Syndicate Bank Education Loan

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Education Loan for Abroad Studies by Indian Government

Education loan plays an effective role to cope up with financial setbacks and provides support to acquire quality education. There are several national and state banks offering excellent education loans along with added benefits that reduce the cost and future burden of these essential investments. One such prominent pathway is the ‘Syndicate Bank Education Loan’. Here is an insightful blog that will walk you through various aspects of this loan including a step-by-step application process.

Name of the Bank Syndicate Bankmba
Merged with  Canara Bank
Type of Bank Nationalised Bank
Type of Loan Education
Types of Education Loans Synd Vidya Educational Loan
Synd Vidya Abroad Educational Loan 
Synd Super Vidya
Synd Vidya Vocational Courses
Synd Vidya Skill Loan
Maximum Amount Rs 2 crores
Loan Disbursement  15 days
Repayment Upto 15 years + Moratorium 
Margin In case of Loans up to Rs.4 lac – No Margin required.
In case of Loans above Rs.4 lac – 5% for study in India and 15% for study abroad
Official Website https://www.syndicatebank.in/

Also Read: Loans to Study Abroad

Syndicate Bank Education Loan

Syndicate Bank is known to be one of the oldest and major commercial banks in India. Education is a key area where parents are willing to invest in order to build a prosperous and bright future for their children. Syndicate Bank offers extremely effective education loans at easy interest rates. The main objective of the Syndicate Bank Education Loan is to provide financial aid to Indian students who are willing to pursue higher education either in India or abroad. The bank offers the following two education loans to students:

  • Synd Vidya Education Loan for students who are enrolling at universities and colleges both in India and abroad.
  • Synd Vidya Abroad Education Loan is limited to study abroad.
  • Synd Super Vidya is for professional and technical courses in India or abroad.
  • Synd Vidya Vocational Courses is for students who wish to pursue vocational training and skill development courses.
  • Synd Vidya Skill Loan is for candidates who want to take up short-term skill development courses.

Interest Rate for Syndicate Bank Education Loan

Loan
Category
Loan
Amount
Interest Rate
Synd Vidya Education
Loan
Up to ₹4 lakh
₹4 lakh – ₹7.5 lakh 
₹7.5 lakh – ₹20 lakh
One year MCLR + 1.60% per annum 
One year MCLR + 1.85% per annum
One year MCLR + 2.85% per annum
Synd Vidya Abroad
Education Loan
₹20 lakh – ₹2 crore One year MCLR + 2.10% per annum
Synd Super Vidya ₹3 lakh- ₹20 lakh One year MCLR +0.10% per annum
Synd Vidya Vocational Courses Up to ₹2 lakh Interest linked to Base Rate
Base Rate+2.25% per annum
Synd Vidya Skill Loan ₹5,000 to ₹. 1.5 lakh One year MCLR+1.50% per annum

Essential Features

Following are the key features of education loan provided by Syndicate Bank:

  • Syndicate Bank offers a loan amount of up to ₹10 lakh for students pursuing higher education in Indian colleges and up to ₹20 lakh for universities abroad. 
  • No margin required for loans up to ₹4 lakh whereas 5% margin for loans above ₹4 lakh for studies in Indian colleges while 15% margin for loans above 4 lakh for studies abroad.
  • No security is required for loans up to ₹4 lakh while a suitable collateral is required with a third-party guarantee for loans between ₹4-7 lakh.
  • The bank does not charge any processing fee for availing any of the Syndicate Bank Education Loan.

Advantages of Syndicate Bank Education Loan

Here are the advantages of taking the Syndicate Bank Education loan:

  • Low interest rate
  • No pre-closure charges
  • Less paperwork
  • Faster Disbursal
  • No prepayment charges
  • No processing fees

Syndicate Bank Education Loan Details

The eligibility criteria for the two offered Syndicate Bank Education Loans differ slightly from each other. Here are the major eligibility criteria for the same:

Synd Vidya Loan Scheme

The candidate applying for the Synd Vidya Education Loan should be an Indian citizen or an NRI having an Indian passport who has secured admission to a recognized institution in Indian or abroad through an entrance test or merit-based selection. Moreover, the candidate should have passed 10+2 or equivalent from an accredited board of education with 50% marks.

Synd Super Vidya

The Scheme is aimed at exceptionally meritorious students who have been accepted by a reputed institute for extending educational loans with special provisions. The courses accepted under this scheme are technical courses and postgraduate courses offered at premier institutes.

Synd Vidya Vocational Courses

The candidate applying for this loan scheme must be a citizen of India who has passed the 10th exam and has secured admission to a government-recognized vocational training course program that is employment oriented. It is for candidates interested in pursuing certificate or diploma courses at the state or central universities in India.

Synd Vidya Skill Loan

The candidate must be an Indian citizen enrolled in courses offered by ITI or polytechnics or in a school recognized by the Indian government.

Check out Loans by Government
Education Loan by Delhi Government
Education Loan Scheme by Narendra Modi
Education Loan for Abroad Studies by Indian Government

Syndicate Bank Education Loan Abroad

Syndicate Bank offers education loans for students who wish to apply to abroad universities as well. Here is the loan scheme that they offer:

Synd Vidya Abroad Loan Scheme

The candidate applying for Synd Vidya Abroad Education Loan should be a citizen of India or an NRI having an Indian passport who has secured admission for abroad studies through an entrance test or merit-based selection. Also, the candidate is required to have cleared 10+2 or equivalent from a recognized board of education with 50% marks.

