Saraswat Bank Education Loan: Application, Eligibility, Interest Rate, Documents & Much More.

Saraswat Bank Education Loan
Saraswat Bank Education Loan

The Saraswat Bank is one of India’s largest urban co-operative bank. The bank is primarily situated in Maharashtra, India and has been operating as a co-operative bank since 1918. If you want Education Loan to pursue higher studies from Abroad or India, You are at the right place to collect every aspect of information related to Education Loan in India.

Saraswat Bank Logo

Read this full post on Saraswat Bank Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Education Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding Saraswat Bank Education Loan, it’s Process to Apply and full detailed Information.

Saraswat Bank Education Loan

The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.

Brief Review

Profile Description
Name of Bank  Saraswat Bank
Founded on 14 September 1918
Headquarter Mumbai
Type of Bank  Co-operative Bank
Number of Employees 4061 (March 2018)
CEO Name Samir Banerji
Maximum Loan Amount  Rs 50 lakh
Timeline for Loan Disposal Maximum 15 Working days
Annual Revenue Δ 33,760.2 million (US$470 million) (2017-18)
Processing Fees
  • No Processing Fee will be charged
  • Studies in Abroad – 0.5% of the loan amount maximum Rs. 10000/-
Other Subsidiaries
  • Saraswat Infotech Pvt. Ltd.
  • The Bhuj Mercantile Co-op. Bank Ltd.
  • The Saraswat Co-operative Bank Ltd.
  • Asset Management Arm
Category  Education Loan in India

Types of Saraswat Bank Student Loan Scheme Description
1. Saraswati Education Loan This loan is for pursuing higher education in India Or can avail a loan amount up to Rs.50.00 lakh for studies in India and abroad. Vocational courses – Maximum up to Rs 10 lakh
2. Padho Pardesh Scheme  This scheme is for Candidate belonging to Economically Weaker Sections with annual family income from all sources with an upper limit of Rs 6 lakh.
3. Central Scheme of Interest Subsidy for Education Loan This scheme is for Candidate belonging to Economically Weaker Sections with annual income from all sources with an upper limit of Rs. 4.5 lakh.

How to Apply


  • Visit official Web Site of Saraswat Bank (Click Here)
  • Find the Educational Loan Section Apply Now Button
  • Fill online Application Form


  • Visit the nearest branch of Saraswat Bank to get offline Education Loan form.
  • You may also download the form from official web handle.
  • Submit the Application Form to Nearest Branch along with document needed.


  • Applicant must be an Indian National.
  • Individual who have secured admission in any of the graduate/post-graduate courses offered by government-approved Institute.

Documents Needed

  • Filled application form
  • Latest Photograph
  • Identity Proof
  • Proof of Residence of Applicant and Guarantors.
  • Proof of confirmed admission
  • Estimate of course fees & other expenses (travelling/lodging/boarding)
  • Fee receipts or proof of payments made.
  • Copy of Passport & Visa and related documents, if the student is going abroad for higher education.
  • Income proof of the applicant in the form of
    • Salaried: last 3 months’ salary slip/certificate or a copy of the last three years IT returns or form 16 of last two years, 3-month bank statement.
    Businessman: last 3 years’ profit & loss and balance sheet, ITR copies of last three years, 3-month bank statement.

Expenses Considered

  • Tuition and course fee
  • Examination, library and laboratory fees
  • Caution deposit
  • Cost of books, Uniforms, Equipment and other instruments.
  • Travel Expenses

Return Policy

  • The moratorium period includes the entire tenure of the course plus 1 year or 3 years whichever earlier to repay a loan.
  • Repayment up to Maximum of 12 years.

EMI Calculator

EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.

  • If you want to calculate EMI for Saraswat Bank Educational LoanClick Here


  • Up to Rs. 4 lakhs
    • No guarantors needed
  •  Above Rs. 4 Lakhs
    • Pledge of any other tangible security acceptable to the bank OR Equitable mortgage of Property.

Contact Details

Head office  Saraswat Co-operative Bank Limited
Ekanath Thakur Bhawan 953, Appasaheb Marathe Marg, Prabhadevi. Mumbai- 400 025
Official website
Apply for Loan  Click Here
Contact Number [+91] (022) 2400 5555, 1800229999

Saraswat Bank Student Loan FAQs

We hope that the information furnished above will guide you to get the best educational loan for your studies. In case of any doubt regarding the loan procedure and other related terms, read our FAQ’s session.

Q1. Who can be my co-borrowers?

Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.

Q2. How long does it take to process Educational Loan?

Ans. Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5  Working days, once the student fulfils all documentation.

Q3. What all expenses will be covered by education loans?

Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.

Q4. What are the courses for which an education loan can be availed?

Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.

Q5. Can a student avail another loan for further studies?

Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.

Q6. Do education loans have any Income Tax benefits?

Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.

Q7. Why do banks require an insurance policy?

Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.

Q8. Is any incentive available for a girl student applying for education loan?

Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.

Q9. Are there any special privileges for students of SC/ST category who avail education loans?

Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.

Q10. Where can I avail on a Saraswat Bank education loan?
Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.

Best of Luck..!!

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