Being a bank, we understand the importance of inventing in education. The Saraswat Education Loan is here to give wings to your child’s dream of studying ahead in India or in a foreign country -  course fees & other expenses   (traveling/lodging/boarding).


  1. Individual who has secured admission in any of the graduate/post-graduate courses offered by college/institute/university approved by IBA.
  2. Students applying for vocational courses will also be covered under this scheme with a maximum loan amount of Rs.10 lakh
  3. Student should be applicant and parent or relative should be co-applicant
  4. In case of minor student, parent will be applicant

Loan Amount:

  1. Studies in India – Maximum upto Rs. 75.00 lakh
  2. Studies in Abroad - Maximum upto Rs. 150.00 lakh
  3. Vocational courses – Maximum upto Rs. 10 lakh

Basis of Advance:

a) 100% course fee and other expenses (traveling/lodging/boarding and other course related expenses)
b)  85-90% of face Value of NSC’s/LIP  OR  90% of accrued value, in case of cumulative deposits or face value in case of other deposits OR 90%  of market value of the property                         OR
c) 50 times of the Avg net salary of parents Or 4 times of the Avg Gross cash accruals in case of businessman or latest audited gross cash accrual with justification.
b) or c) whichever is lower

If property given as Security:
 a) 90% of market value of the property                     OR
 b)75 times of the Avg net salary of parents or 5 times of the Average gross cash accruals.
a) or b) whichever is lower

Repayment Period:

  1. Maximum 12 years excluding moratorium period.
  2. Moratorium: Three years or duration of the course plus one year, whichever is earlier.


  1. Upto Rs. 4.00 lacs: without guarantor,
  2. Above Rs. 4.00 lacs and upto Rs. 5.00 lakhs – Third party guarantee,
  3. Above Rs. 5.00 lacs: Pledge of any other tangible security acceptable to the bank or Equitable mortgage of Property.
  4. Equitable mortgage of Property, NSC/LIP pledged/assigned in favour of Bank, Fixed Deposit

Rate of Interest (Floating):

For Education loans sanctioned till 30.06.2022



Upto Rs 150 lakh

PLR – 6.25 = 8.50%
till 30.6.2022

Present PLR @14.75% p.a

  1. 0.50% less rate of interest would be applicable incase of Girl students.
  2. 0.25% less rate of interest would be applicable in case of studies in Indian Institute of Management (IIMs) and Indian Institute of Technology (IITs), XLRI, ISB, Govt Recognised Medical Colleges.

Special Features:

  1. 25% discount on processing fee w.e.f 18th April 2022 till 30th June 2022.
  2. 25% Discount on commission for buying foreign currency or forex remittance.
  3. Applicable for on-line courses (in India and abroad).

Processing Fees:

  1. For Studies in India – NIL
  2. For Studies Abroad – 0.50% of Loan amount maximum Rs. 10,000/-


  1. As per extant shareholding norms


Life insurance policy of the student borrower.

Documents Required:

  1. Duly filled prescribed application form
  2. Latest Photograph, Photo Identity Proof, Residence proof of the Applicant and Guarantors
  3. Proof of confirmed admission & Estimate of course fees & other expenses (traveling/lodging/boarding)
  4. Fee receipts or proof of payments made.
  5. Copy of Passport & Visa and related documents, if the student is going abroad for higher education.
  6. Income proof of the applicant in the form of
    1. 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.
    2. Businessman: last 3 years’ profit & loss and balance sheet, ITR copies of last three years, 3 month bank statement.