Syndicate Bank — Education Loans (Now under Canara Bank)

1. Merger & Continuity

Syndicate Bank, established in 1925, was officially merged into Canara Bank on April 1, 2020. All legacy education loan products now operate under Canara Bank's umbrella, with service and loan terms integrated into Canara’s product line.

2. Loan Products & Variants

Under its final standalone branding, Syndicate hosted multiple loan schemes:

• Synd Vidya (Domestic & Abroad) — Up to ₹10 lakh (India), ₹20 lakh (abroad)
• Synd Super Vidya — For premier institutions; higher caps, preferential terms
• Synd Skill Loan — Covers vocational programs with loans up to ₹1.5 lakh
• Repayment Terms: Moratorium of course period + 1 year or 6 months post-employment
• Maximum Tenure: 15 years for general schemes; 7 years for skill loans

3. Interest Rates & Concessions

• Standard Academic Loans:

  • Up to ₹4 lakh: 1-year MCLR + 1.60%
  • ₹4–7.5 lakh: +1.85%
  • Above ₹7.5 lakh: +2.85%
• Synd Super Vidya: ~8.55% p.a. up to ₹20 lakh
• Concessions: 0.50% off for girls; SC/ST benefits up to 0.75%
• Family Scheme Concession: 1% lower rate if parent is PSU employee
• Highest interest range estimated: 8.6%–11.35% depending on segment

4. Margin, Collateral & Repayment

• Margin Requirements:

  • Up to ₹4 lakh: No margin
  • Above ₹4 lakh (India): 5% margin
  • Above ₹4 lakh (Abroad): 15% margin

• Collateral:

  • Up to ₹4 lakh: No security
  • ₹4–7.5 lakh: Co-borrower/third-party guarantee required
  • Above ₹7.5 lakh: Tangible collateral (land, LIC, bonds, etc.)

• Moratorium & Tenure:

  • Standard: Course + 1 year or 6 months post-placement
  • Skill loan: Course plus 6 months (for short courses) or plus 1 year (for longer)
  • Overall tenure: Up to 15 years (7 years for skill loans)

5. Coverage & Documentation

Loans covered a wide range of academic expenses including tuition, hostel, books, equipment, travel, project work, and even laptops. If vetted, management quota admissions may be accepted at bank discretion.

Required Documents included KYC, admission letter, fee structure, academic transcripts, proof of income (co-borrower), and collateral documentation (if applicable).

6. Processing & Fees

• Processing Fee: Nil across all education schemes
• Prepayment: No charges for early closure
• Repayment Modes: ECS, NACH, SI, and Post-Dated Cheques
• Margin coverage: Scholarships or assistantships could be counted toward margin
• Loan Disbursal Period: Roughly within 15 working days post-approval

8. Overview Table

Final Take

If you're exploring education loans under Syndicate Bank's legacy, know they’re now serviced by Canara Bank under similar terms. Synd Vidya and Super Vidya continue to offer generous unsecured coverage and concessions, making them student-friendly options—especially for premier admissions. For further comparisons or detailed exploration of Canara Bank’s own current programs, just let me know!