2. Education Loans
  3. Saraswat Bank

Saraswat Bank Education Loan


Saraswat Bank Education Loan

Purpose

For Education in India and Abroad

Eligibility

Individual who has secured admission in any of the graduate/post- graduate courses offered by College/Institute/University approved by IBA.

Limit of loan

  • Studies in India – Maximum upto Rs. 10 lakh
  • Studies Abroad – Maximum upto Rs. 50 lakh

Basis of Advance

Upto 90% of cost of the fees and other related expenses.

Repayment Period

  • Maximum 12 years exclusive of moratorium period.
  • Moratorium: Three years or duration of the course plus one year whichever is earlier.

Rate of Interest

For IBA approved courses

Amount Floating
Upto Rs 50 lacs RLP – 2.50 = 11.75% 
Present PLR: 14.25% p.a

0.50% less rate of interest would be applicable in case of girl students.

Processing fees

  • For Studies in India – NIL
  • For Studies Abroad – 0.5% of the loan amount.

Shareholding

  • Upto Rs. 2 lac : Nominal Membership
  • Above Rs. 2 lac : 2.5% of the sanctioned loan amount, Maximum Rs. 25000/-.

Security

  • Upto Rs. 2.00 lacs: Two guarantors
  • Above Rs.2.00 lacs and up to Rs. 5.00 lacs: Hypothecation of household articles and two guarantors.
  • Above Rs. 5.00 lacs : Pledge of any other tangible security acceptable to the bank OR Equitable mortgage of Property

Insurance

Life insurance policy of the student borrower

Documentation

  • Duly filled prescribed application form
  • Photo Identity & Residence Proof of the Applicant & Guarantor
  • Income proof:
    • Salaried person : salary slips for last 3 months, ITR/Form 16 for last 3 years
    • Businessman/Professional/self employed: last three years profit & loss account and balance sheet, & ITR and Bank statement for last 3 months.
  • Proof of confirmed admission
  • Estimate of course fees & other expense (traveling /lodging /boarding)
  • Fee receipts or proof of payments made.
  • Copy of Passport & Visa and related documents, if the student is going abroad for higher education



                                                                                                                                 For further details, please click here

 


Top Universities/Colleges