South Indian Bank

South Indian Bank’s Educational Loan - Vitjnan Pradhan

Objective of the Scheme :

South Indian Bank provides educational loan for Students desirous of pursuing professional courses in India and abroad.

Eligibility of the Student  :

  • The student should be an Indian National
  • The student  should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test / Merit Based Selection process after completion of HSC ( 10 plus 2 or equivalent ).

Liability of Finance :

Expenses allotted for the Loan :

  • Fee payable to college / school / hostel.
  • Examination / Library / Laboratory fee.
  • Purchase of books / equipments / instruments / uniforms.*
  • Caution deposit, Building fund / refundable deposit supported by Institution bills / receipts, subject to the condition that the amount does not exceed 10% of the total tuition fees for the entire course.
  • Travel expenses / passage money for studies abroad.
  • Purchase of computers -essential for completion of the course.*
  • Insurance premium for student borrower, if applicable
  • Any other expense required to complete the course - like study tours, project work,  thesis, etc. * ( * maximum expenses under these three heads put together, should not exceed 20 % of total tuition fees payable for completion of the course)  

Margin :

  • Up to Rs. 4 Lacs : NIL
  • Above Rs.4Lacs :
    • Studies in India : 5%
    • Overseas studies : 15%

Processing Fee / Mortgage Charges : NIL

Rate of Interest :

a) (Upto & including Rs.4 Lacs  For Boys)

B.R. + 5.50 %

b) Above Rs.4.00 Lacs

B.R. + 6 %

Repayment Period of the Loan :

  • Repayment period will start from 1 year after qualifying exam or six months after obtaining employment, whichever is earlier. For overseas studies, the holiday is restricted to 6 months fixed after the qualifying examination.
  • Repayment of the loan should be in Equated Monthly Installments as :
  • For loan Upto and including Rs.7.50 Lacs : Upto 10 years.
  • For loans above Rs.7.50 Lacs : Upto 15 years

For more Details, Kindly refer the following link :

http://www.southindianbank.com/content/viewContent.aspx?linkIdLvl2=12&linkId=92&sec=1

To download Application Form, Visit the following link  :

http://www.southindianbank.com/UserFiles/Forms/education_loan.pdf

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