Make college memories that last a lot longer than your student loan payments.

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 satisfied with the Service"
    SYNDICATE BANK
    0.5 2.0/5 "Expected more"
    I have chosen Syndicate bank for my Education loan where they have offered good rate of interest based on the market price , where i have taken loan 8 years back where they have informed the rate of interest will be calculated after 6 years , but actually they have charges from the very first year which is not conveyed properly to me . Where they have given tenure period of 61 months .
    Was this review helpful? 1
    , new delhi
    Reviewed on Jan 19, 2019
  • Syndicate Bank Education Loan
    "Good service"
    SYNDICATE BANK
    0.5 2.0/5 "Expected more"
    I have taken my Education loan with Syndicate bank for my daughter,this loan is still running, and there service is good,they have given me sufficient loan amount to me, and the rate of interest they have charged me was fixed they have charged me up to 10-11% which was nominal for me, and they have not charged me processing fee,it zero processing fee they have taken, they have given me 5% discount, there is no hidden charged they have taken from me,the manager of that bank is well know,so he take card of the documents ,and use to co-operative with me well.
    Was this review helpful? 1
    , chennai
    Reviewed on Jan 17, 2019
  • Syndicate Bank Education Loan
    "Normal service"
    SYNDICATE BANK
    0.5 3.5/5 "Pretty good"
    The experience with this loan has been good and the loan amount has been sufficient as i requested. The interest rate with them has been quite as same as per the market rate. Their customer support as well as their staff response from our branch end had been very good as well.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 11, 2018
  • Syndicate Bank Education Loan
    "Good service"
    SYNDICATE BANK
    0.5 4.0/5 "Great!"
    I have taken an Education loan with Syndicate bank and my loan experience was good, the loan amount was for Rs 5 lacs with nominal interest rate when compared to others. Customer service was good and they responded on time. The tenure period for this loan is 5 years.
    Was this review helpful? 4
    , bangalore
    Reviewed on Aug 29, 2018
  • Syndicate Bank Education Loan
    "Good Service"
    SYNDICATE BANK
    0.5 5.0/5 "Blown Away!"
    I've taken an educational loan from the Syndicate Bank for 50000, I closed the loan. I got the loan at a subsidized rate of interest. It was an easy and hassle free process. Overall it has been a good experience in availing educational loan from the Syndicate bank.
    Was this review helpful? 6
    , belgaum
    Reviewed on Jul 24, 2018
  • Syndicate Bank Education Loan
    "Good Service"
    SYNDICATE BANK
    0.5 5.0/5 "Blown Away!"
    I've taken an education loan from the Syndicate bank for 1.8 lacs, the loan was with in 1 month. The interest is as per RBI norms. It was a good application process. I never faced any issues during the application and documentation.
    Was this review helpful? 3
    , bangalore
    Reviewed on Jul 14, 2018
  • Syndicate Bank Education Loan
    "Not satisfied with the service"
    SYNDICATE BANK
    0.5 2.5/5 "Just OK"
    It has not been a good experience with this educational loan from them where there has been no proper communication made from the customer support team or the bank staffs. The process in getting the loan had been taken time as well as the interest rate which they had been charging has not been explained clearly. I am not happy with the service which they had provided me.
    Was this review helpful? 2
    , bangalore
    Reviewed on Jul 13, 2018
  • Syndicate Bank Education Loan
    "Need to reduce charges"
    SYNDICATE BANK
    0.5 4.0/5 "Great!"
    I have taken an Education loan from Syndicate bank and my experience was good. The loan amount was for Rs 2.80 lakhs with high interest rate of 13%. The process was quick and i received my loan amount on time. The tenure period for the education loan is 10 years.
    Was this review helpful? 2
    , new delhi
    Reviewed on May 28, 2018
  • Syndicate Bank Education Loan
    "Good "
    SYNDICATE BANK
    0.5 4.0/5 "Great!"
    Syndicate Bank processed my educational loan on time. The manager was pretty helpful to get the loan through. The interest rate and processing charges are normal. The process for the document collection was also completed on time. Good overall.
    Was this review helpful? 2
    , mumbai
    Reviewed on Dec 12, 2017
  • Syndicate Bank Education Loan
    "Its Good"
    SYNDICATE BANK
    0.5 3.5/5 "Pretty good"
    Earlier I took Education loan from syndicate it was cleared in the year of 2010, at the time I visited to the bank done the manual process now system has been improved. I took the loan amount of Rs. 1.50 lakhs, they offered me around 10 to 11% of rate which Ã? would say is much lower than others.
    Was this review helpful? 2
    , bangalore
    Reviewed on Nov 16, 2017
  • Syndicate Bank Education Loan
    "Its Average"
    SYNDICATE BANK
    0.5 3.0/5 "Satisfactory"
    I took Education loan from Syndicate bank before five years at the time processing was very long and there was no proper communication about the interest rate, EMI, loan details etc. Interest rate was also below average in Syndicate bank for the education loan.
    Was this review helpful? 4
    , chennai
    Reviewed on Oct 20, 2017
  • 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? 1
    , 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? 4
    , 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? 7
    , 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? 2
    , 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? 2
    , 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? 2
    , 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? 2
    , 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? 3
    , 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
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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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