Syndicate Bank Education Loan 2023 –Pursuing higher education can be a significant financial commitment, and many students and families turn to banks for support. Syndicate Bank is a well-established financial institution that offers a range of education loan options to help students pursue their academic goals. From undergraduate to postgraduate studies, Syndicate Bank provides financing solutions tailored to meet the unique needs of each individual. In this article, we will explore the various education loan options available from Syndicate Bank and how they can help you finance your education.

Details of Syndicate Bank Education Loans 2023

Name of the Bank	Syndicate Bankmba
Amalgamated with	Canara Bank
Type of Bank	Nationalized Bank
Type of Loan	Education
Types of Education Loans	Syndicate Vidya Educational Loan Syndicate Vidya Abroad Educational Loan Syndicate Super Vidya Syndicate Vidya Vocational Courses Syndicate Vidya Skill Loan
Maximum Amount	Rs 2 crores
Loan Disbursement	15 days
Repayment	Up to 15 years + Moratorium
Margin	In the case of Loans up to Rs.4 lac – No Margin is 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/

Syndicate Bank Education Loan

The following education loan schemes are provided by Syndicate Bank to provide financial support to students to complete their higher education from any Indian, or foreign University;

• Syndicate Vidya Education Loan is for students that are willing to study in India, as well as outside India.
• Syndicate Vidya Abroad Education Loan is for students that are willing to study.
• Syndicate Super Vidya is for students that are willing to study professional and technical courses in India or abroad.
• Syndicate Vidya Vocational Courses is for students that are willing to study vocational training and skill development courses.
• Syndicate Vidya Skill Loan is for students that are willing to study short-term skill development courses.

Interest Rate for Syndicate Bank Education Loan

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

Essential Features

Syndicate Bank offers several key features that make its education loans an attractive financing option for students:

• Syndicate Bank offers loans ranging from INR 50,000 to INR 20 lakhs for studies in India and up to INR 50 lakhs for studies abroad. The loan amount depends on the course and institution selected.
• Syndicate Bank offers a flexible repayment period of up to 15 years, including a moratorium period of up to 6 months after course completion.
• Syndicate Bank offers competitive interest rates on its education loans, making it an affordable financing option for students.
• No Collateral is Required for Loans up to INR 4 lakhs
• Syndicate Bank’s education loan application process is quick and hassle-free, with approvals usually granted within 7-10 working days.
• Overall, Syndicate Bank’s education loans offer a range of features that make them an attractive financing option for students pursuing higher education in India or abroad.

Profits of Syndicate Bank Education Loan

The following processes are included in 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

Now I will provide you with some details of different schemes of education loans, provided by Syndicate Bank;

Syndicate Vidya Loan Scheme

Syndicate Vidya Loan scheme, is provided for all Indian students, that are willing to study in India for any degree program and have already completed their admission process, based on merit or by passing an entrance exam. Candidate must have passed their 10+2, with 50% marks.

Syndicate Super Vidya

Syndicate Super Vidya Loan scheme, is provided for all Indian students, that are willing to study in India for technical courses and postgraduate courses programs and have already completed their admission process, based on merit or by passing an entrance exam. Candidate must have passed their 10+2, with 50% marks.

Syndicate Vidya Vocational Courses

Syndicate Vidya Vocational Loan scheme, is provided for all Indian students, that are willing to study in India for certificate or diploma courses program and have already completed their admission process, based on merit or by passing an entrance exam. Candidate must have passed their 10^th class, with 50% marks.

Syndicate Vidya Skill Loan

Syndicate Vidya Skill Loan scheme, is provided for all Indian students, that are willing to study in India for ITI or polytechnics program and have already completed their admission process, based on merit or by passing an entrance exam. Candidate must have passed their 10^th class, with 50% marks.

Syndicate Vidya Abroad Loan Scheme

Syndicate Vidya abroad Loan scheme, is provided for all Indian students, that are willing to study abroad for any degree program and have already completed their admission process, based on merit or by passing an entrance exam. Candidate must have passed their 10+2, with 50% marks.

