Details about the SIB Education Loan

• Who can apply for an abroad education loan from South Indian Bank?

  Students who are Indian nationals with a valid Indian passport and are planning to go abroad for their higher education are eligible to apply.

• What courses are covered under the South Indian Bank abroad education loan?

  Loans are provided for undergraduate, postgraduate, doctoral, and professional courses from reputed foreign universities in fields such as:
  • Engineering
  • Medicine
  • Management
  • Law
  • Aviation
  • Arts & Humanities
  • And other approved disciplines

• How much loan amount can I get?

  Loan amounts typically range from ₹7.5 lakhs to ₹1.5 crore, depending on the course, country, and cost of education. Higher amounts may be considered on a case-by-case basis, if there is a requirement.

• What expenses are covered?

  The loan covers:
  • Tuition fees
  • Hostel/ Accommodation/ other living expenses
  • Travel Expenses
  • Fees for Examination/ Library/ Lab/ Laptop
  • Insurance premium
  • Any other education-related expenses including refundable deposits and project/ Thesis/ Study tour fees

• Do I need collateral to get the education loan?

  Yes, collateral security is usually required for abroad education loans. However, South Indian Bank also checks on the applicant's academic record, university ranking, and co-applicant's profile.

• Who can be a co-applicant?

  Co-applicants can be anyone under the below relations with the student
  • Father
  • Mother (Including step-mother)
  • Spouse
  • Son (Including Step-son)
  • Son's wife
  • Daughter (including stepdaughter)
  • Daughter's husband
  • Brother (including step-brother)
  • Brother's wife
  • Sister (including step-sister)
  • Sister's Husband
  • Brother (including step-brother) of the spouse
  • Sister (including step-sister) of the spouse
  • Father-in-law/ Mother-in-law
  • Father's brother/ sister
  • Mother's brother/ sister
  • Brother's son/ daughter
  • Sister's son/ daughter

• What is the rate of interest?

  South Indian bank has one of the lowest interest rates in the market for Education Loans. The present applicable rate of interest is flat 9.99%.

• What is the repayment period?

  • Repayment begins after the Moratorium period i.e. the course duration plus a grace period of typically 6 months.
  • Loan tenure can go up to 15 years, depending on the amount.

• Can I prepay the loan?

  Yes, prepayment is allowed. South Indian Bank generally does not charge any prepayment penalty

• How do I apply?

  For faster processing, you can apply through our official platform (https://sibeducationloans.wemakescholars.com)

• What documents are required?

  Here's a quick checklist:
  • Admission letter from the university (If you don't have it yet, no problem, you can start the loan process)
  • Mark sheets of 10th, 12th & degree
  • Identity & address proof of applicant and co-applicant
  • Income proof of co-applicant
  • Passport copy
  • Collateral documents

• Can I track my loan application status online?

  You will be assigned a dedicated Loan processing officer, who will be in touch with you on a daily basis to update the application status. In addition, you can check the status on the profile page of WeMakeScholars website. Also, if you have not yet started your loan process, please click the link below to register now (https://sibeducationloans.wemakescholars.com)

• Are there any tax benefits?

  Yes. You can avail Income tax deduction under section 80E. Additionally, you will also be benefitted for Foreign Remittance Tax collected at Source (TCS) as with Education Loan, there is full waiver of TCS which is otherwise 5% if paid through self-funds.