Saraswat Bank

Saraswat Bank Education Loan

Saraswat Bank is a 104-year old institution established in 1918. We are India’s largest urban co-operative bank and listed in India’s Fortune 500 list. Saraswat Bank has been awarded as The World's Best Banks 2021 for second year in a row by Forbes Survey and the Best Technology Bank by IBA Technology awards for the 5th consecutive year. We are headquartered in Mumbai - Maharashtra and spread across 6 states viz. Maharashtra, Gujarat, Goa, Karnataka, Madhya Pradesh (Indore) and Delhi through a network of 283 branches and 311 plus ATMs.

Overview

Saraswat Bank is the first co-operative bank to obtain permanent license to deal in foreign exchange and was granted the status of an Authorised Dealer in Foreign Exchange in 1979. Our 9 Forex centres and Correspondent Banking relations with 329 centres of various banks spread over 60 countries aid in smoother transactions. We maintain Foreign Currency Accounts in 10 Major Currencies of the world viz., USD, EUR, GBP, CHF, JPY, HKD, SGD, CAD, AUD, AED.

Offering myriad financial products and services for retail and corporate customers, our Bank is committed to taking its legacy ahead with outstanding service. Our Saraswati Education loan with the lowest interest rates and faster TAT will provide complete, seamless, and affordable education financing solutions to all the deserving students.

Saraswat Education loan Key Features and Benefits

One of the major features of Saraswati Education loan is the Saraswati education loan which is customized for the students who wish to pursue school education starting fro Nursery to Senior Secondary School. The main features of this type of loan are:

Loan Amount
  1. Studies Abroad – Maximum upto Rs.150.00 lacs
  2. Studies in India – Maximum upto Rs.75.00 lacs
  3. Vocational courses – Maximum upto Rs.10.00 lacs
  4. Online courses also considered
Rate of Interest (Floating) :8.50%
  1. General (PLR-5.75) – 9.00%
  2. Girl Child (0.5%discount) (PLR-6.25) – 8.50%
  3. Premier Institutes (0.25% discount) (PLR-6.00) – 8.75%
Processing Fees:
  1. For Studies Abroad – 0.50% of Loan amt maximum Rs. 25,000 (+GST)
  2. For Studies in India – For loan upto Rs.20Lacs - Rs. 5000 + GST
    For loan above Rs.20Lacs - Rs. 8000 + GST
Repayment Period
  1. Maximum 12 years excluding moratorium period
  2. Moratorium: Three years or duration of the course plus one year, whichever is earlier
  3. Maximum permissible repayment period can be offered although parent who is main applicant is retiring but student is co-borrower.
Margin Depending on the Security Offered
Security Upto Rs. 4.00 lacs: without guarantor,Above Rs. 4.00 lacs: Pledge of any other tangible security acceptable to the bank OR Equitable mortgage of Property
Share Holding Maximum Upto 5%* of the sanctioned amount, max Rs.25000/-
Documentation and Legal Charges At Actuals
Required Documents
  • Duly filled prescribed application form
  • Student Documents:
    1. Latest Photograph, Pan Card, Residence proof – Aadhar Card/Passport
    2. Copy of Passing Certificates- SSC, HSC, Degree and/Or other Educational qualification.
    3. Proof of confirmed admission from the University ( I20, CAS etc)
    4. Course fee estimate and structure along with other expenses (traveling/lodging/boarding)
    5. University Bank details for Fees Payment.
    6. Copy of Passport & Visa and related documents, and Foreign Residence proof if the student is going abroad for higher education.
    7. Fee receipts or proof of payments already made.
  • Applicant and Guarantors Details
    1. Latest Photograph, Pan Card, Residence proof – Aadhar Card/Passport
    2. Income proof of the applicant in the form of
    3. Salaried: Last 3 months’ salary slip/certificate or copy of the last three years IT returns or form 16 of last two years, 3 months bank statement.
    4. Businessman: Last 3 year’s profit & loss and balance sheet, ITR copies of last three years, 3 months bank statement.
  • Details of Security offered as collateral and related documents Pledge of any other tangible security acceptable to the bank OR Equitable mortgage of Property
    1. Property Mortgage
    2. LIP/NSC/ Fixed Deposits
    3. Gold

Saraswat Bank Overseas Education Loan

  1. No processing fees for Saraswat Bank Education Loan
  2. Competitive Interest Rate
  3. Faster TAT compared to other lenders
  4. 80 E Tax Benefit for the Students

Saraswat Bank Education Loan Eligibility

  1. Individual who has secured admission in any of the graduate/post-graduate courses offered by college/institute/university approved by IBA.
  2. Students applying for vocational courses will also be covered under this scheme with a maximum loan amount of Rs.10 lakh
  3. Student should be applicant and parent or relative should be co-applicant
  4. In case of minor student, parent will be applicant