South Indian Bank Education Loan

Abroad education loan is a reagent that can help you to pursue your abroad education dreams. There are several lending options available and among those one of the lenders is South Indian Bank. It is a private sector bank that can provide you with both secured and unsecured abroad education loans. Let’s look into its loan offerings and related aspects in this blog. 

Overview of South Indian Bank

The South Indian Bank (SIB) is a prominent private sector bank headquartered in Thrissur, Kerala, with 942 banking outlets as of March 31, 2023. Established in 1929, it has been working towards the vision of becoming "the most preferred bank in the areas of customer service, stakeholder value, and corporate governance." In the fiscal year 2021-22, it generated over 7,620 Cr in total revenue. One of its prominent schemes for abroad education loans is called SIB Global Education Scheme.

Eligibility Criteria for South Indian Bank Education Loan

Here are the eligibility criteria you need to fulfill to qualify for an overseas education loan in South Indian Bank. When applying, the bank may also provide additional specific requirements. The basic prerequisites consist of:

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  Applicable to Indian nationals or NRI with an Indian passport.
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  Minimum age 18 years and maximum 50 years.
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  All full-time undergraduate, postgraduate, and PhD courses and diploma, and skill development courses with a duration of more than 1 year.
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  You should have strong past academic records. 
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  Successful completion of essential exams like IELTS, TOEFL, GRE, or GMAT is mandatory.
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  Admission to a well-regarded international university is necessary.

Expenses Covered by South Indian Bank Education Loan

The various expenditures that will be included when obtaining an overseas education loan from SIB encompass:

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  Tuition fees
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  Accommodation fees
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  Travel costs
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  Living expenses
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  Procurement of educational materials such as books and laptops, among others.
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  Registration or subscription fees for facilities like libraries and laboratories, and similar expenses.
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  Any additional charges or outlays, including security deposits, healthcare expenses, or other essential items.

Features of South Indian Bank Abroad Education Loan

SIB is a favored option for individuals abroad seeking education loans and the primary reason for this inclination is that it provides numerous benefits, such as higher approved loan amounts, reasonable interest rates, and various additional advantages. Here are the specifics of SIB's overseas education loan:

*Interest Rate as of September 2023

Document Required for South Indian Bank Education Loan

There are several documents that you will be required to submit in order to get a SIB abroad education loan. These are -

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  Proof of Identity
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  Address
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  PAN of the student as well as Parents
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  Offer/Admission letter
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  Basic qualification & mark list
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  qualifying exam scorecard
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  Fee structure
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  Affiliations and approval of course
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  Property-related documents (if secured loan)

Application Process of South Indian Bank Education Loan

There are a few simple steps that you can follow in order to apply for an SIB education loan for abroad studies. These are -

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  Visit the official website of South Indian Bank. 
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  On the homepage, you will see several options on the top. From it select ' ‘Personal Banking’’. 
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  A drop-down menu will open in as soon as you take your cursor to the ‘Loan’ option several loan products will be shown from which you need to choose ‘Education Loans’.
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  A new webpage will open that will show several education loan schemes by SIB. In this you have to choose ‘SIB Global Education’.
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  The details of the scheme will start to appear on the page and when you scroll down a little you can see the apply now option. 
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  The application form will open, you need to fill in all the necessary details and submit it to your nearest branch.

Choosing the right lender is crucial for your education loan needs. Private sector banks are a solid option for abroad education loans, and banks like SIB, ICICI and Axis Bank offer competitive terms. It's vital to assess factors like interest rates, loan amounts, eligibility, margins, and processing fees. GyanDhan can help you find the perfect lender for your needs. Simply check your eligibility, and you can secure your overseas education loan through the best private bank as per your requirements.

Frequently asked questions