SyndVidya Scheme
The main purpose of this loan is to provide financial assistance to students for payment of course fee, hostel fees, examination fees, library fees etc. The loan can be used towards procurement of study materials and necessary equipment’s.
Eligibility of courses
This loan is applicable for pursuing undergraduate, postgraduate and other technical courses from reputable colleges/universities in India and abroad. This may include engineering, medical studies etc.
Margin Amount
It is the amount which the borrower will have to pay towards the loan amount thus contributing to the entire amount borrowed.
For loan amount up to 4 lakh rupees there is no margin amount. For loan amount above 4 lakh rupees the margin is 5% and 15% for India and abroad respectively.
Loan Security
Loan is granted jointly with the Parent/Guardian of the. For loan amount up to 4 lakhs no tangible collateral is required, for loan amount between 4-7.5 lakhs tangible collateral security is required in the form of third-party guarantee. For amount above 7.5 lakhs tangible collateral is required, to at least 100% of the loan amount.
Loan tenure and Repayment of Loan
The tenure of the loan is 15 years excluding the moratorium period (this the duration of applicant’s course + 1). The repayment of loan will start after the moratorium period in the form of equated monthly installment (EMI).
Synd SuperVidya Scheme
The purpose of this loan is to provide financial assistance to meritorious students who have secured admission in top institutes in India to pursue their courses in the respective fields.
Eligibility of courses
The loan is applicable to all Technical and post-graduation courses offered by top premier technical and management institutes in India. This includes IITs and IIMs.
Margin Amount
The margin amount for this loan is 5%.
Processing Fee
There is no processing fee applicable for this loan.
Loan Security
Loan is granted jointly with the Parent/Guardian of the students. No security is required for loans up to 4 lakhs, however guarantee of parents is required for loans above 4 lakhs.
Repayment and Loan Tenure
The tenure of the loan depends upon the amount of loan borrowed. The repayment of loan starts after the moratorium period (6 months if the duration of the course is 1 year and 12 months if the duration of the course is more than 1 year). The repayment of loan will happen in the form of EMI (equated monthly installments).
SyndVidya Abroad Scheme
The main purpose of this loan is to provide financial assistance to job-oriented students who are planning to pursue post-graduation or degree/ diploma (courses from universities or colleges abroad.
Eligibility of courses
The loan is eligible to those students planning to pursue further education abroad This includes -:
- Post- Graduation courses like MBA, MCA, MS etc.
- Courses from CIMA-London
- CPA In USA
- Degree/Diploma courses in pilot training, shipping etc.
Margin Amount
The margin amount is 15%, which is brought in on year to year, pro-rata basis.
Processing Fee
There is no processing/documentation fee applicable for this loan.
Loan Security
Loan security in the form of liquid securities like NSC/KVP/RBI relief Bonds etc. Another security which can be offered in the place of the above is non-agricultural land/property whose value is not less than 125% of the loan amount. The bank also requires Assignment of future income of the students as security.
Loan tenure and Repayment of Loan
The tenure of the loan is 15 years excluding the moratorium period (this the duration of applicant’s course + 1). The repayment of loan will start after the moratorium period in the form of equated monthly installment (EMI).
SyndVidya Skill Loan Scheme
The main purpose of the loan is to provide need-based finance to students who have secured admission in ITIs or technical courses affiliated to NSQF or NSDC.
Eligibility of courses
This loan is only applicable to students who are pursuing courses from / affiliated to -:
- ITIs (Industrial training institutes)
- Polytechnics
- NSDC (National Skill Development Corporation)
- NSQF (National Skill Qualification Framework)
Margin Amount
There is no margin amount for this loan.
Processing Fee
There is no processing fee applicable for this loan.
Loan Security
No loan security is required for this loan/scheme.
Repayment and Loan Tenure
The tenure of the loan depends upon the amount of loan borrowed. The repayment of loan starts after the moratorium period.
| Loan Amount | Loan Tenure |
| Up to 50,000 | Up to 3 years |
| 50,000 – 100,000 | Up to 5 years |
| 100,000 < | Up to 7 years |
SyndVidya -Vocational Courses Scheme
The main purpose of this loan is to provide need-based finance to students who have passed 10th class so that they can pursue vocational training from a government recognized university.
Eligibility of courses
This loan is applicable only for pursuing vocational training courses from government recognized university/Institute. The duration of the course should be between 6 months to 3 years and should lead to a diploma or a certificate.
Margin Amount
There is no margin amount for this particular loan.
Processing Fee
There is no processing fee applicable for this loan.
Loan Security
No loan security is required for this loan/scheme.
Repayment and Loan Tenure
The tenure of the loan depends upon the duration of the course. For courses of duration up-to 1 year the loan tenure is 3 years and for courses of duration greater than 1 year the loan tenure is 7 years.
Loan Amount and Interest Rates
| NAME OF THE SCHEME | QUANTUM OF FINANCE/ LOAN AMOUNT | INTEREST RATE |
| SYNDVIDYA | For study in -:
India – up to 10 lakhs Abroad – up to 20 lakhs *Need based finance |
Up to 4 Lakh:
Current 1 Year MCLR +1.60 % 4 – 7.5 Lakh: current 1 Year MCLR+1.85 % Above 7 lakhs: 1 Year MCLR+2.85 % Concession of: 0.5% for girl students 1% children of Govt. employees |
| SYND SUPERVIDYA | Maximum loan amount of 20 lakhs
Additional 3 lakh if selected for student exchange |
Current 1 Year MCLR+1.10 %
If int is serviced during moratorium period then 1 Year MCLR+0.10 % |
| SYNDVIDYA – ABROAD | Minimum – 20 lakhs
Maximum – 2 Crore |
Current 1-year MCLR + 2.10%
Concession of: 1% children of Govt. employees |
| SYNDVIDYA – SKILL LOAN SCHEME | Minimum – 5000
Maximum – 150,000 |
Current 1-year MCLR + 1.50%
Concession of: 0.5% for girl students 1% children of Govt. employees |
| SYNDVIDYA –VOCATIONAL COURSES | Maximum loan amount of 2 lakh
*Need based |
Current 1-year MCLR + 2.25% |
Documents Required (may vary depending on the scheme)
- Duly filled application form
- Proof of Identity – Passport/ Voter’s ID
- Address Proof – Telephone Bill / Electricity Bill
- Photograph of applicant and guardian
- Mark list of qualifying exams
- Proof of income of guardian – Bank statements
- Xerox copy of Admit Card
- List of all possible expenditure to be incurred during the course
- Proof of selection into the course – Offer/ Admission letter from the college (including fees details)
- Papers for collateral acting as security
How to Apply for the loan?
- Applicants can download pdf application form, from the bank’s website. They can then fill and upload the pdf to the website. They will then be called to their nearest bank branch for further procedures.
- Applicants can visit its nearest bank and make an appointment to know more about the schemes
- The place of sanction will be the closet bank branch to your house.