Saraswat Bank


Saraswat Bank education loans can be procured by individuals who have secured admission for Undergraduate or Postgraduate courses in any institution approved by IBA.

  1. Duly filled-in application form
  2. Photo ID and Proof of Residence of the applicant and guarantors
  3. Admission Letter
  4. Detailed estimate of the course fees and other expenses
  5. Fee receipt or any proof of payment
  6. Passport and Visa Photocopies (for overseas education)
  7. Income Proofs
  8. Salaried Employees Last three months’ pay slips/Last three years IT returns with details of personal assets and liabilities.
  9. Self-employed Businessmen Last two years P/L statements and IT returns copies/Balance sheet/Bank statement for the last 6 months.

Maximum of Rs. 10 lakhs for pursuing studies in India

For IBA approved courses, Saraswat Bank sanctions loans amounting up to Rs 20 lakhs at a floating interest rate of 14.50% per annum and a fixed interest rate of 14% per annum. Female applicants are eligible to get a concession of 0.50% on the interest rate and students applying to premier institutions like IIMs, IITs, XLRI or ISB get an additional discount of 0.25%.

The moratorium period includes the entire tenure of the course plus a period of six months or 3 years to repay a loan. Applicants can repay a Saraswat Bank education loan with a tenure extending up to 12 years inclusive of the moratorium period.

  1. Two guarantors are required for education loans taken up to Rs. 2 lakhs.
  2. Loans above Rs. 5 lakhs and up to Rs. 5 lakhs require hypothecation of household articles, along with two guarantors.
  3. For any loan amount above Rs. 5 lakhs, borrowers can pledge any security accepted by the bank or make an equitable mortgage of their properties.

Interest Subsidy Scheme for Saraswat Bank Education Loans:

The Central Scheme of Interest Subsidy is an initiative from the Government of India to provide affordable financing options for pursuing higher education to the weaker sections of the society. The interest subsidy comes into effect only if the student is availing an education loan for admissions into recognised institutions after the completion of Class XII. Students belonging to families with an annual income of up to Rs. 4.50 lakhs can use this facility to get a full interest subsidy benefit, available for the moratorium period also.

Padho Pardesh Scheme for Saraswat Bank Education Loans:

This interest subsidy scheme has been introduced by the Government of India and IBA especially for the benefit of the weaker sections of minority communities. Students from these communities wanting to pursue their education abroad can avail this facility for approved post-graduation courses. Applicants belonging to families of minority communities with an annual family income of up to Rs. 6 lakhs can use the full subsidy benefit while procuring a Saraswat Bank education loan.


Up to 90% of the cost of fees and other student expenses.

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