Education loan from Syndicate bank

• Eligibility for Loan: Any student, who is an Indian national, and a major, or represented by a guardian is eligible for the loan. The bank gives loans for all recognized institutes overseas.
• Expenses Covered: The bank provides finance for tuition boarding, books and travel. However, no assistance is provided for capitation fees and coaching.
• Loan Upper limit: For overseas education, the maximum loan amount is Rs. 15 Lac with a margin of 5 %i.e. students need to put in that amount themselves
• Rate of Interest: To study abroad, the rate of interest is 1.5% - the current PLR (13.25) which means an interest of 11.75%.
• Repayment Period: The amount has to be paid back in 5 to 7 years commencing one year after completion of the course or 6 months after securing the job whichever is earlier.
• Security: Up to Rs 7.5 Lac, no security required. For over 7.5 Lac, collateral security equal to 100% of the loan amount with suitable margin and a third party guarantee is needed.