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)
- 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 :
To download Application Form, Visit the following link :