South Indian Bank Education Loan

Top Menu

Home /
Education Loan /
South Indian Bank

South Indian bank offers application for education loan for the Indian students under three schemes. A brief description of all of them is given below.

Bank Name	Amount of Loan	Repayment Tenure	Interest Rate
	10 - 20 lacs	15 years	2.50 - 3.50 %

Vitjnan Pradhan Scheme

This scheme is basically for those students who want to pursue any one of the professional courses.

Eligible Courses

For right information contact the nearest branch of South Indian bank

Expenses Considered for Loan

Fee

Refundable deposits such as caution,Cost of equipment, uniform and books

Hostel fee

Student insurance payment

Amount of Loan

10 lacs for India and 20 lacs for Abroad.

Interest Rates

Modified Education Loan (VitjnanPradhan) Scheme Loans upto& incl. Rs 7.50 lakhs

For Boys

1 year MCLR + 3.50%

For Girls

1 year MCLR + 3.00%

Modified Education Loan (VitjnanPradhan) Scheme Loans above Rs 7.50 lakhs

For Boys

1 year MCLR + 3.00%

For Girls

1 year MCLR + 2.50%

Repayment Tenure

Maximum period is 15 years.For Indian students repayment will start either of one year after course or 6 months of job and whichever is earlier.However this is not for foreign students they have to restrict the second criteria of repayment after 6 months of job.

Margin

Nil- up to amount of Rs. 4 lacs5 %- above 4 lacs /- for India15 %- above 4 lacs- for abroad

SIB Excellence Scheme

The SIB excellence scheme is supposed to provide financial support to the meritorious students from the institutions only like IIT and IIM.

Eligible Courses

Courses from the autonomous top institutions like NIFT, IIM, IIT etc

Expenses Considered for Loan

Fee which is to be paid to college including library / examination and laboratory etc.
Caution and refundable deposits which should not exceed more than the 10 % of the loan amount
Cost for computers / study books / computers and uniforms
Hostel lodging and boarding
One time Life insurance premium of student

Amount of Loan

10 lakhs maximum or based on the required of the candidate only

Interest Rates

SIB Excellence upto Rs.10 Lakhs

1 year MCLR + 1.10%

SIB Excellence above Rs.10 Lakhs

1 year MCLR + 2.10%

Processing Fees

Nil

Repayment Tenure

Repayment period will start either after one year of course completion or 6 months after job and whichever of above is earlier is considered.60 equal monthly instalments are needed to repay the loan from the commencement of repayment period

Security

Guarantee from the parent for loans of 4 lakhs LIC policy or any other guarantee equal to the loan for loans of more than 4 lakhs

Margin

Nil- up to 4 lakhs5 % - for the amount of more than 4 lakhs

Vidyanidhi Scheme

The Vidyanidhi scheme is targeted for those Indian students specially who has secured admission in any one of the colleges of professional courses of Kerala.
With the help of funds under this scheme the student is able to pay all the refundable deposits to the college / university. If the age of the applicant has crossed 18 years then the application can be given on the name the student itself.
In case of the age of student is less than 18 years any one of the parent of the student can be borrower.
The other important aspect of this scheme is that the payment is made directly into the account of school / hostel only.

Interest Rates:

1 year MCLR + 5.20%

Want help with admissions?

Leave us your details and we will contact you

I accept T&C and allow AllSchoolsColleges to contact me

Applications for Admissions are open

K.R. Mangalam University, Gurgaon