Education Loan in India| Best Education loan in India | Education Loan

Education Loan in India| Best Education loan in India | Education Loan

Education Loan in India| Best Education loan in India | Education Loan

Due to the cost of education in higher education in India, student loans in India, has became a very popular method for funding education. Due to the increase of higher education colleges in fields of engineering, management, medicine etc… there was the increase in the fees. Some years back quality higher education was not affordable to all the students. The boom in the banking sectors, made release of big funds and education loans. These loans are very easy to get from various banks in India.

Many nationalized banks have come up with various educational loan schemes that students can benefit from. Even private banks are not lagging far behind. The wave of change could be well gauged from the amusing situation that immediately after the results announcements of CAT or PMT/ IIT JEE, the representatives of the banks queue up for giving loans to the successful candidate even with very flexible conditions. This scenario is certainly helping the illustrious students to pursue higher education and realize their dreams.

An edu. loan covers cost of the college fee, hostel fee, examination fee, laboratory fee, library fee, and cost of books and stationery. Apart from this, any other expense required to complete the course can also be considered. The maximum amount of loan is up to Rs. 7.50 lakh in case of studies in India and Rs 15 lakhs for studying abroad. The sum of money offered is against a third-party guarantee. The third-party guarantee can come from an uncle, neighbor or friend standing guarantee for the full amount of the loan.

On an average, an educ. loan has to be repaid over a period of 5 to 7 years, with the provision of a grace period of one year after completion of studies. The loan money has to be repaid within 84 months in equated monthly installments (EMIs), commencing 12 months after course completion or 6 months after getting the job, whichever is earlier. In case of overseas study loan of 7 lakhs or above, the sum of money is usually given against fixed deposits, NSC certificates and property worth the loan amount.

General Information

  • The courses elgigble for loan are School education including plus 2 stage, Graduation courses, Post Graduation courses, Professional courses, Certificate courses, Courses like ICWA, CA, CFA etc, Courses conducted by IIM, IIT,IISc,XLRI,NIFT ETC, Courses offered in India by reputed foreign universities, Other courses leading to diploma /degree etc. conducted by colleges/universities approved by UGC /Govt. /AICTE /AIBMS /ICMR etc
  • One can also get loans for studying abroad from a reputed university
  • The rate of interest for loan differs from one bank to the other. It usually varies from 9 to 15 percent.
  • Apart from the fee of the course, other expenses are also covered by loans. However, the list depends upon the bank from which you are taking the loan.
  • These can be offered at fixed as well as floating interest rate. The interest is usually charged on a daily or monthly reducing balance.
  • Generally, nationalized banks have been seen to offer variable interest rates, while private and foreign banks charged fixed interest rates.
  • While applying, you will have to pay a percentage of the loan amount, as processing fee.
  • In most of the cases, the entire fee for a course is not financed by the bank. A certain proportion, called margin, has to be paid by the applicant. The margin requirements are not very rigid, with the average being 5 percent for studying in India and 15 per cent for abroad.
  • Normally there is no need for security upto Rs 2 Lakh, But above that, Collateral security equal to 100 % of the loan Amount is needed

Eligibility Criteria

  • The applicant should be with Indian nationality.
  • The applicant should have scored minimum 60% (50% for SC/STs) in the qualifying Examination for admission to graduation courses.
  • The applicant must have secured admission to a course, through entrance test/selection process
  • The applicant should be around 16-26 years of age or range specified by the bank.
  • The applicant should not be a minor.
  • The applicant should have a good academic background.
  • The applicant should have parents or guardians with stable income.
  • The applicant should have got admission in a recognized university/college in India or abroad.

Documents Required

  • Copy of mark sheets/degree certificates of previous academic qualifications.
  • Proof of admission to the course
  • Schedule of expenses for the course
  • Copies of letter confirming scholarship, if any
  • Copies of foreign exchange permit, if applicable
  • 2 passport size photographs
  • Details/statements of Bank accounts held by the student applicant/co-obligant(s)/guarantors (if any) for the last six months.
  • Copy of Passport/Visa, cost of air fare (documentary detail) in case of studies abroad.
  • Statement of Bank account for the last six months of borrower/parents
  • Income proof/latest income tax return of parents/co-obligants, guarantors.
  • Brief statement of assets and liabilities of borrower/parents
  • If not an existing bank customer, Proof of Identity and Residence
  • Passport size photo of the applicant and guarantors.
  • Attested copies of documents for proof of age/date of birth and proof of residential address.

TO FIND THE INTEREST RATES OF EDUCATIONAL LOANS OF DIFFERENT BANKS, CLICK HERE

Here, we have tried to list the name of banks and the details about various educational loans provided by them.

