SIB Excellence Scheme

About the SIB Excellence Scheme

The SIB Excellence Scheme is a focused South Indian Bank education loan plan that helps students finance their higher education at premier institutes. This education loan supports students in pursuing academic excellence without financial stress. It covers key courses like engineering, medical, management, law, postgraduate studies, and international degrees from accredited universities.

SIB Excellence Scheme - Rate of Interest

The SIB Excellence Scheme offers competitive interest rates as they are linked to South Indian Bank’s Repo Linked Lending Rate (RLLR). The interest rate ranges between 10.21% and 14.32%, depending on the applicant's profile and the institution.

Note: The rates are updated per South Indian Bank's latest terms as of 19 June 2025. These may change based on RBI Repo Rate movements or bank lending policy updates.

Features of the SIB Excellence Scheme

There are various features that the SIB Excellence scheme presents:

• Comprehensive Loan Coverage: Funds cover tuition fees, exam/library/lab fees, books, equipment, hostel charges, uniforms, and even insurance premiums.
  Attractive Margin Structure: The SIB Excellence Scheme keeps education affordable with a simple margin structure. There’s no margin for loans up to ₹4 lakh, and just a 5% margin for higher amounts.

• No Collateral Requirement: The scheme is fully unsecured, and no physical collateral is needed. Only a parental or close relative’s guarantee is sufficient.
  High Flexibility: The loan can be integrated into broader financial planning for a child’s education, making it suitable for long-term savings and investment strategies.

• Margin Requirements: The scheme requires no margin for loans up to ₹4 lakh, and only a 5% margin for amounts exceeding ₹4 lakh.

• Collateral & Guarantee: No collateral is required for the loan; only a parent’s or close relative’s guarantee is needed.

The scheme can be incorporated into a child education plan, savings, and investments.

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Eligibility of the SIB Excellence Scheme

The following criteria must be met to apply for the SIB Excellence Scheme:

• Nationality: Candidate should be an Indian.

• Admission: Should have been admitted to an approved course in confirmation

• Co-applicant: Mandatory (usually a parent or a guardian)

• Academic Performance: They have to possess a good academic record.

• Fresh applicants: Should not be availing of any other scholarship or financial assistance.

• Criteria: Selection is based on academic merit, financial need, and a personal interview conducted by South Indian Bank.

Documents Required for SIB Excellence Scheme

To apply for the SIB Excellence Scheme, the following documents are typically required:

• Proof of identity and address

• PAN of the student as well as the parents

• offer/admission letter, qualification, and mark list 

• qualifying exam score card

• Schedule of course expenses

Most Important Terms and Conditions

Here are the most important terms and conditions of the SIB Excellence Scheme:

1. Moratorium & Repayment:

   • Moratorium: 1 year after the qualifying exam or 6 months after getting a job (whichever is earlier).

   • Repayment: Maximum of 5 years after the moratorium.

2. Course & Eligibility:

   • Only professional undergraduate or postgraduate courses are eligible.

   • Course duration of 12 months or until 6 months post-employment (whichever is earlier).

   • Students must maintain good academic performance throughout the course.

3. Scholarship Disbursement:

   • Paid annually, based on satisfactory performance and conduct.

   • It will be withdrawn if the student fails any subject.

4. Other Financial Conditions:

   • No processing fee or prepayment charges.

   • Mandatory life insurance under the SIB EDUGUARD scheme.

   • Applicants must not be receiving other scholarships or financial aid.

5. Verification & Compliance:

   • The bank may verify academic and income details at any time.

   • Submitting false information can lead to scholarship cancellation and the recovery of funds.