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.

Education loan from Oriental Bank of Commerce

• Eligibility for Loan: All Indian nationals who are below 45 years who have secured admission to a recognized course in an approved university are eligible.
• Expenses Covered: The loan covers all expenses including tuition, books, airfare, study tours etc. For accommodation the amount is paid to the management of the boarding house.
• Loan Upper limit: For students pursuing their education abroad, the loan amount is a 15 Lac. This is subject to a 5% margin, i.e. students have to put in this amount themselves.
• Rate of Interest: For a loan of Rs 4 Lac or less, the bank charges an interest of 11.25 percent per annum. For loans above 4 Lac, the rate of interest is 12% per annum.
• Repayment Period: The student gets a holiday period for a year after they finish their course or six months after they find a job, following which the loan is to be paid over 84 EMI’s.
• Security: Up to Rs 4 Lac-co-obligation of guardian is a must. Up to Rs 7.5 Lac a third party guarantee is also needed. Up to 15 Lac, security/assets equal to 100% loan amount.