SIB EDUSUM (SLBSC KERALA)

About the SIB EDUSUM (SLBSC KERALA)

The SIB EDUSUM (SLBSC KERALA) loan is designed to support students in pursuing professional and career-oriented courses both in India and abroad. As is widely known that whether enrolling in a graduate, postgraduate, or diploma course, this education loan caters to a wide range of academic disciplines. It offers financial backing for education, strategically structured to match your learning and occupational ambitions.

SIB EDUSUM (SLBSC KERALA) - Rates of Interest

The interest rate for the SIB EDUSUM (SLBSC KERALA) loan depends on the borrower's risk profile and is linked to the RBI Repo Rate.

• Floating Interest Rate: Repo Rate + 10.91% to Repo Rate + 11.41%

Note: Rates follow South Indian Bank’s 17 June 2025 terms and may shift with RBI or regulations.

Features of SIB EDUSUM (SLBSC KERALA)

The SIB EDUSUM (SLBSC KERALA) Scheme includes key loan information and benefits

• Tax Advantages: Section 80E of the Income Tax Act lets you deduct the interest you pay on the loan.

• Flexible Repayment: You can return the loan in easy EMIs following the moratorium using internet banking, standing instructions, mobile banking, or post-dated checks.

• Child Education Plan Support: This loan works in conjunction with a child education plan to provide organised school funding for the entire course.

• Quick Processing: With no processing fees and only minimal documentation required, obtaining the loan is made simple and convenient. You can apply using the following methods:

  • Phone Application: Call the customer service line for South Indian Bank.

  • Visit a Branch: You can go to any South Indian Bank branch in Kerala.

  • Online Application: Apply through Southindianbank.com and PM-Vidyalakshmi Portal.

• Margin requirements: 0% for studies under ₹4 lakhs, 5% for domestic, and 15% for foreign studies above ₹4 lakhs.

• Collateral Security Requirements: No collateral required for loans up to ₹1 lakh; third-party guarantee for ₹1–3 lakhs; 100% collateral for loans over ₹3 lakhs.

Investment

Secure

Secure your child’s future with or without you

Start Investing

₹10,000/Month

& Get

₹1 Crore^*

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Eligibility of the Scheme

To be considered for SIB EDUSUM (SLBSC KERALA), applicants must meet specific eligibility requirements beforehand. These include:

• Citizenship: Must be an Indian citizen or an NRI holding a valid Indian passport.

• Co-applicant Requirement: The parent will be the primary borrower if the pupil is under 18. If not, parents must co-apply.

• Academic Performance: Must have scored 85% in all subjects and 75% on their first qualifying exam attempt.

• Age Limit: College courses require 25 years and graduate courses 30 years.

• Minimum Income Requirement: Parents or guardians must earn ₹7.5 lakhs annually.

Documents Required for SIB EDUSUM (SLBSC KERALA)

The following documentation must be submitted in order to proceed with the loan application request

• Identity Proof: Aadhaar Card, Passport, Voter ID or  PAN Card of both the student and parent/guardian

• Address Proof: Utility Bill, Aadhaar Card, Passport, Ration Card or  Rent/Lease Agreement

• Photographs: Recent passport-sized photographs of the applicant and the co-applicant

• Education Records: Certificates and point sheets from the basic qualifications exam

• Income Proof: Valid income proof documents of the parent/guardian with a minimum annual income of ₹7.5 lakh

• Course Expenses: Complete fee structure, including tuition, hostel, books, insurance, etc.

• Admission Proof: Offer of admission letter from the institution, along with affiliation and course approval documents

Most Important Terms and Conditions

Here are the key terms and conditions of the SIB EDUSUM (SLBSC KERALA) loan scheme:

• Interest Payment: Simple interest is applicable during the moratorium, which includes the course period plus one year.

• Quantum of Finance: The approved loan value varies from ₹2.5 lakhs to ₹10 lakhs based on the course.

• Repayment Tenure: Repayment is spread over 10 years for loans up to ₹7.5 lakhs and 15 years for higher amounts.

• Child Investment Support: Supports structured child education and child investment plans.

• Discontinuation Clause: Repayment is mandatory even if the course is discontinued midway.

• Course Incompletion: The loan remains repayable even if the student does not finish the academic program.

• Security: From no collateral at all to 100% collateral, with loans over ₹3 lakhs needing 100% collateral to cover the loan amount and interest.