Saraswat Bank Education loan available at 11.75% rate of interest to students for study in India & Abroad. Maximum repayment of 12 Years. Finance upto 100% of cost of the fees.
- For Education in India and Abroad
- 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 – Max upto Rs. 10.00 lacs
- Studies Abroad – Max upto Rs. 20.00 lacs
Basis of Advance
- upto 100% of cost of the fees
- Maximum 12 years inclusive of moratorium period.
- Moratorium: Duration of the course plus an additional period of six months or 3 years whichever is earlier.
Rate of Interest
For IBA approved courses
|Upto Rs 20 lacs||11.75% (PLR – 2.50%)||14.25%|
Present PLR: 14.25% p.a
- 0.50% less rate of interest would be applicable incase of Girl students.
- 0.25% less rate of interest in case of studies in (IIMs),(IITs),XLRI,ISB
** Total discount in rate of interest will not exceed 0.50%.
- For Studies in India – NIL
- For Studies Abroad – 0.5% of the loan amount.
- Upto Rs. 2 lac : Nominal Membership
- Above Rs. 2 lac : 2.5% of the sanctioned loan amount, Maximum Rs. 25000/-.
- 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
- Duly filled application form along with the photo identity and residence proof of the Applicants and guarantors
- Proof of confirmed admission
- Estimate of course fees & other expense(traveling/lodging/boarding)
- Fee receipts or proof of payments made.
- Copy of Passport & Visa, if the student is going abroad for higher education and related documents.
- Income proof of the applicant in the form of
For salaried : last 3 months salary slip/certificate or copy of the last three years IT returns filed with computation details of personal
assets and liabilities.
For Businessman : Profit & loss and ITR copies of last two years, Balance sheet, 6 month bank statement.