Expenses Covered under Student Loan

Below is a list of major expenses covered under the Syndicate Bank Student Loan:

  • Tuition Fee
  • Library or Laboratory Fee
  • Hostel Fee
  • Examination Fee
  • Travel Expenses
  • Cost of Books, Equipment, Instrument or Uniforms
  • Computer or Laptop Costs (if needed)
  • Other Miscellaneous Expenses include study tours, project work, thesis, etc.

Courses Covered

There is a range of courses covered under Syndicate Bank Education Loan with Synd Vidya Loan Scheme for Post Graduation or Doctorate or PG Diploma programs and Synd Vidya Abroad Loan Scheme for Graduation or Post Graduation programs. 

Various job oriented professional or technical courses offered by reputed universities include the following:

  • Post-graduation: MCAMBAMS, etc.
  • Courses conducted by CPA in the USA, CIMA-London, etc.
  • Degree/Diploma courses like Pilot Training, Aeronautical, Shipping etc., provided these are accredited by the Director-General of Civil Aviation or Shipping in India.

How to apply for Education Loan in Syndicate Bank?

Students or working professionals interested in acquiring an education loan from Syndicate Bank can either apply online or offline. The offline process for a loan application is quite simple. You can directly visit the nearest Syndicate Bank branch and ask for an education loan application form. Moreover, the bank representative will guide you with all the necessary information and documents regarding eligibility and also which loan is best suitable for you.

Or you can follow the online application process for Syndicate Bank Education Loan. Here is a step-by-step process for online application:

  • Visit the official website of Syndicate Bank and select the loan scheme and then click on ‘apply now’.
  • Fill in your details carefully and then upload the required mandatory documents.
  • Submit the application form and take a print out of the application.
  • You may also visit the bank branch for further formalities.

Syndicate Bank Education Loan Documents

An applicant is required to submit the below-mentioned documents while applying for the loan:

  • Two recent passport-size photographs of the applicant, co-applicant and guarantor.
  • Admission Letter including fee structure, marksheets and related documents.
  • Copies of ID proof and residence proof including Aadhar, PAN, etc.
  • Marksheet of the recently qualified public exam (including school and college in India).
  • Filled ‘Form 16’ along with recent salary slips.
  • Schedule of course expenses.
  • Details like transfer certificate and fee receipts.

EMI Payment Methods

Here are the ways you can make the EMI Payments: 

  • Standing Instruction: This type of EMI is the best for you if you have an existing account at the company. The EMI account will be automatically debited from your account every month. 
  • Electronic Clearing Service: This type of EMI is good for those who do not have a Syndicate Bank and would like their EMI to be debited automatically at the end of every month cycle. 
  • Post-Dated Cheque: You can submit post dated cheques from a non-Syndicate bank account at your nearest Syndicate Bank loan centre. 

Syndicate Bank Education Loan Affidavit Format

Syndicate Bank education loan affidavit
Edrafter.in

How to Check Education Loan Status in Syndicate Bank?

To check the status of an education loan in Syndicate Bank, applicants have to contact the bank directly and ask for the status or by creating an account on the Syndicate Web Portal. The contact details for the Bank are given down below.

Syndicate Bank Education Loan Repayment Policy

The maximum tenure for loan repayment for the Synd Vidya Abroad is 15 years. The repayment policy of Syndicate Bank allows for a grace period called the moratorium period. The maximum extension offered by a moratorium is one year. For more information, candidates can contact the bank directly and request information. The contact details for Syndicate Bank are given below. 

Syndicate Bank Education Loan Calculator

An EMI calculator is the easiest way to calculate your EMI installments and make timely payments to the bank. It helps you calculate the amount owed, your outstanding principal amount, and outstanding interest amount. 

For instance, if you have applied for the Synd Vidya Abroad Loan for the amount Rs 20 lakh with an interest rate of 10.25 % with a tenure of 15 years then your outstanding amount – EMI Payable amount is 21,492 per month, Total Interest –18,68,560 and Payable Amount – 38,68,560.

Syndicate Bank Education Loan Customer Care Number & Contact Details

Address Registered Office Door No. 16/355 & 16/365A Manipal – 576 104 Udupi District Karnataka State (India)
Complaint Portal https://ogrs.syndicatebank.in/customerlogin
Toll-free Number 1800 208 3333 | 1800 3011 3333 (24×7)

Also Read:

Other Funding Options

You can also look for several scholarship options such as HDFC ScholarshipCanara Bank Scholarship, and Inspire Scholarship amongst others. that provide funding for studies in India and abroad. These have been given a run-down below.

FAQs

What are the types of education loans in Syndicate Bank?

The bank offers different types of loans such as
Synd Vidya Educational Loan
Synd Vidya Abroad Educational Loan 
Synd Super Vidya
Synd Vidya Vocational Courses
Synd Vidya Skill Loan

What is the rate of interest for education loans in Syndicate Bank?

Syndicate Bank offers a variety of education loans and the interest rate for each education loan is different. The interest rates start at 8.25% per annum

What is the margin amount in education loans?

A margin amount refers to the amount the bank does not pay to the borrower. The borrower has to pay that amount through other sources. For instance, in the case of Synd Vidya Education Abroad, the margin is 10% which means that the bank will pay 90% of the expense.

How can I apply for the Syndicate Bank loan?

Candidates can apply for the loan online or offline.

We hope that this blog provided you with the essential details of the Syndicate Bank Education Loan. If you’re planning to pursue professional courses abroad and looking for assistance, get in touch with our experts at Leverage Edu and we’ll guide you throughout the admission procedure thus ensuring that you take the well-informed steps towards achieving your dream career.

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