SyndVidya - A Syndicate Bank's Education Loan Scheme

Eligibility :
	Student Should be an Indian National. Secured admission on the basis of merit to professional/technical courses through Entrance Test/Selection process. Deviations/relaxations are also permitted under special circumstances. Secured admission to Foreign universities/ Institution (for studies abroad). The student who is a major representing himself or a minor student represented by parent or guardian. Courses a) Studies in India Graduation: B.A., B.Com, B.Sc., etc. Post graduation: Masters & Phd. Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental Management, Computer etc. In respect of Management studies, apart from University affiliation, course should also be approved by All India Council for Technical Education. For Computer education, the recognised training Institute should have accreditation of DOE, Govt of India to conduct the course under Department of Electronics Accreditation of Computer Course (DOEACC) Scheme. Computer certificate courses of reputed institutes accredited to Department of Electronics or Institutes affiliated to Universities. Courses like ICWA, CA, CFA etc. Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc. Courses offered in India by reputed foreign universities. Evening courses of approved institutes. Other courses leading to Diploma / Degree etc. conducted by colleges / universities approved by UGC / Govt./ AICTE / AIBMS / ICMR etc. Courses offered by National Institutes and other reputed private institutions acceptable to the Bank. a) Studies abroad Graduation : For job oriented professional/technical courses offered by reputed universities. Post Graduation: MCA, MBA, MS. Etc. Courses conducted by CIMA-London, CPA in USA etc. Other Foreign Diploma courses are not eligible.
Loan Details
	Coverage of Expenses Need based finance to meet expenses such as fee payable to college / school / hostel, examination fee, cost of books, travel / passage fare for studies abroad etc. Capitation fee / donation / external coaching fee are not eligible for finance. Quantum For studies in India - maximum Rs. 10 lacs For studies Abroad - maximum Rs. 20 lacs Margin For loans up to Rs.4.0 lacs - No Margin For loans above Rs. 4 lacs - Studies in India - 5% - Studies abroad - 15% Security Upto Rs. 4 lacs - No Security For loans above Rs.4.00 lac and upto Rs.7.50 lac - Collateral in the form of satisfactory third party guarantee acceptable to the Bank For loans above Rs.7.50 lac - Collateral security with 25% margin covering the loan amount and assignment of future income of the student for payment of loan installments NOTE: In all the above cases, the parent / guardian shall join the transaction as co-borrower
Rate of Interest
	For loans upto Rs.4.00 lakhs - PLR minus 1.50% For loans above Rs.4.00 lakhs - PLR minus 1.00% Girl students and students belonging to SC/ST category are eligible for concession of 0.50% on the above rates. Girl students under SC/ST category are eligible for a further concession of 0.25% on the above rates. (Total concession of 0.75%) Simple interest to be charged during the Repayment holiday/Moratorium period. Penal interest to be charged as applicable No processing charges/service charges are levied for educational loans
Repayment
	In 5 to 7 years commencing one year after completion of the course or 6 months after securing the job whichever is earlier.