Education Loans from South Indian Bank (SIB)

South Indian Bank (SIB) offers a wide range of education loans to different segments of the student population. As of November 2020, SIB offers six education loans, each for a particular student segment or purpose. These loan schemes help students pursue education in India and abroad and realise their dreams.

The six education loans from South Indian Bank (SIB) are:

1. SIB Vitjnan Loan (for higher studies in India and Abroad)
2. SIB Excellence Loan (for higher studies at premier institutes in India)
3. SIB EDUSUM Education Loan
4. SIB Global Education Loan (for studying abroad)
5. SIB Vidya Nidhi Education Loan
6. SIB Skill Loan (for technical courses)

In addition, the bank offers one Government of India Interest Subsidy Scheme on education loans.

We give you a brief intro to each below. In addition you have the option to click further and read in detail about each loan or the interest subsidy scheme in a specific page of their own. This specific page has been made specifically for you to get all the information you need on that loan or scheme in an uncluttered and easy-to-read format.

South Indian Bank SIB Vitjnan Pradhan Education Loan

This SIB Student Loan Scheme helps students who want to pursue higher studies in India and abroad afford the cost of the course and related expenses. This loan scheme is based on the Indian Banks Association IBA Model Education Loan schemes. Students can get a loan of up to Rs. 10 lakh for studying in India and Rs. 20 lakh for studying abroad. Let’s look at some of its features:

Features of SIB Vitjnan Pradhan Education Loan

Why this Loan?

• The loan is meant to help students fulfil their dreams of pursuing higher education in India or abroad
• The loan is disbursed as a series of payments over the required number of years and not as a lump sum
• The loan can be taken for all institution fees as well as related expenses including purchase of books, laptops, hostel fees, lab fees, examination fees, etc.

South Indian Bank Excellence Education Loan

This loan is meant for students pursuing graduate, postgraduate and professional studies from premier institutes in the country such as IIM, IIT, NIT, etc. The maximum loan amount is capped at Rs. 25 lakh for this loan. This is a collateral-free loan. Let’s take a look at its features:

Features of South Indian Bank Scholar Education Loan

Why this Loan?

• The loan is meant for you if you have gained admission into a Bachelors, Masters, Doctorate (PhD) or a professional studies programme at select premier institutes in the country
• The SIB Excellence Education Loan is disbursed to the institution as required to pay the fees or other approved charges
• Students can avail quick sanction facility offered by SIB by visiting the designated campus branches or select branches in the country
• The bank offers collateral-free loans of up to Rs. 25 lakh

South Indian Bank EDUSUM Education Loan

This SIB EDUSUM Loan Scheme helps students who want to pursue higher studies in India and abroad afford the cost of the course and related expenses. Students can get a loan amount up to Rs. 10 lakh for higher studies. Let’s look at some of its features:

Features of SIB EDUSUM Education Loan

Why this Loan?

• The loan is meant to help students fulfil their dreams of pursuing higher education in India or abroad
• The loan is disbursed as a series of payments over the required number of years and not as a lump sum
• The loan can be taken for all institution fees as well as related expenses including purchase of books, laptops, hostel fees, lab fees, examination fees, etc.

South Indian Bank SIB Global Education Loan for Higher Studies Abroad

This loan helps students pursue full-time courses at foreign colleges or universities across the world. The minimum loan amount for this loan is Rs. 20 lakh and the maximum loan amount is capped at Rs. 1.5 crore.

Features of SIB Global Education Loan for Higher Studies Abroad

Why this Loan?

• The loan is meant for you if you have gained admission into a full-time course in a foreign college or university
• The bank disburses the South Indian Bank Global Education Loan as a series of payments over the required number of terms or years to pay the fees or other approved charges
• The maximum loan amount for this loan is Rs 1.5 crore which is higher than the maximum loan amount most Indian banks offer through foreign education loans

South Indian Bank SIB Vidya Nidhi Education Loan

This SIB Vidya Nidhi Loan Scheme helps students who want to pursue higher studies at a professional college in Kerala. The loan amount is restricted to 10% of the tuition fees or Rs. 1 lakh, whichever is lower. Let’s look at some of its features:

Features of SIB Vidya Nidhi Education Loan

Why this Loan?

• The loan is meant to help students pay tuition fee for a professional college in Kerala
• The loan can be taken to cover 10% of the tuition fee or Rs. 1 lakh, whichever is lowers

South Indian Bank Skill Loan

This loan helps students who have gained admission into technical courses offered by Industrial training Institutes (ITIs), polytechnics and other recognised institutions to pay for their course fees. The loan amount starts from Rs. 5,000 and can go up to Rs. 1.5 lakh depending on the duration of the course. This loan scheme is modelled on the Pradhan Mantri Kaushal Rin Yojana (PMKRY). Let’s look at its features:

Features of SIB Skill Loan Scheme for Technical Courses

Why this Loan?

• The loan is meant for you if you have gained admission into a technical course offered by a polytechnic, training institute (ITI), etc. in India
• The bank disburses the South Indian Bank Skill Loan as a series of payments over the required number of terms or years to pay the course fees or other approved charges

South Indian Bank Government of India Interest Subsidy Scheme

The bank offers one Government of India Interest Subsidy Scheme on education loans for meritorious and deserving students. The scheme is:

1. Central Scheme of Interest Subsidy for Education Loan

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Reference Facts

• South Indian Bank Website: www.southindianbank.com
• Headquarters: Thrissur, Kerala
• Call Centre Toll-Free Number: 1800 425 1809, 1800 102 9408; +91 484 2388 555 (NRIs)