Saraswat Bank Education Loan

Purpose

For Education in India and Abroad

Eligibility

Individual who has secured admission in any of the graduate/post- graduate courses offered by College/Institute/University approved by IBA.

Limit of loan

• Studies in India – Maximum upto Rs. 10 lakh
• Studies Abroad – Maximum upto Rs. 50 lakh

Basis of Advance

Upto 90% of cost of the fees and other related expenses.

Repayment Period

• Maximum 12 years exclusive of moratorium period.
• Moratorium: Three years or duration of the course plus one year whichever is earlier.

Rate of Interest

For IBA approved courses

0.50% less rate of interest would be applicable in case of girl students.

Processing fees

• For Studies in India – NIL
• For Studies Abroad – 0.5% of the loan amount.

Shareholding

• Upto Rs. 2 lac : Nominal Membership
• Above Rs. 2 lac : 2.5% of the sanctioned loan amount, Maximum Rs. 25000/-.

Security

• Upto Rs. 2.00 lacs: Two guarantors
• Above Rs.2.00 lacs and up to Rs. 5.00 lacs: Hypothecation of household articles and two guarantors.
• Above Rs. 5.00 lacs : Pledge of any other tangible security acceptable to the bank OR Equitable mortgage of Property

Insurance

Life insurance policy of the student borrower

Documentation

• Duly filled prescribed application form
• Photo Identity & Residence Proof of the Applicant & Guarantor
• Income proof:
  • Salaried person : salary slips for last 3 months, ITR/Form 16 for last 3 years
  • Businessman/Professional/self employed: last three years profit & loss account and balance sheet, & ITR and Bank statement for last 3 months.
• Proof of confirmed admission
• Estimate of course fees & other expense (traveling /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