Saraswat Bank Education Loan

Saraswat Bank requires an applicant to mandatorily submit the below listed necessary documents:

Application form 

Education loan form with 2 attested photographs of passport size(An online application form filled out on the WeMakeScholars website is acceptable). 

Basic documents for Applicant (student) and co-applicant and/or Guarantor

• Address proof of applicant and guarantor – Passport/ Voter ID Card/ Telephone Bill/ Electricity Bill/ Ration card/ Aadhar card/ Statement of bank account (if current and permanent address are same, then 2 different proofs will be required)
• Identity proof – PAN Card (and Passport of the student if going abroad)
• Last 6 month’s bank account statement (Personal/ Salary). It should show the salary credits if salaried or 1 yr business transactions if the co-applicant is self-employed.
• Statement of personal asset & liability  (verified by the branch professional)

Documents must be self-attested.

Applicant's academic documents

• Fee structure as given by the college or university
• Certificates and mark sheets of class - 10th, 12th, Degree
• Entrance exam scorecard
• Admission proof for the course (mentioning estimate of course fees and other expenses)
• Fee receipts or proof of payments made

Income documents of co-applicant 

If Salaried

• Employers ID card
• Form 16 of last 2 years
• Last 3 month’s bank statements
• Recent salary slips (for the last 3 months)
• Income Tax Return of last 2 years

If Self-employed

• ITR of last 3 years
• The balance sheet of the last 3 years with all profit and loss statements of business
• Address proof of business
• Bank statement for the last 3 months

Other Documents

• Statement of the co-applicant mentioning that all other expenses apart from those covered in the education loan will be covered by them, in the format provided by your WeMakeScholars financial officer.
• An affidavit from applicants and co-applicants side in the standard format of bank

Additional docs (if applicable)

• All loan account statements (1 year) if any pending loans.
• Receipts of payments made previously if any.
• Certificate of gap on Rs. 100 stamp paper. (Format to be provided by WeMakeScholars Financial officer)

Collateral documents (Optional)

• These documents will be required when the applicant is applying for a collateralized education loan, the collateral document requirement is different for different states

The above-mentioned document checklist contains only mandatory documents, the specific documents required may be different. You can skip the hustle and bustle, by applying for an education loan through WeMakeScholars. We are the leading education loan partner, with experience in processing more than 2000 education loan profiles in a short span of time. 

Request a callback or fill a common application form to get in touch with our team of expert financial officers to get your education loan profile analyzed and they will help you get the best deal at the cheapest rate of interest, for your education loan. 

The application process to take an education loan from Saraswat Bank is:

Step 1: Reach out to WeMakeScholars by requesting a callback or filling out a common application form

Step 2: Give all your education loan details to your assigned  financial officer over a call

After analysis of your loan profile, your financial officer will suggest to you the best lenders to process your education loan. 

Step 3: Tell your financial officer about the lender with whom you want to start your loan process.

Step 4: Submit all the documents to the bank, as mentioned in the document checklist provided by your financial officer, to start your education loan process.

Step 5: Your financial officer will take care of the process. If required, take follow-ups from them.

Step 6:  Take your loan sanction letter from your lender bank within 1 week from a private bank and within 15-20 days from a government bank.

What will happen if you go directly to the banks to process your education loan?

The process of sanctioning an education loan directly from the banks is not as simple as it is if you process your education loan with WeMake Scholars. If  you go directly to the banks, you face the following issues:

• Unavailability of correct information
• Issues in legal and valuation reports
• Lack of proper customer service
• No particular list of required documents
• Multiple visits to the banks
• Delay in the process
• No clear idea about the eligibility for an education loan

Student can apply for their education loan transfer, from their present lender to Saraswat Bank, if they wish for:

• Better education loan repayment conditions
• Student-friendly loan parameters
• Easy bank policies
• Lower rate of interest
• Wider coverage of education loan scheme

After the loan gets transferred, the new loan conditions will be applicable according to the Saraswat bank’s education loan policies.

But how to transfer an existing education loan to Saraswat bank?

To transfer your existing loan from another bank to Saraswat Bank, you need to follow the steps listed below in order:

• Collect proof of the amount outstanding  from your current lender. 
• Contact WeMakeScholars by requesting a callback, stating that you wish to transfer your loan.
• Submit your documents to Saraswat Bank as instructed by your Financial Officer. 
• Once your loan transfer is approved, Saraswat Bank will pay the outstanding balance of your  loan to your previous lender. And the same amount will be sanctioned by Saraswat bank as your new education loan.

The repayment of the education loan at Saraswat Bank is quite simple and is spread up to a maximum tenure of 12 years (without including the moratorium period in the 12 years) For instance, if a student takes an education loan of Rs 50 lakhs at 10% interest to pursue studies in foreign Universities and he/she chooses to pay back the loan in 12 installments then the amortization schedule would be as follows: 

Usually, a monthly EMI is all that must be paid till the repayment duration to repay the education loan. But, students, if they want, can repay their education loan from Saraswat bank even before the repayment duration, by the following methods:

• Prepayment or Part Payment
• Opting for shorter repayment periods
• Considering transferring your education loan
• While processing your education loan with WeMakeScholars, your financial officer is available throughout your education loan repayment process to consistently provide you with the necessary support in terms of negotiation and disbursement, that is why we recommend you process your education loan through WeMakeScholars. 

Request a callback or fill out the common application form, to get in touch with your financial officer and get ready to experience a smooth and hassle-free education loan sanctioning process.