDICATE BANK
      0.5 5.0/5 "Blown Away!"
      Everything was carried out really well by Syndicate bank. It was all fine, because I had approached them and the customer service was really good. I had approached them and they had provided outstanding customer service. It was my own bank they had infact asked for some collateral security for providing the educational loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 18, 2016
    • Syndicate Bank Education Loan
      "Not satisfactory"
      SYNDICATE BANK
      0.5 0.5/5 "Unacceptable"
      Syndicate bank hukkeri branch rules were different not satified with the bank. Manager behaviour was not good, they have not given the uniform fee and a travel fee for BCA course, they denied to give the loan for BCA course finally they responded to sanction the loan...
      Was this review helpful? 2
      , belgaum
      Reviewed on Aug 10, 2016
    • Syndicate Bank Education Loan
      "Fast process "
      SYNDICATE BANK
      0.5 5.0/5 "Blown Away!"
      I remember the day when the application was submitted with Syndicate bank.They responded and processed on the same day for a education loan.The rate of interest applied was very convenient for the customer to get and definitely I may recommend this experience.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2016
    • Syndicate Bank Education Loan
      "Reliable but time taking"
      SYNDICATE BANK
      0.5 4.0/5 "Great!"
      The process of getting the education loan from syndicate bank was quite average.The process took more than 4months to complete.They are requiring minimum document to process.The head office formalities takes time.The customer service provided was good.The interest rate applied was also nice
      Was this review helpful? 4
      , bangalore
      Reviewed on Feb 01, 2016
    • Syndicate Bank Education Loan
      "Good"
      SYNDICATE BANK
      0.5 3.0/5 "Satisfactory"
      I have closed the educational loan with the Syndicate Bank and the rate of interest was around 11%. The services are okay with them and they dint have online banking facilities. The loan amount got disbursed to my account within a week of time.
      Was this review helpful? 3
      , bangalore
      Reviewed on Jan 08, 2016
    • Syndicate Bank Education Loan
      "Will not recommend government banks..."
      SYNDICATE BANK
      0.5 3.5/5 "Pretty good"
      In the year of 2006 the interest rate on education loan was above 9%. The loan process was not much satisfactory and normally I will not recommend government banks for loans. The processing time is lengthy and Syndicate bank ask for several documents. Experience would differ depending on the managers.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 03, 2015
    • Syndicate Bank Education Loan
      "Better"
      SYNDICATE BANK
      0.5 3.0/5 "Satisfactory"
      I am having the education loan with the Syndicate bank. Around 11% is the rate of interest which is okay for me. I been with them from the last 10 years of time. Within 5 days of time the loan amount got disbursed to my account. I am happy with them.
      Was this review helpful? 4
      , bangalore
      Reviewed on Sep 18, 2015
    • Syndicate Bank Education Loan
      "Good"
      SYNDICATE BANK
      0.5 4.0/5 "Great!"
      I took a education loan from syndicate bank with the interest rate of approximately 1% as one uncle was manger so the process was very smooth.They disbursed loan within 1 day and they give a very good response. They charged very less for the currency change also and the processing fee charged was just 1000 rupees for 4 lakhs loan amount.
      Was this review helpful? 3
      , bangalore
      Reviewed on Sep 01, 2015
    • Syndicate Bank Education Loan
      "Service is good but interest rate is more"
      SYNDICATE BANK
      0.5 4.0/5 "Great!"
      I got the education loan with the Syndicate bank. The rate of interest is 13% and its more. They given around 3 lakh of Rupees as the capital. The charges are really high with them. By September I am going to repay my loan. The services are better with them.
      Was this review helpful? 9
      , bangalore
      Reviewed on Aug 17, 2015
    • Syndicate Bank Education Loan
      "Much appreciable"
      SYNDICATE BANK
      0.5 4.0/5 "Great!"
      Syndicate bank Educational loan is good. I was fairly treated by them they kept me posted about the documents before hand. Manager of Syndicate bank was very helpful he has in fact extended his working hours. He was there with us till 7PM and he was guiding us appropriately. I would certainly appreciate the efforts which he has taken. More than all, the most interesting part is the Government was providing a Subsidy where the Government was able to waive off the interest part where the total loan amount is 4.5 lakhs and they were able to provide loan for 1.5 lakhs.
      Was this review helpful? 5
      , bangalore
      Reviewed on Jul 31, 2015
    • Syndicate Bank Education Loan
      "Good one"
      SYNDICATE BANK
      0.5 4.0/5 "Great!"
      Syndicate Bank educational loan is fine. Its almost completed, I am left with 2 months. This loan was taken at my home town. The best part is, there is no processing fee for the same. I have produced my land registration copy and my fathers documents for availing this loan. My cousin has signed as a guarantor.
      Was this review helpful? 12
      , bangalore
      Reviewed on Jul 28, 2015
    • Syndicate Bank Education Loan
      "Good"
      SYNDICATE BANK
      0.5 3.5/5 "Pretty good"
      The experience was good when I availed an educational loan with Syndicate bank. I am having this loan for the past 8 years in which the services are good. But the rate of interest was high which must be reduced. The customer support was also good. The amount I pay is Rs.2500 per month which should be reduced.
      Was this review helpful? 22
      , new delhi
      Reviewed on Dec 31, 2014
    • Syndicate Bank Education Loan
      "Great experience"
      SYNDICATE BANK
      0.5 4.0/5 "Great!"
      In 2009 I have availed an Educational loan from Syndicate bank. I just applied online for the loan and they called me and verified everything including the documents. I think they disbursed the loan within a month. Syndicate bank was very nice and very friendly in nature when compared to other banks. I was offered a good rate of interest of 9%.
      Was this review helpful? 10
      , bangalore
      Reviewed on Aug 22, 2014
    • Syndicate Bank Education Loan
      ""
      SYNDICATE BANK
      0.5 4.5/5 "Excellent!"
      By the year 2008, the educational loan was taken from this bank. I took it from native branch and everything is good. The overall processing was good as my father knows the branch manager and within 2 days, loan got approved. Interest rate was quite higher and I was not using their on line banking. I got good benefits, within that time i got the loan where i was able to pay the education fees.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Jul 05, 2014
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