SyndVidya – Loan for Vocational Courses - A Syndicate Bank’s Education Loan Scheme
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SyndVidya – For Vocational Courses
Purpose:
Providing financial support to deserving / meritorious students after passing 10th Class for pursuing vocational courses / skill development in India and abroad offered by recognized institutions.
Courses Eligible:
Vocational / skill development courses of duration from 6 months to 3 years leading to certificate / diploma offered by recognized institutions, such as ITIs, ITCs and polytechnic institutions.
Student eligibility:
The student should be an Indian National.
The student should have passed 10th standard examination.
Should have secured admission to a Government recognized vocational training course which is employment oriented.
Quantum of Finance:
Need based finance subject to repaying capacity of the parents/ students with following ceilings.
Courses of duration upto 1 year -
Rs.50,000/-
Courses of duration above 1 year -
Rs.1,50,000/-
Margin amount:
NIL
Expenses considered for Loan:
Tuition / course fee fixed by Government / authorities appointed by Government.
Examination / Library / Laboratory fee.
Caution deposit, Cost of books, equipments etc.,
Any other reasonable expenditure.
Security:
No collateral / third party guarantee. However parent has to join as co-borrower.
Rate of Interest:
Interest linked to Loans-Base Rate of the Bank at monthly compounding.
Interest rate at present - Base Rate + 2.25%.
Simple interest will be charged up to Moratorium period.
Repayment:
For courses of duration up to 1 year: Repayment in EMIs for 5 years after a moratorium period of 6 months from completion of course.
For courses of duration above 1 year: Repayment in EMIs for 7 years after a moratorium period of 12 months from completion of course.
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Insurance Charges:
Optional
Processing & Documentation Charges:
No processing charges and Documentation charges.
Other Terms and Conditions:
As applicable to Model Education Loan Scheme of IBA
Please contact our nearest branch in your town for further details
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