Syndicate Bank Education Loan for Abroad Studies

Nationalized in 1969, Syndicate bank was one of the oldest commercial banks in India. The bank was merged into Canara Bank on 1st April 2020 and Syndicate Bank education loan as an independent product was also closed. If you want to apply to Syndicate Bank study loans, you can check the Canara Bank education loans.

Students who wish to take a study loan from Canara Bank can take any of the following - 

• IBA Model Education Loan Schemes - For higher education in India or abroad. 
• Vidya Turant - A loan scheme for professional courses at premier institutes in India.

Let’s explore the current education loan product…

What is the Education Loan Interest Rate in Syndicate Bank?

Students can take the education loan from Syndicate Bank up to 7.5 lakhs at an interest rate of 8.90% p.a. Those who take the education loan for more than INR 7.5 lakhs have to pay an interest rate of 8.50% p.a. Students who take the loan from Vidya Turant scheme with a co-borrower have to pay an interest of 6.90% p.a. while students who take it without a co-borrower have to pay an interest rate of 7.50% p.a. 

Syndicate Bank Education Loan Details:

Margin Money - Syndicate Education Loan?

Syndicate Bank does not charge any margin money for loans up to INR 4 lakhs. For education loans above INR 4 lakhs for studying in India, the margin money is 5% while for studying abroad, the margin money is 15%. 

How much loan can be taken from the Syndicate Bank Education Loan to study abroad?

The IBA model education loan from Syndicate Bank is a need-based education loan. In Vidya Turant scheme, those who have gained admission in “A” category institutes can avail of a maximum loan amount of INR 40 lakhs. For studying in ‘B’ category institutes, students are eligible for a maximum loan amount of 25 lakhs while those applying at other institutes can take a maximum loan amount of INR 20 lakhs under the Vidya Turant scheme. 

Moratorium Period - Syndicate Bank Education Loan 

Those who take the IBA model education loan or Vidya Turant loan from Syndicate Bank/Canara Bank do not have to make any repayment during the study period. The Syndicate Bank moratorium period is up to one year after the program gets completed. Maximum loan tenure for Syndicate education loan can be up to 15 years.

Documents Required - Syndicate Bank Education Loan 

The exact documents required for applying for the Syndicate education loan will vary from applicant to applicant. However, for Syndicate Bank student loan some common documents required are as follows:

• Address proof 
• 10th/12th mark sheet for bachelors and graduation mark sheet for Post Graduate students.
• Proof of age 
• Proof of family income such as ITR, pension certificate, salary certificate of parent or guardian.
• Proof of admission or I20 from the college/university
• Details of fee
• In the case of secured loans, collateral documents 

At what locations in India can a student avail of an education loan from Syndicate Bank

An education loan from Syndicate Bank can be taken from any branch closest to your place of residence. 

Is Syndicate Bank student loan available for all types of degrees and disciplines?

The IBA model education loan from Syndicate Bank/Canara Bank is available for graduate courses and post-graduate courses in India or abroad. Courses that offer a degree or diploma from Indian colleges accredited by relevant bodies such as UGC/Government, autonomous institutions like IIM, IIT, etc, AICTE/Department of Electronics/IMC, are eligible for a loan under this scheme.

SyndVidya Education Loan for Abroad Studies

Objective: To offer term loans to meritorious Indian students aiming to pursue higher education at foreign universities.

Key Features:

• Quantum of Loan:

• 
  Maximum Loan Amount: Up to INR 2 crores for overseas studies.

• Margin:

• 
  Required Margin: 15%.

• Security:

• 
  Loans up to INR 4 lakhs: No security required, but parents or a guardian must be a co-borrower.
• 
  Loans above INR 7.5 lakhs: Tangible collateral accepted as security, accompanied by a third-party guarantee.
• 
  Loans between INR 4 lakhs and INR 7.5 lakhs: Requires suitable collateral along with a third-party guarantee.

• Processing Fees:

• 
  No Processing Fees: There are no charges for processing the Syndicate Bank education loan.

Additional Information:

• Repayment Terms: Typically includes a moratorium period (course duration plus 6 months to 1 year) followed by a repayment period that can extend up to 15 years.
• Eligible Courses: Includes graduate, post-graduate, and professional courses at recognized foreign universities.
• Interest Rates: Competitive and subject to the bank's policies and market conditions.

Benefits:

• No Processing Fees: Reduces the overall cost of the loan.
• Flexible Security Requirements: Tailored based on the loan amount, easing the burden for smaller loans.

Interest Rate on SyndVidya Education Loan for Abroad

For students seeking to pursue higher education abroad, Syndicate Bank offers the SyndVidya Education Loan with the following interest rate structure:

• Interest Rate: MCLR + 2.0%

SyndVidya Skill Loan Scheme Overview

Objective: To provide loans to Indian students for skill development courses.

Key Features:

• Loan Amount: Up to INR 1,50,000.
• Margin: No margin required.
• Security: No security required.
• Processing Fees: No processing fees.

Benefits:

• Affordable: No processing fees and no collateral required.
• Flexible Repayment: Includes a moratorium period (course duration plus up to 6 months) with manageable repayment terms.

Interest Rate on SyndVidya Skill Loan Scheme 

For students pursuing vocational courses, Syndicate Bank offers the SyndVidya Education Loan with competitive interest rates.

Interest Rate:

• SyndVidya Skill Loan Scheme: MCLR + 1.50%

Syndicate Bank Education Loan for Vocational Education and Training

Objective: To support Indian students in pursuing vocational courses.

Key Features:

• Loan Amount: Up to INR 2 lakhs.
• Margin: No margin required.
• Security:

• 
  No collateral needed.
• 
  Third-party guarantee required.

• Processing Fees: No processing fees.

Benefits:

• Accessible: No collateral or processing fees.
• Supportive: Aims to enhance employability through skill development.

Interest Rate on SyndVidya Education Loan for Vocational Courses

The effective interest rate for the SyndVidya Education Loan for vocational courses is:

• Base Rate + 2.25% per annum

How can GyanDhan help you with your education loan?

GyanDhan is India’s first education loan financing marketplace helping students get the best education loan product for studying abroad from public banks- SBI & BOB and private banks- ICICI Bank & Axis Bank as well as NBFCs- HDFC Credila. Get in touch with GyanDhan and get an abroad education loan at the lowest interest rate and faster approval.

Read Also :

• Education Loan Without Collateral for Abroad Studies
• Canara Bank Education Loan to Study Abroad
• Best Banks For Abroad Education Loans in India
• Public Sector Banks Education Loan Products
• Bank of Maharashtra Abroad Education Loan

Frequently Asked Questions