Saraswat Bank Education Loan
For Education in India and Abroad
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.
- 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
|Upto Rs 50 lacs
||RLP – 2.50 = 11.75%
Present PLR: 14.25% p.a
0.50% less rate of interest would be applicable in case of girl students.
- For Studies in India – NIL
- For Studies Abroad – 0.5% of the loan amount.
- Upto Rs. 2 lac : Nominal Membership
- Above Rs. 2 lac : 2.5% of the sanctioned loan amount, Maximum Rs. 25000/-.
- 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
Life insurance policy of the student borrower
- 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