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Saraswati Education Loan
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Education Loan from Cooperative Bank




  • For Education in India and Abroad


  • Individual who has secured admission in any of the graduate/post- graduate courses offered by College/Institute/University approved by IBA.
  • Student should be applicant and parent or relative should be co-applicant.

Limit of loan

  • Studies in India – Maximum upto Rs. 10 lakh and Max upto 30.00 Lakh for selected courses.
  • Studies Abroad – Maximum upto Rs. 50 lakh

Basis of Advance

  • Upto 90% of cost of the fees and other related expenses.

Repayment Period

  • Maximum 12 years exclusive of moratorium period.
  • Moratorium: Three years or duration of the course plus one year whichever is earlier.
Takeover of loans

Takeover of loans from other Banks/Institutions subject to  norms.

Rate of Interest

For IBA approved courses



   Upto Rs 50 lacs

PLR – 3.75 = 10.50%
Present PLR: 14.25% p.a

  • 0.50% less rate of interest would be applicable in case of girl students.
  • 0.25% less rate of interest would be applicable in case of studies in Indian Institute of Management (IIMs) and Indian Institute of Technology (IITs), XLRI, ISB.
  • For courses not approved by IBA ROI at PLR-2.00 i.e 12.25 % p.a and terms and conditions as per MPLS.

Processing fees

  • For Studies in India – NIL
  • For Studies Abroad – 0.5% of the loan amount maximum Rs. 10000/-.  


  • As per extant shareholding norms


  • Upto  Rs. 4.00 lacs: Without guarantors
  • Above  Rs. 4.00 lacs : Pledge of any other tangible security acceptable to the bank OR Equitable mortgage of Property


  • Life insurance policy of the student borrower


  • Duly filled prescribed application form
  • Latest Photograph, Photo Identity & Residence Proof of the Applicant & Guarantor
  • Income proof a) or b) as applicable

     a)Salaried person : salary slips for last 3 months,            ITR/Form      16 of last 2 years and 3 month Bank statement.
     b) Businessman/Professional/self employed: last three years profit & loss account and balance sheet, & ITR and Bank statement for last 3 months and 3 month Bank statement.   

  • Proof of confirmed admission
  • Estimate of course fees & other expense (traveling /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

Conditions apply