Education and Career Forum

Respected Sir/Madam, I want to apply for EDUSUM Loan Scheme of South Indian Bank. It is a good initiative taken by this Bank for students who are willing to do MBA course. But, I want to know about the interest rates in this scheme of education loan. Please tell me asap.

Interest rates under South Indian Bank EDUSUM Loan Scheme

Up to and including rupees 2 lakh the interest rate is 2.35% per annum

Ab aap Rs 2 lakh and less than rupees 5 crore the interest rate is 2.75% per annum

Rupees 5 crore and less than rupees 100 crore the interest rate is 4.2 0% per annum

Rupees hundred crore and above the interest rate is 4.5 0% per annum

Up to and including Rs 2 lakhs the interest rate is 2.35% per annum.

Above rupees 200000 and less than rupees 5 crore the interest rate is 2.75% per annum.

Rupees 5 crore and less than 100 crore the interest rate is 4.2 0% per annum.

Rupees hundred crore and above the interest rate is 4.5 0% per annum.


°°° For more information you can visit the official website
http://www.southindianbank.com

The interest rates under the South Indian Bank EDUSUM Loan scheme are 13.85% per annum to 14.60% per annum. There is no processing fee and no collateral for loans up to Rs.1 lakh. The loan tenure is 15 years after the moratorium period and the eligibility to apply for this loan is through entrance examination or through merit. Indian Nationals or Non-Resident Indians with Indian passports for admission into undergraduate, postgraduate, and diploma courses inside or outside Kerala under the management quota can apply for this loan.

Interest rates under South Indian Bank EDUSUM Loan Scheme?

Schemes Maximum Loan Amount Interest Rates (p.a.)

SIB Excellence Rs.25 lakh 7.70% p.a. to 8.30% p.a.
SIB Edusum Rs.10 lakh 13.85% p.a. to 14.60% p.a.
SIB Global Education Rs.1.5 crore 10.05% p.a. to 10.80% p.a.
SIB Skill Loan Rs.1.5 lakh 11.05% p.a. to 11.30% p.a.

Interest rates under South Indian Bank EDUSUM Loan Scheme?

Schemes Interest Rates (p.a.)

SIB Excellence 7.70% p.a. to 8.30% p.a.
SIB Edusum 13.85% p.a. to 14.60% p.a.
SIB Global Education 10.05% p.a. to 10.80% p.a.
SIB Skill Loan 11.05% p.a. to 11.30% p.a.

--- Rate of interest is 2.35% per annum for up to and including rupees 2 lakh.

---Rate of interest is 2.75% per annum for above rupees 2 lakh and less than rupees 5 crore.

--- Rate of interest is 4.2 0% per annum for rupees 5 crore and less than rupees 100 crore.

--- Rate of interest is 4.5 0% per annum for rupees 100 crore and above.

The interest rate for this loan is the sum of the Repo Rate which as of November 2020 stands at 4.00% and a spread that ranges from 9.85% to 10.60%. This makes the effective interest rate range from 13.85% to 14.60% as of November 2020.

Previously, the rates were as below:

Loans up to Rs. 4 lakh: The interest rate for this loan is the sum of Repo Rate + 9.70%. As of October 2020, Repo Rate is 4.00% which brings the effective interest for this loan at 13.70%.

Loans Above Rs. 4 lakh: The interest rate for this loan is the sum of Repo Rate + 10.20%. As of October 2020, Repo Rate is 4.00% which brings the effective interest for this loan at 14.20%.