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One of the essential requirements that one must obtain to pursue dreams is education. Numerous students across the globe need to drop out of education due to the higher cost of studying. However, an education loan is an essential alternative for paying higher studying fees for students to pursue higher education. In India, several banks offer education loans at an affordable interest rate. One of them is the South Indian Bank. It provides financial assistance to its customers to fulfill their dream of higher education with its education loan facility. If you want to know more about South Indian Bank Education Loan, eligibility requirements, eligible courses, loan amount, documents and much more. Then Keep Reading!
Table of Contents
About South Indian Bank
Established way back in 1929, South Indian Bank is one of the oldest banks situated in India. The primary reason for the popularity of South Indian Bank is its vast network of branches that offer remarkable banking services to its customers. It has a dedicated team of professionals who provide customized solutions to meet the banking requirements of its customers. In addition to this, South Indian Bank also offers numerous online banking services that allow its customers to access accounts from anywhere across the globe.
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Eligibility Requirements
There are a few eligibility requirements that you are required to fulfil to become eligible for a South Indian Bank education loan. Some of the basic needs include;
- You are required to be an Indian citizen
- It would be best if you were between the age of 18 and 35
- You must have a minimum annual income of Rs. 1.5 lakh.
- In addition to the above eligibility requirements, you must have good credit history and a guarantor who is a permanent resident of India.
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Eligible Courses
Some of the courses eligible for South Indian Education loan are as follows;
- Post-graduation
- Professional courses
- Computer courses,
- Approved courses in India.
- South Indian Bank education loans such as MBA, MS, and MCA can also be used for studies abroad.
Loan Amount
South Indian Bank education loan usually differs depending upon the courses and the duration of the courses you have applied for. The maximum amount granted as an education loan is up to INR 10 lakhs for pursuing education in Indian Universities and up to INR 20 Lakhs for pursuing education abroad. The repayment period of the education loan is up to 7 years.
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Documents Required
For applying for a South Indian Bank education loan, you are also required to submit a list of essential documents. Some of the critical documents include;
- Proof of Identity (PAN Card)
- Proof of Address (Aadhaar Card, Voter ID Card, etc.)
- Proof of Income (Bank Statements, Salary Slips, etc.)
- Admission letter from the college
- Fee receipt from the college
- Mark sheets
- Passport size photographs
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How to Apply for South Indian Bank Education Loan?
The application process for applying for a South Indian Bank education loan is quite simple, and all you are required to do is to follow the official website of South Indian Bank education loan for the latest updates and notifications. You apply online through the bank’s website or visit the nearest branch to apply for the loan. The loan amount will be disbursed directly to the college after the bank has verified all the documents.
FAQs
Ans. The applicant must be an Indian citizen, between 18 and 35, with a minimum annual income of Rs. 1.5 lakh. The applicant must have a good credit history and a guarantor who is a permanent resident of India.
Ans. The maximum loan amount available is Rs. 10 lakhs for studies in India and up to Rs. 20 lakhs for studies abroad.
Ans. You can apply online through the bank’s website or visit the nearest branch to apply for the loan.
Ready to apply for education loans? Compare different banks to find the best option for you through our blogs.