Catholic Syrian Bank Education Loan: A Detailed Overview 2023

Catholic Syrian Bank Education Loan

Catholic Syrian Bank is the oldest private bank in Kerala. The CSB was established in 1920 and became a scheduled bank in 1969. The headquarters of the CSB bank is in Thrissur. The Catholic Syrian Bank offers plenty of services to customers. For example, personal banking services, NRI banking services, agri-banking services, loans, SME services, and corporate banking services. The bank also offers education loans for students to study abroad. Keep reading to learn more about the Catholic Syrian Bank education loan.

Why Take the Catholic Syrian Bank Education Loan?

There are several reasons you should choose the Catholic Syrian Bank Education loans. Some of them are listed below:

  • An education loan of up to INR 30 lakh is available for students to study abroad
  • A repayment period of 10 years is provided
  • The bank has an education loan interest rate between 12% to 14%.
  • Education loans for graduate, postgraduate, and professional courses are available
  • The education loan would cover the tuition fees, library expenses, living expenses, and other miscellaneous expenses

Types of Catholic Syrian Bank Education Loan

Catholic Syrian Bank offers 3 types of education loan for students. The education loan schemes are based on whether the student wants to study in India or abroad. The benefits of the education loan vary depending on the type of education loan applied for.

  • CSB Vidhya: Meant for students who want to study in India. The maximum loan amount sanctioned is INR 10 lakh with a repayment tenure of 15 years.
  • CSB Study Abroad: Meant for students who want to study abroad. The maximum loan amount granted is IRN 30 lakh. However, the repayment tenure is for 10 years.
  • CSB Excellence: The loan is meant for students to study in top-ranked universities.

Also Read: Can You Get A Study Abroad Education Loan With Low Cibil Score?

CSB Study Abroad: Features 

The Catholic Syrian Bank education loan offers the scheme ‘CSB study abroad’ to students who want to study overseas. The main features of the CSB study abroad scheme are as follows:

Parameter Details
Maximum loan limitINR 30 lakh
EligibilityAn Indian citizen who has secured admission in a university abroad
Interest rate for collateral loans9% to 11%
Interest rate for non-collateral loans12% to 14% 
Accepted co-applicantParents, parents-in-law, sibling, spouse
Moratorium periodCourse Duration + 1 year
Repayment duration10 years
Repayment policiesInterest payment in the moratorium(optional)
Value of Collateral (meant for collateral loans)125% of the loan amount
Accepted CollateralHouse, land, flat, and fixed deposit

Catholic Syrian Bank Education Loan: Expenses Covered 

An education loan covers several expenses a student might incur while studying abroad. Some of the expenses covered by the Catholic Syrian Bank education loan under the ‘CSB study ‘ abroad scheme’ are as follows.

  • Tuition fees: It includes the university fees, fees for examination, library/lab fee, book expenses, and laptop expenses.
  • Living expenses: It includes the fees for accommodation/hostel charges, and food expenses.
  • Miscellaneous expenses: It includes the amount for loan insurance, and travel expenses.

Documents Required for Catholic Syrian Bank Education Loan

Customers have to present several documents to the bank to get an education loan. These documents are presented to the bank to verify the eligibility of the student for the same. Below are the documents required for a CSB education loan.

  • Education loan application form
  • Proof of identity of the applicant (Pan card/Aadhar card/passport)
  • Residential proof of the applicant (voter ID/Telephone bill/electricity bill/Aadhar card)
  • Proof of the co-applicant (bank account statement/business transaction of 1 year/personal asset and liabilities statement)
  • Co-applicant financial documents (latest salary slips/ITR )
  • Other documents if applicable (advance payment receipt made to the university/explanation of gap year/pending loan statements if applicable)

Catholic Syrian Bank Loan Margin Calculation

Catholic Syrian Bank loan margin calculation is as follows.

Education loan TypeLoan Margin
Education loan up to INR 4 lakhNot applicable
Study Abroad education loan of more than INR 4 lakh15%

Also Read: Things To Know About Student Loan Servicers Before Getting An Education Loan

Catholic Syrian Bank Education Loan Insurance

The Catholic Syrian Bank education loan insurance is between 1-2%. An education loan insurance is a form of protection for the education loan taken by a student. In case of disability/death, the insurance company is liable to pay on your behalf.

How to Apply for the CSB Education Loan?

Education loans can be applied either online or offline. Customers can visit the bank branch for an offline education loan, fill out the application form, provide the required documents, and wait for the loan approval. To apply for the CS education loan online students can follow the steps below:

  • Visit the official website of the CSB
  • Next, go to the Catholic Syrian Bank education loan page
  • Check the eligibility criteria and arrange the documents required 
  • Fill out the education loan application form 
  • The representatives of the bank will contact you and inform you about the finishing formalities. You might have to visit the bank for the same.

CSB Education Loan Repayment Process 

Customers can choose to pay back the interest during the moratorium period. If the customer chooses not to pay the interest rate during the moratorium period it will be added to the following EMIs. It is also possible for customers to close the education loan before the repayment tenure. It can be done by loan transfer to another bank, prepayments, or choosing a shorter duration to pay the loans.

Also Read: What Are The Pros And Cons Of Paying Off Student Loans Early?

FAQs

Q.1. What is the minimum salary for a personal loan at CSB Bank?

Ans: The minimum salary required to get an education loan at CSB is INR 15,000. Additionally, the individual must have held the job for at least 2 years.

Q.2. What is the minimum age to apply for a student loan at the Catholic Syrian Bank?

Ans: No minimum age is mentioned by the CSB to apply for an educational loan.  However, the students have to meet the eligibility criteria to get an education loan.

Q.3. What is the interest rate for the CBS education loan?

Ans: The interest rate for the CBS education loan is between 9%  to 11% for collateral loans.

 

Catholic Syrian Bank offers education loans for students to study abroad. The maximum loan amount is INR 30 lakh. The moratorium period is 10 years. The CSB study abroad scheme can be applied to interested students by visiting the bank branch or filling out the application form online. The interest rate offered by the bank for collateral loans is between 9 % to 11%.  For any student loan, bank account, or money-related queries, contact Fly. Finance Team.

About Blessy George

Blessy George is a seasoned finance specialist who specialises in school financing. With over two years of experience, Blessy has polished her abilities in negotiating the complexities of the education loan procedure and has become an expert at problem-solving in this arena. Her extensive knowledge of financial systems and lending practices, together with her rigorous attention to detail, has earned her the trust of students and parents seeking educational financial help. Blessy's passion for empowering individuals through education drives her dedication to developing customised solutions and ensuring that aspiring students can attain their academic goals.

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