South Indian Bank

NAME TYPE WEBSITE
South Indian Bank Private https://www.southindianbank.com/

 YES

1) Vitjnan Pradhan Scheme

2) SIB-Excellence

3) Vidyanidhi Scheme

1) Vitjnan Pradhan Scheme ; 2) SIB-Excellence; 3) Vidyanidhi Scheme

All students applying for South Indian Bank education loan schemes must be residents of India.

 

 

 

1) Vitjnan Pradhan Scheme; 2) SIB-Excellence; 3) Vidyanidhi Scheme

They should provide all education certificates starting from matriculation to their latest qualifications. Along with these, students must provide results of qualifying entrance examinations held by different educational institutions.

1) Vitjnan Pradhan Scheme

2) SIB-Excellence

South Indian Bank-Excellence provides education loans to students pursuing higher studies in top educational institutions in India like IIMs, IITs, etc.

All IITs

5 Year Integrated, 4 Year UG, 2 year PG, 1 Year PG courses

All NITs

5 Year Integrated, 4 Year UG, 2 year PG, 1 Year PG courses

All NIDs

5 Year Integrated, 4 Year UG, 2 year PG, 1 Year PG courses

All NIFTs

5 Year Integrated, 4 Year UG, 2 year PG, 1 Year PG courses

All IIMs

All Full Time PG Courses

All IIFTs

All Full Time PG Courses

All ISBs

All Full Time PG Courses

XLRI - Jamshedpur

All Full Time PG Courses

Xavier University

All Full Time PG Courses

Any other college/institution/university within Top 25 rank by NIRF can be considered under the scheme.Ref:- www.nirfindia.org

Full time UG/PG Engineering, UG/ PG Architecture and PG Management Courses.

Note:- Part-time courses, certificate courses and any other course of less than 12 month duration are not eligible for finance under the scheme.

3) Vidyanidhi Scheme

Vidyanidhi scheme under South Indian Bank education loan system is extremely helpful for students seeking higher education in the renowned institutes of Kerala. This education loan scheme helps the students to pay the refundable deposit charged by an educational institution.

1) Vitjnan Pradhan Scheme

Studies in India: Up to Rs. 10.00 Lacs

2) SIB-Excellence

A maximum amount of Rs. 10 lakh can be availed through SIB-Excellence education loan scheme.

3) Vidyanidhi Scheme

Rs. 1.00 Lac

(Loan amount restricted to 10 % of the total tuition fees applicable for the entire course OR Rs.1.00 lakh whichever is lower. The loan amount is to be utilized for payment of refundable deposit only).

1) Vitjnan Pradhan Scheme

Base rate is 10.20%                        

Loan amount up to Rs. 4 lakh

Base rate + 5.80%

Loan amount more than Rs. 4 lakh

Base rate + 6.30%

2) SIB-Excellence

Base rate is 10.20%                               

SIB-Excellence up to Rs. 10 lakh

Base rate + 1.10%

SIB-Excellence above Rs. 10 lakh

Base rate + 2.10%

3) Vidyanidhi Scheme

Base rate is 10.20%                              

Vidyanidhi loan scheme

Base rate + 5.20%

1) Vitjnan Pradhan Scheme

2) SIB-Excellence

3) Vidyanidhi Scheme

1) Vitjnan Pradhan Scheme

Repayment of the loan will be in equated monthly installments over a period of 15 years, excluding moratorium period

Repayment Holiday/Moratorium: Course period + 1 year.

Interest concession of 1% may be allowed, if interest is serviced during the study period and subsequent moratorium period prior to commencement of repayment.

2) SIB-Excellence

The repayment starts after six months of employment or one year after the completion of the course, whichever is earlier. The education loan is to be paid in sixty equated monthly instalments (EMI). There is no penalty charged for repayment of the education loan amount.

3) Vidyanidhi Scheme

The repayment starts after one year of the completion of the course or six months of employment, whichever is earlier.

1) Vitjnan Pradhan Scheme

2) SIB-Excellence

3) Vidyanidhi Scheme

1) Vitjnan Pradhan Scheme

Up to Rs. 4 lakh – Nil
Above Rs. 4 lakh – 5% for studies in India and 15% for studies in foreign countries

2) SIB-Excellence

Up to an amount of Rs. 4 lakh the margin is nil. However, there is a 5% margin for an education loan amount above Rs. 4 lakh. Scholarships and assistantships can be incorporated in the margin.

3) Vidyanidhi Scheme

Nil, if interest is serviced periodically; 15% margin if interest is funded

1) Vitjnan Pradhan Scheme

For a loan of up to Rs. 4 lakh, no security is required but parents need to be co-obligators when the student applies for the education loan. For loans above Rs. 4 lakh and up to Rs. 7.5 lakh, parents or guardians of the student need to provide collateral security in the form of third party guarantee. For a loan amount above a loan amount of Rs. 7.50 lakh, parents or guardians need to provide collateral security and assign future income of the student for payment of the education loan installment.                                                                              

Penalty:-

There is a penalty of 2% charged on loans above Rs. 2 lakh for the overdue period and amount.

2) SIB-Excellence

Parents or guardians can provide life insurance policy in the form of guarantee, which must be equal to the loan amount. The life insurance policy should be assigned in the name of South Indian Bank.

3) Vidyanidhi Scheme

    Nil

1) Vitjnan Pradhan Scheme

(0.50% concession for girl students is as per IBA norms)

1) Vitjnan Pradhan Scheme

Centralized Scheme for Interest Subsidy (CSIS) is applicable only in those loans under SIB: VPS, where the following conditions are met:-

 § The eligibility of the student, under Economically Weaker Sections (EWS) should be certified by the respective Competent Authority and the certificate should be on record.

§ The subsidy is available only for studies in recognized technical/professional courses

§ The subsidy is available only for studies in India.

1) Vitjnan Pradhan Scheme; 2) SIB-Excellence; 3) Vidyanidhi Scheme

Students can not only pay their college and hostel fees, but can also use the loan amount provided by South Indian Bank to pay their library charges, laboratory and examination fees. They can use the loan amount to purchase instruments, books, equipment etc. required during the course of their study. Costs such as caution deposit, travel and other essentials are covered by the loan. Students can also use the education loan for project work, thesis and study tours.

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