Name of the loan: Syndvidya educational loan

Purpose:

To provide financial support to deserving/meritorious students for pursuing higher education in India and abroad.

Eligibility:

He/she must have secured admission on basis of merit to a professional/technical course through entrance exam/selection process. He/ she must have secured admission to foreign university/institution. A major student must represent himself, while a minor student must be represented by his parents or guardians of Indian Nationality.

Courses eligibility:

Graduation/ Post graduation / Professional Courses, computer courses postgraduate courses overseas etc. Management courses approved by AICTE, professional courses in Engineering, Dental, Medical, Management, Agriculture, Sciences etc. Courses like ICWA, CA, CFA and courses conducted by IIT, IIM, IIS etc.

Amount: A maximum of Rs.5 lakhs for studies within the country and Rs 15 lakhs for studies abroad.

For Loans up to Rs.4.00 lakhs – Collateral/third party guarantee is waived.

For Loans above Rs.4.00 lakhs and up to Rs.7.50 lakhs - Third party guarantee acceptable to the Bank and guarantee of parent/guardian are required. No other security is required.

For Loans beyond Rs.7.50 lakhs - the standard norms continue to apply.

In 5-7 years commencing one year after completion of the course or 6 months after securing a job whichever is earlier.