Saraswat Bank
Education Loan

Applicant Type

Nationality: Must be an Indian citizen.

Admission

Must have secured admission to a recognized undergraduate, postgraduate, or vocational program in India or abroad. Courses should typically be approved by relevant authorities (e.g., IBA, UGC, AICTE).

Age Limit

Borrower must be at least 16 years old.

Loan Coverage & Security

Maximum Loan Amount: India: Up to ₹75 lakh for general courses; ₹10 lakh for vocational programs. Abroad: Up to ₹1.5 crore.

USP

While Saraswat primarily uses collateral/guarantor structure, some interpretations point to income-based benchmarks (e.g., 50× net salary or multiple of cash accrual) being used similarly to other banks.

Documents Required & Application Process

Student Documents

  • KYC Proof: Aadhaar, PAN, Passport, Driving License, or Voter ID

  • Passport-size Photographs

  • Academic Records: Mark sheets & certificates (10th, 12th, graduation, entrance test scores, etc.)

  • Admission Proof: Admission/offer letter from recognized institution (India or abroad)

  • Fee Structure: Detailed cost of education from the college/university

  • Passport & Visa (for overseas education)

Co-applicant (Parent/Guardian/Spouse) Documents

  • KYC Proof: Aadhaar, PAN, Passport, Driving License, or Voter ID

  • Relationship Proof: Birth certificate, passport, ration card, or marriage certificate (to prove relation with student)

  • Income Proof (any of the following depending on employment type):

    • Salaried: Latest 3 months’ salary slips, last 2 years’ Form 16, latest 6 months’ bank statement, IT Returns

    • Self-employed: IT Returns for last 2 years, business proof, balance sheet, profit & loss statement, bank statements