Why For/Purpose /Objective:
Moulding a generation with good education has always been one of our priorities. Education lays the foundation for creating a new future for a youngster, and thereby to secure his life. To this end, we have customized educational loans to suit any need. Be it for further education overseas or to pursue couses within the country, South Indian Bank offers them all.
Vitjnan Pradhan Scheme
SIB-Excellence
Vidyanidhi Scheme
Vitjnan Pradhan Scheme
Why For / Purpose /Objective:
Students desirous of pursuing professional courses in India and abroad
Eligibility Criteria
Various courses for details please contact the branch.
Quantum/ Amount of Loan
For details please contact the branch.
Expenses Considered for Loan
- Fees
- Caution deposits and refundable deposits
- Cost of study books / equipments.
- Cost of uniform
- Hostel Boarding and lodging
- One time premium of life insurance policy without maturity return covering the entire period of loan with sum assured equal to the loan amount.
Margin / Allowance:
Up to Rs. 4 Lacks: NIL
Above Rs.4Lacs: Studies in India: 15%
Overseas studies: 25%
Rate of Interest
Fixed at BPLR + TP - 2.50%
Repayment / Tenures
Repayment period will start from 1 year after qualifying exam or six months after obtaining employment, whichever is earlier. For overseas studies, the holiday is restricted to 6 months fixed after the qualifying examination.
Loan should be repaid in 60 equal monthly instalments after the holiday/moratorium as above.
Security:
Upto Rs 4 lacs - Guarantee of parents. No security required
Above Rs.4 lacs -Guarantee of parents together with collateral security
SIB-Excellence:
Why For / Purpose /Objective:
To attract talented youths pursuing professional studies in the top prestigious educational institutions in India to our bank .
Group Students getting admission through general merit in premier educational institutions in the country
Eligibility Criteria
Courses Eligible:
- All IIMs for 2 year PG/PGDM programme
- All IITs for 4 year UG /2 year PG programmes
- National Institute of Design (NID)-Ahmedabad for 4 years UG/2 years PG course
- Indian School of Business (ISB), Hyderabad for 2 year PG programmes
- Indian Institute of Foreign Trade, Delhi & Kolkata for 2 year PG programmes
- Business schools ( other than those listed above ) appearing in the top 20 ranking of ‘NAAC’ ( National Assessment & Accreditation Council) / AIMA (All India Management Association) , the list of which will be circulated by Credit Department shortly.
Quantum/ Amount of Loan
Max.Rs.10.00 lakhs subject to actual requirement, whichever is lower
Expenses Considered for Loan
- Fees payable to College including examination /library /laboratory fees
- Caution deposits and refundable deposits (not exceeding 10% of tuition fees for the entire course).
- Cost of study books / equipments / computers
- Cost of uniform
- Hostel Boarding and lodging
- One time premium of life insurance policy without maturity return covering the entire period of loan with sum assured equal to the loan amount.
Margin/ Allowance:
Up to Rs. 4 Lacks: NIL
Above Rs. 4.00 lacs: 5%
Scholarships /assistantship can be included in margin . Margin may be brought in on year-to-year basis as and when disbursements are made
Rate of Interest
Fixed Rate @ 9 % without reset clause
Repayment / Tenures
Repayment will start from 1 year after qualifying exam or six months after obtaining employment, whichever is earlier. Loan should be repaid in 60 equal monthly instalments after the holiday/ moratorium as above. No prepayment penalty. Interest during holiday period may be funded /remitted as per option given by the borrower at the time of availment of loan.
Security:
Guarantee by one of the parents/close relative.Life Insurance policy (Single Premium) for equal amount of loan and tenure to be got assigned in bank’s name
Vidyanidhi Scheme:
The Scheme is beneficial for students who have newly secured admission to selected Professional Colleges in Kerala. The Scheme enables the student to pay 'refundable deposit' demanded by the educational institution. Application must be in the name of the student if he/she has completed 18 years. In case of minor students, parents shall be the borrowers. ROI-- BPLR + TP - 3.50% floating. Payment direct to the College Management as prescribed in the prospectus.
Contact
Delhi Tel: 011- 65662692,
Bangalore Tel: 080- 22115918,
Chennai Tel: 044- 28544080,
Hyderabad Tel: 040- 24753925 ,
Kolkata Tel: 033- 24617623,24617624,
Website
http://www.southindianbank.com/
