Saraswat Bank is a cooperative bank in India that offers education loans for domestic as well as abroad studies. The loan amount helps applicants to cover their tuition fees, accommodation expenses, and other miscellaneous expenses like purchasing gadgets to support higher studies. They offer education loans of up to INR 1.5 crores at competitive interest rates. Continue reading to find out the details like eligibility criteria, documents required, and how to apply.
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Overview of Saraswat Bank Education Loan
Saraswat Bank provides education loans to pursue higher studies in India as well as abroad. Aspiring students willing to pursue graduate, postgraduate and vocational courses can apply for the same. The maximum amount of loan offered to study abroad is up to INR 1.5 crores.
Saraswat education loan can be repaid for up to 15 years including the moratorium period. The moratorium period is the course duration + 1 year. Saraswat Bank education loan interest rates range from 9-10% p.a. A processing fee of 0.25% of the sanctioned loan amount or a maximum of INR 25,000 is charged, which is valid till 31st July 2024.
| Maximum Loan Amount | Up to INR 1.5 crores to study abroad |
| Interest Rates | 9 to 10% p.a. |
| Repayment Period | 15 years including the moratorium period |
| Moratorium Period | Course Duration + 1 year |
| Processing Fee | 0.25% of the sanctioned amount, a maximum of INR 25,000 |
| Collateral Requirement | Up to INR 5 lakhs- not required Above INR 5 lakhs- required |
| Margin Money | Up to INR 5 lakhs- 5% of the sanctioned loan amount (maximum INR 25,000)Above INR 5 lakhs- 2.5% of the loan amount (maximum INR 25,000) |
Saraswat Bank Education Loans Interest Rates
Saraswat Bank education loans are offered at low and competitive floating interest rates. The effective interest rates range from 9% p.a. to 10% p.a. The Bank also offers a 0.50% concession to female students and Divyang. Check out the table given below for detailed interest rates-
| Particulars | Interest Rates |
| General | 10% (PLR- 5.70%) |
| For Female students and Divyang | 9.50% (PLR- 6.20%) |
| For Premier Institutes | 9.75% (PLR- 5.95%) |
PLR refers to the Prime Lending Rate. It is an interest rate at which leading commercial banks lend funds to the most creditworthy borrowers.
Eligibility Criteria
An individual is eligible to apply for a Saraswat Bank education loan only if they fulfil the basic eligibility criteria for education loans laid by the bank. The basic criteria is that the individual must be an Indian citizen. They should have secured admission through fair means, either through merit-basis or entrance examinations.
- Applicant must have secured admission in undergraduate/ postgraduate courses offered by colleges/ universities/ institutes approved by IBA.
- Students applying for vocational courses will be given a maximum of INR 10 lakhs.
- Students must apply as applicants and parents/ relatives should be co-applicants.
- Parents can be applicants in the case of minor students. However, parents must submit an undertaking that on attaining majority/ before the retirement of parents, the student will be the guarantor.
Documents Required
Applicants must keep the documents required for education loans ready. Always ensure submitting bonafide certificates and original documents to ensure quicker and hassle-free processing of student loans. Here’s the list of documents required for Saraswat Bank education loans-
- Duly filled education loan application form
- Latest Photographs
- Aadhaar Card/ Voter ID/ PAN Card as photo identity and residence proof of the Applicant and Guarantors
- Proof of confirmed admission & Estimate of course fees & other expenses (travelling/ lodging/ boarding)
- Fee receipts or proof of payments made.
- Copy of Passport & Visa and related documents, if the student is going abroad for higher education.
- Income proof of the co-applicant-
- Salaried: last 3 months’ salary slip/certificate or copy of the last three years IT returns or form 16 of last two years, 3-month bank statement.
- Businessman: last 3 years’ profit & loss and balance sheet, ITR copies of last three years, 3 month bank statement.
How to Apply for a Saraswat Education Loan?
Applicants can easily apply for Saraswat education loans online. Their minimal documentation and hassle-free application process make it very easy for borrowers to apply for loans. Follow these steps-
- Visit the official website of Saraswat Bank.
- Navigate to ‘Personal’ and click on ‘Retail Loans’.
- Click on ‘Education Loans’.
- Now, click on ‘Saraswat Education Loans’.
- Scroll down and click on ‘Apply Now’.
- Fill in the given details and ‘Submit’.
- Wait for the bank representative to connect with you.
FAQs
Saraswat Bank education loans are offered up to INR 1.5 crores to study abroad at competitive interest rates. The loan amount helps applicants to cover their tuition fees, accommodation expenses, and other miscellaneous expenses like purchasing gadgets to support higher studies.
Saraswat Bank education loans are offered at low and competitive floating interest rates. Education loans in general are offered at 10% p.a. However, 0.50% concession to female students and Divyang and 0.25% concession is offered for premier institutions.
The basic criteria is that the individual must be an Indian citizen. They should have secured admission through fair means, either through merit-basis or entrance examinations. Besides, the student must be an applicant and parents must be co-applicants.
Basic documents required for Saraswat Bank education loans are a duly filled education loan application form, the latest photographs, an Aadhaar Card/ Voter ID/ PAN Card, academic mark sheets, proof of confirmed admission, and an estimate of course fees & other expenses.
Applicants can easily apply for Saraswat Bank education loans online on their official website. You need to navigate to the ‘Education Loans’ section under Retail Loans. Click on ‘Apply Now’ and fill in the required details. Click on ‘Submit’ once done and wait for a callback.
This was all about Saraswat Bank education loan for abroad studies. To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