Bank Name

Application

Andhra Bank

Application Form

Allahabad Bank

Application Form

Axis Bank

Application Form

Bank of Baroda

Application Form

Bank of India

Application Form

Bank of Maharashtra

Application Form

Canara Bank

Application Form

Central Bank of India

Application Form

Centurion Bank of Punjab

 

City Union Bank

 

Corporation Bank

Application Form

Credila Financial Services

Application Form

Dena Bank

Application Form

Development Credit Bank

 

Dhanalakshmi Bank

Application Form

HDFC Bank

Application Form

HSBC

Application Form

Indian Bank

Application Form

Indian Overseas Bank

Application Form

IDBI Bank

Application Form

Karnataka Bank

 

Oriental Bank of Commerce

Application Form

Punjab & Sind Bank

Application From

Punjab National Bank

Application Form

State Bank of Bikaner & Jaipur

Application Form

State Bank of Hyderabad

Application Form

State Bank of India SBI

Application Form

State Bank of Indore

Application Form

State Bank of Mysore

Application Form

State Bank of Patiala

Application Form

State Bank of Travancore

Application Form

Syndicate Bank

Application Form

Tamil Nadu Mercantile Bank Ltd

UCO Bank

Application Form

Union Bank of India

Application Form

United Bank of India

Application Form

Vijaya Bank

Application Form

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Comments

0 # Lakshay 2018-09-11
Hello, I want to make career in engineering but so confused about its branch, Please suggest me the best branch which would have good scope in future, also suggest good colleges in Tarn Taran.
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0 # Mukesh 2018-09-12
You should take branch according to your interest, if you have interest in software or programming choose computer science, if you have interest in machines, choose mechanical, etc, some good engineering colleges are Shivshankar Institute Of Engg. & Tech
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0 # Aarav 2018-07-31
Hii, I am from Bhilwara, plz tell me about the eligibility requirement for admission to the B. Ed course?
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0 # Shruti 2018-08-01
This course in Bhilwara is offered under different specializations, To get admission to a particular specialization, applicants must have completed their higher secondary in 10+2+3 or 11+1+3 format, Both higher secondary/pre-university and degree must have been obtained from a recognized board and recognized university respectively.
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0 # Himmat 2018-07-24
Hii, plz suggest me What higher studies options are available after completion of MBBS in Aizawl?
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0 # Pallavi 2018-07-25
On completion of MBBS, for being specialised in a specific field, candidate will have to take up MD or MS course in Aizawl with appropriate specialization.
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0 # Rohan Older than three months
Hii, I am from Jaintia Hills, plz tell me Is there any provision that one can pursue any other management degree or diploma in IIMs without appearing for any entrance test ?
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0 # Shruti Older than three months
No, for getting admission in IIMs for management course, you should have to clear entrance exam, but there are many other MBA colleges in Jaintia Hills where without entrance you can take admission
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0 # Priyansh Older than three months
Hello, I have done my B.tech from Kolar with Electrical stream, now i want to do M.tech, Please suggest how I can get good college for M.tech
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0 # Mukesh Older than three months
It's good that you are looking forward for M.tech from Kolar, for getting good college you should have to give GATE exam, which is entrance exam for M.Tech
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0 # Aarav Older than three months
Hii, I am from Tiruchirappalli, I have completed 12th in science stream, looking career in engineering,Tell me about the fee details of best engineering colleges
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0 # Pallavi Older than three months
hii, good to see that you are from Tiruchirappalli, There are very good career opportunities in engineering, you have taken very good decision, but if we talk about fee of best colleges its depend on college to college but the range is Rs. 50,000 to 1,50,000 per year
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0 # Priyansh Older than three months
Hello, i have completed 12th with 92% marks, now i want to take admission in best engineering college in Dohad, plz share the list
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0 # Pallavi Older than three months
Hii, You secured very good percentage, you can get best engineering college, plz check here Engineering in Dohad
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0 # Aarav Older than three months
Is there any age restriction applicable to apply to the B. Ed course, plz suggest good b.ed colleges in Sawai Madhopur as well
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0 # Pallavi Older than three months
Most NCTE recognized institutions from across the country require that applicants must have completed at least 18 years of age in the year of admission, some b.ed colleges in Sawai Madhopur are Radhakrishnan Teachers Training College ; Achary Nanesh Shikshak Shiksha Mahavidhyalaya ; Agrawal Mahila Teachers Training College ; Bhagwati Shikshan Prashikshan Mahavidyala
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0 # Tushar Older than three months
Is there any age restriction applicable to apply to the B. Ed course, plz suggest good b.ed colleges in Etah as well
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0 # Shruti Older than three months
Most NCTE recognized institutions from across the country require that applicants must have completed at least 18 years of age in the year of admission, some b.ed colleges in Etah are Sir MU Degree College ; Shri Faiaz Hussain (p.g) College,nidhauli Kalan,etah ; Dr ZH Degree College ; Shri Gopalji Degree College
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0 # Himmat Older than three months
Hello, i have completed 12th with 92% marks, now i want to take admission in best engineering college in Shillong, plz share the list
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0 # Shruti Older than three months
Hii, You secured very good percentage, you can get best engineering college, plz check here Engineering in Shillong
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