Education and Career Forum

Can anyone of you kindly provide me the details of the insurance covered in the Synd Super Vidya Education Loan scheme offered in Syndicate Bank? I am going to apply an education loan in this bank so I want to know about the insurance.

Insurance covered under Synd Super Vidya Education Loan scheme:-

Upto 4 Lacs 10.05%

4-7.5 Lacs 10.3%

Above 7.5 Lacs 11.3%

The insurance covered under the Synd Super Vidya Education Loan scheme is 2 - 3% of the loan size. This insurance is to cover default risk that eventually increases the cost of borrowing. Under the cover, the bank will receive the entire loan amount from the insurer if the borrower dies. The policy is of the value of the loan and assigned in favour of the bank.