Education and Career Forum

I have heard that South Indian Bank is introduced EDUSUM Loan Scheme for the students who are willing to do PGDM course. I would like to know that if I apply in this scheme then what prepayment fine will they charge? I am interested to apply in this scheme but need to know about prepayment fine first.

The prepayment charges/ fine under South Indian Bank EDUSUM Education Loan Scheme are NIL. You can prepay the education loan amount in advance before completion of the repayment tenure without any charges.

The repayment tenure under South Indian Bank EDUSUM Education Loan Scheme is 10 years for loans upto Rs. 7.5 lakhs and 15 years for loans above Rs. 7.5 lakhs.

South Indian Bank EDUSUM loan scheme :

South Indian Bank prepayment fine charge:
NIL processed fees/prepayment charges.

NIL margin upto Rs 4 lacs.
-above Rs 4 lacs, 5% margin for domestic and 15% margin for domestic studies.

NIL collateral security up to Rs 2.5 lakhs.
-third party guarantee for loan greater than Rs 2.5 lakhs upto Rs 4 lakhs and 100% collateral for loan greater than Rs 4 lakhs.