Saraswat Bank Education Loan

Features & Benefits of Saraswat Bank Education Loan

Features and benefits of Saraswat Bank education loan include:

Loan Without Collateral

Loans up to ₹4 lakh are given without any collateral. For amounts between ₹4 lakh and ₹5 lakh, the bank may require a third-party guarantee instead of property as collateral.

Saraswat Bank Education Loan Interest Rates

The Saraswat Bank education loan interest rate is usually floating and linked to the bank’s Prime Lending Rate (PLR). At present, rates for most students range from 8.20% to 10.50% per year. The exact rate you get depends on your CIBIL score and the college or university you’re joining.

There are small concessions available, but the total benefit is generally capped at 0.50%, even if you qualify under multiple categories, like being a girl student or getting into a top institute.

Before finalising anything, it helps to run the numbers once. An Education Loan EMI Calculator lets you enter your loan amount, tenure, and interest rate so you can estimate your monthly EMI in advance.

Saraswat Bank Eligibility Criteria

A few basics need to be in place before you apply:

• You should be an Indian citizen

• Admission should be confirmed in a recognised course and approved by bodies like UGC/AICTE/IBA

• A co-applicant is required, like a parent, guardian, or spouse, with a steady income

• Your academic record matters. Stronger profiles get smoother approvals.

Types of Saraswat Bank Education Loans

Saraswat Bank caters to three main streams:

• Domestic studies: These are for regular degree courses in India, such as engineering, management, and medicine.

• Saraswat Udaan (overseas): This one is for students going abroad. Usually comes into play when the loan amount is higher.

• Vocational loans: These are for shorter courses or skill-based programs. The loan amount here is usually on the lower side.

Saraswat Bank Education Loan Amount, Tenure & Margin

The education loan amount, tenure and margin are as follows:

• Loan Amount: Up to ₹10 lakhs for vocational courses, and much higher for degrees (₹75L in India / ₹1.5cr+ Abroad).

• Tenure: You get a long repayment window of up to 15 years, which keeps your monthly EMIs quite manageable.

• Margin: For loans up to ₹4 Lakhs, there’s no margin (100% funding). Above that, it’s usually 5% for India and 15% for overseas, though they often fund 100% of the actual tuition fees.

Expenses Covered

A Saraswat Bank education loan is quite inclusive. It covers:

• 100% of Tuition fees.

• Hostel and Mess charges.

• Exam, Library, and Lab fees.

• Travel expenses (passage money) for international studies.

• Cost of books, uniforms, and equipment (like a laptop).

Saraswat Bank Education Loan Fees & Charges

Before applying, it helps to know the basic costs involved:

• Processing fee: 0.50% of the loan amount for students in India (capped at ₹5,000). For overseas courses, the same 0.5% applies, with a higher cap of ₹10,000.

• Membership fee: Since this is a co-operative bank, you’ll need to become a member. That usually means buying shares worth ₹1,000 for loans up to ₹1 crore and ₹25,000 for loans beyond that.

• Other charges: If collateral is part of the loan, legal checks and property valuation are charged separately on actuals. There may also be a small service charge depending on the case.

Documents Required for Saraswat Bank Education Loan

Here are the documents required while applying for the education loan:

• Student documents: 10th, 12th, and graduation mark sheets, entrance exam scores (like GRE/GMAT/IELTS), admission letter, and fee structure

• Co-applicant documents: Salary slips (last 3 months), ITR/Form 16 (last 2 years), and bank statements (last 6 months)

• General documents: KYC (Aadhaar, PAN), passport-size photos, and passport/visa copies for international courses

How to Apply for Saraswat Bank Education Loan

Borrowers can apply for a loan through the Urban Money website:

• Visit the official Urban Money website.

• Select “Education Loan” from the loan category.

• Browse and compare different options, including Saraswat Bank.

• Click “Enquire Now” for the preferred option.

• Enter basic details such as name, city, and mobile number.

• Verify identity using the OTP sent to the registered number.

• An Urban Money loan specialist will shortly contact you to guide the process until disbursal.

Saraswat Bank Education Loan Approval & Disbursement Process

Once your documents are in, the bank takes about 10-15 days to process everything. They’ll verify your co-applicant’s income and do a legal check on any property pledged. Once approved, the tuition fee is sent directly to the college, while the funds for living expenses and books are credited to your student account.