Expenses Covered under Student Loan

The following expenses are covered under the different education loan schemes, by Syndicate Bank;

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

Courses Covered

Syndicate Bank provides education loans for a wide range of courses in India and abroad. Some of the courses covered under Syndicate Bank’s education loan scheme are:

• Graduation and post-graduation courses in various disciplines such as engineering, medicine, management, law, architecture, hotel management, agriculture, etc.
• Vocational training and skill development courses are recognized by government bodies and lead to certification, diploma, or degree.
• Courses conducted by recognized institutions, such as IITs, IIMs, AIIMS, etc.
• Programs are offered by foreign universities or institutions that are recognized by the University Grants Commission (UGC) or the All India Council for Technical Education (AICTE).

How to apply for Education Loan in Syndicate Bank?

Applying for an education loan from Syndicate Bank can be done in a few simple steps. Here’s how to apply:

• Determine your eligibility: Check if you meet the eligibility criteria set by Syndicate Bank for education loans. This may include factors such as age, course, institution, income, and credit history.
• Gather the required documents: Collect all the necessary documents required for the education loan application. This may include proof of identity, address, income, admission letter, fee structure, academic records, and collateral documents.
• Submit the loan application: You can submit the loan application in one of two ways. You can either visit the nearest Syndicate Bank branch and fill out the application form in person or apply online through the bank’s website.
• Wait for approval: After submitting the loan application and supporting documents, Syndicate Bank will review your application and may ask for additional documentation or clarification if needed. Once the loan is approved, you will be informed of the loan amount, interest rate, and other terms and conditions.
• Disbursement of the loan amount: Upon approval, Syndicate Bank will disburse the loan amount directly to the educational institution or as per the fee structure provided by the institution.

Syndicate Bank Education Loan Documents

Syndicate Bank requires applicants to provide certain documents to process an education loan application. The list of required documents may vary depending on the loan amount, course and institution, and the applicant’s financial standing. Generally, the following documents are required:

• Proof of identity
• Proof of address
• Proof of income
• Admission letter
• Fee structure
• Academic records
• Collateral documents

EMI Payment Methods

Now I will tell you the methods that are offered by the Syndicate Bank, to refund the loan amount;

• Standing Instruction (SI): If you have an account with Syndicate Bank, Standing Instruction is the best method to refund your debt. At the end of every month, your EMI payment will be inevitably subtracted from your Syndicate Bank account.
• Electronic Clearing Service (ECS): If you have a non-Syndicate Bank account then your refund payment is directly subtracted from your account at the end of every month.
• Post-Dated Cheques (PDCs): Post-dated EMI checks from a non-Syndicate Bank account can be delivered to your local Syndicate Bank Loan Centre.

How to Check Education Loan Status in Syndicate Bank?

To check the status of your education loan application with Syndicate Bank, you can follow these steps:

• Visit the official website of Syndicate Bank at https://www.syndicatebank.in/
• On the home page, click on the “Loans” tab, and then select “Education Loans” from the dropdown menu.
• Under the Education Loans section, select “Track Application Status.”
• Enter your application number, date of birth, and captcha code in the given fields.
• Click on the “Submit” button to view the status of your education loan application.

Syndicate Bank Education Loan Calculator

Syndicate Bank offers an education loan calculator on their official website to help applicants estimate the loan amount, EMI (Equated Monthly Installment), and interest payable. Here’s how to use the loan calculator:

• Visit the official website of Syndicate Bank at https://www.syndicatebank.in/
• On the home page, click on the “Loans” tab, and then select “Education Loans” from the dropdown menu.
• Under the Education Loans section, select “Loan Calculator.”
• Enter the loan amount you require, the applicable interest rate, and the loan tenure (in years).
• Click on the “Calculate” button to view the estimated EMI, interest payable, and total amount payable.
• You can also adjust the loan amount, interest rate, and tenure as per your requirements to get a more accurate estimate of your education loan.

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)

 

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