Saraswat Bank Education Loan
Saraswat Bank is a leading multi-state co-operative bank in India. Saraswat Bank provides educational loans For graduate, postgraduate, and vocational programs both in India and abroad, With a maximum term of 15 years, including the moratorium period, the repayment duration is lengthy and convenient.
Saraswat Bank offers Education Loans at an Interest Rate ranging from 8.20% to 9.70% per annum.
The moratorium lasts for either three years or the length of the course plus an additional year, whichever comes first. The moratorium period provides students some time off before they are required to find employment and begin debt repayment.
Eligibility Criteria for Saraswat Bank Education Loan
An individual who has secured admission to any graduate or postgraduate course offered by a college, institute, or university approved by IBA is eligible for the loan. Students applying for vocational courses are also covered under this scheme with a maximum loan amount of ₹10 lakh.
The student should be the applicant, while the parent, sponsor, or relative must be the co-applicant. In the case of a minor student, the parent will act as the applicant. An undertaking from the parent is required stating that the minor student will be added as a guarantor after attaining majority or before the parent’s retirement.
Saraswat Bank Education Loan Interest Rates
For Indian Banks' Association (IBA) approved courses, Saraswat Bank sanctions loans at a floating interest rate starting at 8.20% to 9.70% per annum for general category students.
Female applicants are eligible to get a concession of 0.50% on the interest rate and students applying to premier institutions like IIMs, IITs, XLRI or ISB get an additional discount of 0.25%.
Features & Benefits of Saraswat Bank Education Loan
‘Saraswati education loan’ from Saraswat Bank is an excellent financing facility available to students aspiring to study in premier institutions in India or abroad. As educational costs skyrocket, Saraswat Bank provides an educational loan with affordable interest rates, higher loan amounts and flexible repayment tenures.
Quantum of Saraswat Bank Education Loan
Borrowers can avail up to a maximum of Rs.75 lakh for pursuing studies in India and a maximum of Rs.1.5 crore for education abroad. The maximum amount sanctioned for vocational courses is Rs.10 lakh. A Saraswat Bank education loan covers up to 90% of the cost of fees and other student expenses.
Repayment Terms for Saraswat Bank Education Loan
The moratorium period includes the entire tenure of the course plus a period of one year or three years, whichever is earlier. Applicants can repay a Saraswat Bank education loan with a tenure extending up to 15 years excluding the moratorium period.
Processing Fees for Saraswat Bank Education Loan
Saraswat Bank does not levy any processing charges on education loans taken to finance education in India.
Collateral or Security for Saraswat Bank Education Loan
- Two guarantors are required for education loans taken up to Rs.4 lakh.
- For loan amounts ranging between Rs.4 lakh and Rs.5 lakh, a third-party guarantee is required.
- Loans above Rs.5 lakhs and up to Rs.5 lakhs require hypothecation of household articles, along with two guarantors.
- For any loan amount above Rs.5 lakhs, borrowers can pledge any security accepted by the bank or make an equitable mortgage of their properties.
Documents Required for Saraswat Bank Education Loan
- Duly filled-in application form
- Photo ID and Proof of Residence of the applicant and guarantors
- Admission Letter
- Detailed estimate of the course fees and other expenses
- Fee receipt or any proof of payment
- Passport and Visa Photocopies (for overseas education)
- Income Proofs
- Salaried Employees - Last three months’ pay slips\ Last three years IT returns with details of personal assets and liabilities.
- Self-employed Businessmen - Last two years P\L statements and IT returns copies\ Balance sheet\ Bank statement for the last 6 months.
Education loan offered by other banks in India
- HDFC Bank Education Loan
- IDBI Bank Education Loan
- Indian Bank Education Loan
- Indian Overseas Bank Education Loan
- Jammu and Kashmir Bank Education Loan
- Karnataka Bank Education Loan
- Karur Vysya Bank Education Loan
- Punjab and Sind Bank Education Loan
- Punjab National Bank Education Loan
- Saraswat Bank Education Loan
- SBI Education Loan
- South Indian Bank Education Loan
- TJSB Education Loan
- TMB Education Loan
- UCO Bank Education Loan
How to Apply for an Education Loan from Saraswat Bank
Given below are the steps you will have to follow to apply for an education loan from Saraswat Bank online:
Step 1: Click on the link Saraswat Bank Website.
Step 2: Click on 'Apply Now'.
Step 3: Provide details such as your name, email ID, mobile number, state in which you reside, city, and the nearest branch. Click on 'Submit'.
Step 4: A representative from the bank will get in touch with you.
You can apply for an education loan offline by visiting the nearest Saraswat Bank branch and submit the necessary documents along with the application form.
Saraswat Bank Education Loan EMI Calculator
The Saraswat Bank education loan EMI calculator is a helpful and free online tool to help you calculate your Equated Monthly Instalments accurately, precisely, and quickly.
Just enter the current education loan interest rate of Saraswat Bank, the repayment tenure you have chosen (maximum of 15 years), and the loan amount sanctioned or which you are applying for. Click on the ''Calculate'' button and the amortisation table and the other details will be instantly displayed on the screen.
For illustration: For a Saraswat Bank educational loan of Rs.75 lakh with an interest rate of 8.50% and a tenure of 12 years, you will be paying the following as EMI, interest, and total amount:
- Equated Monthly Instalment (EMI): Rs.89,631
- Total interest due: Rs.54,06845
- Total amount payable: Rs.1,29,06,845
The amortisation table for the loan will be as follows:
Year | Principal Paid(A)1 (in Rs.) | Interest Paid(B) (in Rs.) |
2025 | 3,99,139 | 6,76,432 |
2026 | 4,40,934 | 6,34,637 |
2027 | 4,87,104 | 5,88,465 |
2028 | 5,38,113 | 5,37,459 |
2029 | 5,94,459 | 4,81,112 |
2030 | 6,56,707 | 4,18,863 |
2031 | 7,25,472 | 3,50,098 |
2032 | 8,01,439 | 2,74,130 |
2033 | 8,85,358 | 1,90,208 |
2034 | 9,78,067 | 97,501 |
2035 | 4,37,163 | 10,989 |
FAQs on Saraswat Bank Education Loan
- As an existing education loan borrower with Saraswat Bank can I view my loan statements online?
Yes, borrowers can create a login on the Saraswat Bank web portal and view all details related to their education loan online.
- How many guarantors are required as security while availing a Saraswat Bank education loan?
The bank requires at least two guarantors as security for a Saraswat Bank education loan.
- Does Saraswat Bank have a cap on the interest rate discounts for education loans?
Yes, the total discounts on the education loan interest rates will not exceed 0.50%.
- Are additional student expenses like hostel fees, travel, books, and equipment fees covered by a Saraswat Bank education loan?
Yes, the Saraswati education loan covers all additional student expenses along with the tuition fees.
- Does the interest rate subsidy apply on all disciplines of Undergraduate (UG) and Post Graduate (PG) courses?
Yes, irrespective of the discipline of study, the interest subsidy applies on education loan applications.
Disclaimer
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
Copyright © 2026 BankBazaar.com.