Education Loan

Empowering Dreams with
a Range of Education Loan Schemes

At South Indian Bank, we understand that every educational journey is unique. To support your diverse academic aspirations, we offer tailor-made education loan solutions. Whether pursuing higher studies in India or abroad, developing a specific skill, or meeting specialised requirements, we have the right plan for you.

Types of Education Loan

SIB Education Loan (VPS)

Purpose - Financial assistance for higher education in India and abroad.
Eligibility - Covers a wide range of courses, including undergraduate, postgraduate, and professional studies.

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SIB Excellence

Purpose - Designed for the "creamy layer" of talented youth pursuing professional studies at top prestigious institutions in India and abroad.
Highlight -Specialised for aspirants targeting premier institutions globally.

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EduSum Education Loan Scheme

Purpose - Applicable for loans sourced through Kerala branches.
Highlight - Covers admission to institutions outside Kerala (except through State/National entrance exams).

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Global Education Loan

Purpose - Exclusively finances overseas education, ensuring that you can achieve your dream of studying abroad.

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Pro Tips for Education Loan Applicants

Plan for Course-Specific Expenses

Choose a loan that covers all expenses, including tuition fees, exam fees, books, equipment, and living costs, ensuring a comprehensive solution for your educational needs.

Check Eligibility Requirements

Ensure you meet the bank's eligibility criteria, including academic performance, admission to recognised institutions, and co-borrower requirements.

Prepare Documentation Early

Gather all necessary documents like proof of identity, admission letter, fee structure, academic mark sheets, and income certificates to avoid delays in the loan process.

Understand Collateral Rules

Check if your loan requires collateral or a third-party guarantee. Loans up to a certain limit (e.g., Rs. 7.5 lakhs) may not require collateral, but higher amounts might.

Choose the Right Repayment Plan

Opt for a repayment plan that fits your financial capacity post-graduation, considering the loan's repayment tenure and moratorium period.

Leverage Subsidy Schemes

Explore government subsidy schemes like the Central Sector Interest Subsidy (CSIS) in India to reduce your loan burden.

Consider Foreign Exchange Risks for Overseas Studies

For studying abroad, factor in currency exchange rate fluctuations and ensure you have funds for unexpected expenses.

Work on Credit Score and Co-Borrower Income

Maintain a good credit score and ensure your co-borrower (parent or guardian) has a stable income to improve loan approval chances.

Apply Through Designated Portals

Use platforms like Vidya Lakshmi Portal for Indian loans or institution-specific portals for streamlined application processes and faster approvals.

Keep a Buffer for Top-Up Loans

Opt for a bank that allows top-up loans during the moratorium period in case you decide to pursue further studies.

Be Informed About Prepayment Options

Check for NIL prepayment charges, allowing you to repay the loan early and save on interest.

Discuss Future Plans with the Bank

For overseas studies, inform the bank about your plans for returning to India or staying abroad, as it may impact repayment terms and post-study arrangements.