×
 

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).

Eligibility:

  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.

Security: 

  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):

w.e.f  01.07.2022

Amount

Floating

Upto Rs 150 lakh

9.00%

Present PLR @14.75% p.a

  1. 8.50% p.a. rate of interest would be applicable incase of Girl students.
  2. 8.75% p.a. 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 commission for buying foreign currency or forex remittance.
  2. Applicable for on-line courses (in India and abroad).

Processing Fees:

  1. For Studies in India – upto Rs 20 lakh- Rs 5000, Above Rs 20 lakh : Rs. 8000
  2. For Studies Abroad – 0.5% max Rs 25000

Shareholding:

  1. As per extant shareholding norms

Insurance:

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.