South Indian Bank Education Loan

Need a quick loan for studies? South Indian Bank offers low-interest loans with simple eligibility checks and a fast, reliable application process.

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Parameter Details Basic documents for Applicant (student) and co-applicant and/or Guarantor South Indian bank loan application, given to you by a financial officer at Subraxo Identification proof: PAN card (also passport if the applicant is pursuing higher education abroad) Proof of Residency: telephone bill, ID card, electricity bill, bank account statement, Aadhar card, Voter ID, Ration card, or Bank account statement. (If the applicant's current address and permanent address are not the same, two different proofs are required. Statement of personal and salary bank accounts for the previous six months. For the co-applicant, it must show salary credits if they are salaried or one year's worth of company transactions if they are self-employed. Personal Asset & Liability Statement All the documents should be self-attested. Applicant academic documents Academic mark sheets and certifications for 10th, 12th, and degree Proof of enrollment into the course showing the total duration of the course The fee structure of the course (For USA, i-20 if available Score sheet of IELTS, GMAT, or GRE Print-out from University Ranking Financial Co-applicant Income documents If Salaried Newest salary slips (for the last three months) Form 16 ( of the previous two years) Identity card of the employer Income Tax Returns (ITR) filed for the last two years If Self-employed Income Tax Return (ITR) filed for the last 3 years Loss and profit account and balance sheet of the last 3 years (Incase the co-applicant is a self-employed/ businessman) Proof of Business address

For example, if you take out a loan of 27 Lakhs, with an interest rate of 10.5% and with a repayment period of 15 years, this would be your amortization schedule. The Monthly EMI : 35,536 Total payable amount : 63,96,406 The payable interest : 36,96,406 Timeline EMI Interest Portion Principal Portion Loan Outstanding End of 1st year 35536 27384 8152 3121445 End of 2nd year 35536 26486 9050 3017879 End of 3rd year 35536 25488 10047 2902901 End of 4th year 35536 24381 11155 2775251 End of 5th year 35536 23152 12384 2633534 End of 6th year 35536 21787 13749 2476199 End of 7th year 35536 20272 15264 2301525 End of 8th year 35536 18590 16946 2107602 End of 9th year 35536 16722 18813 1892308 End of 10th year 35536 14649 20887 1653287 End of 11th year 35536 12347 23188 1387926 End of 12th year 35536 9792 25744 1093320 End of 13th year 35536 6955 28581 766249 End of 14th year 35536 3805 31731 403133 End of 15th year 35536 308 35227 0 When you

Offline education loan application process Step 1 : Visit a south indian bank branch closest to you and fill in the application form Step 2 : If you meet the eligibility criteria, then you will be explained the process. Step 3 : You will be asked to submit the documents required for processing the loan Step 4 : After the submission of documents, your loan will be approved. Online Education Loan Application Process through Subraxo Step 1 : Fill in the common application form for education loans which you can find on our website or by clicking the above-mentioned link Step 2 : Provide all your basic details to the financial officer who will contact you after filling in the application form to check your eligibility for the loan Step 3 : You will be provided with a thorough comparison between all the lenders you are eligible to get a loan from. Step 4 : A document checklist will be provided to you by our financial officer. Submit all the mentioned documents in the branch nearest to you, or you can upload them on the WMS-secured portal Step 5 : The result of your loan application will be known to you in 2-6 working days if the loan was applied in a private bank and 10-15 days if the loan was applied in a public bank Step 6 : You can collect your sanction letter once done signing the loan agreement. You can watch this video to understand more about the time it generally takes for a loan to get sanctioned. This video will equip you with essential knowledge on how to estimate the sanction time on your education loan process, and the necessary steps to take to ensure a smooth and efficient loan application process. Issues while approaching the lenders directly When you process your loans directly with the lenders, the