Saraswat Bank Education Loan: Interest Rate, Application Process, Eligibility

saraswat bank education loan

Saraswati education loan is provided by the Saraswat Bank and is an excellent financing facility that is available to students who are aspiring to study at some of the premier institutions in India as well as abroad. Educational costs have no doubt skyrocketed and hence Saraswat Bank provides an educational loan that comes with an affordable interest rate, and flexible repayment tenures. If you want to apply for a Saraswati education loan, then you should definitely read this blog to find out more details like eligibility criteria, the application process, interest rates etc!

Benefits of Saraswat Bank Education Loan

Here are some of the benefits you will get if you apply for an educational loan with Saraswat Bank.

  • It provides students with a lower interest rate
  • There are no hidden costs or even administrative charges
  • The paperwork is much lesser 
  • There are no processing fees if you want a loan for studying in India
  • Taking this loan will not require security for up to 4 Lakhs
  • There is also a 0.50% concession for girl applicants

Also Read: Top Private Student Loans for Abroad Education

Saraswat Bank Education Loan Rate of Interest 

For courses that are approved by the Indian Banks’ Association (IBA), Saraswat Bank can sanction loans that amount to Rs.75 lakh. These loans will have a floating interest rate of 8.50% per annum. The bank provides a concession of 0.50% on the interest rate for female applicants. Moreover, the students who are applying to premier institutions like IITs, IIMs, XLRI or ISB are eligible to get an additional discount of 0.25%.

Saraswat Bank Education Loan Eligibility

If you want to apply for a Saraswat bank education loan, then you will need to fulfil the following criteria:

  • The applicant should be an Indian national.
  • The applicant should be enrolled on graduate/post-graduate technical, professional, or career-oriented courses like engineering, medicine, management, etc.
  • The applicant should have passed 10+2 with at least 50% marks
  • The applicant should be applying to premier universities in India or Abroad
  • Admissions should be conducted on the basis of entrance test/merit

Must Read: Indian Bank Abroad Education Loan

How to apply for Saraswat Bank Education Loan?

The application form for the Saraswat Bank Education loan will be available online as well as offline at Bank’s branches.

If you want to apply online, you will need to:

  1. Visit the official online website for the Saraswat Bank Education Loan
  2. Go to Apply Now and click on it
  3. You will then have to fill out the application form with all the necessary details
  4. You will then have to upload all the mandatory documents.
  5. Submit the form and take a printout of the application form.
  6. Lastly, you will have to visit the bank branch to finish the further formalities.

Also Read: How to Get an Education Loan to Study Abroad?

Documents Required

The following documents will be required if you want to apply for a Saraswat Bank Education loan

  1. A duly completed application form
  2. 4 self-attested passport-size photographs
  3. Copies of Identity proof as well as residence proof including Driving License, Aadhar card and PAN card.
  4. Mark sheets of the last qualified examination
  5. Copy of income tax return file or other income proof of student or parents
  6. Details of any existing loans or scholarships

Expenses covered under Saraswat Bank Student Loan Scheme

Saraswat Bank Education loan covers several things under its loan. A few of the things covered under this loan are the:

  • Tuition fee
  • Library/Laboratory fee
  • Examination fee
  • Books, instruments, or uniforms cost
  • Hostel Fee
  • Miscellaneous expenses like project work, study tours, thesis, etc.
  • A reasonable cost for a laptop or computer if it is required
  • Travel Expense

Must Read: NBFC Education Loan For Studying Abroad

Saraswat Bank Education Loan Details

The loan limit for this loan is INR 50 Lakhs in India as well as abroad, while for vocational courses it is INR 10 Lakhs. The processing fee for a student who wants to study in India is nil while if the student wants to study abroad the processing fee will be 0.5% or INR 10,000 (whichever is less). You can take a loan of up to 4 Lakhs without guarantors and above 4 Lakhs if you are able to pledge any tangible security that is acceptable to the bank. The maximum repayment time inclusive of the moratorium period is 12 years.

FAQs

Q1. What is the Saraswat Bank Education Loan Rate of Interest?

Ans. For courses that are approved by the Indian Banks’ Association (IBA), Saraswat Bank can sanction loans that amount to Rs.75 lakh. These loans will have a floating interest rate of 8.50% per annum. The bank provides a concession of 0.50% on the interest rate for female applicants. Moreover, the students who are applying to premier institutions like IITs, IIMs, XLRI or ISB are eligible to get an additional discount of 0.25%.

Q2. What are the benefits of the education loan?

Ans. Here are some of the benefits you will get if you apply for an educational loan with Saraswat Bank.
It provides students with a lower interest rate
There are no hidden costs or even administrative charges
The paperwork is much lesser 
There are no processing fees if you want a loan for studying in India
Taking this loan will not require security for up to 4 Lakhs
There is also a 0.50% concession for girl applicants

Q3. What is the processing fee for an education loan in Saraswat Bank?

Ans. The processing fee for a student who wants to study in India is nil while if the student wants to study abroad the processing fee will be 0.5% or INR 10,000 (whichever is less).

We hope this blog has given you enough information about the Saraswat Bank Education loan. To keep yourself updated with the latest information regarding the same, please visit our page.

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