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 # Aarush 2017-11-07
Hello Sir, May I know the specialisation in MBA and also suggest some good B-Schools in Nalgonda ?
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0 # Pallavi 2017-11-08
There are various specialisation in MBA i.e. Marketing, Finance, Human Resource, etc, find some good MBA colleges KBR Engineering College ; Vignam Institute Of Technology ; Mona College Of Engg. & Tech. ; Madhira Institute Of Tech. & Science
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0 # Vivaan 2017-10-03
Hello, I want to know about the entrance exam for MBA, also suggest some MBA colleges in Mathura
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0 # Pallavi 2017-10-04
There are various exams for MBA i.e. CAT, MAT, XAT, SNAP, etc, you can give CAT for IIMs, find MBA colleges in Mathura here-Eshan College of Engineering ; K D Dental College and Hospital ; SHD Institute of Legal Studies and Research ; Excel Group of Institutions
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0 # Himmat 2017-09-12
Hii , I am from Ludhiana,Can anyone tell me about complete selection procedure about IITs and NITs and at which time exams for these are conducted?
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0 # Pallavi 2017-09-13
Hello, good to see that you are from Ludhiana, for IITs and NITs, you have to give entrance exam, For NITs JEE Main is the entrance exam and for IITs JEE Advanced is the entrance exam
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0 # Lakshay 2017-09-05
Hello, I have done B.Sc Honors in Mathematice, am I eligible for MBA, if yes plz suggest MBA colleges in Unnao
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0 # Jagan 2017-09-06
Yes, you are eligible for MBA, any graduate can do MBA if one have maths in 12th, find the list of MBA colleges in Unnao here- MBA in Unnao
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0 # Lakshay 2017-08-29
Hii, I want to be a good doctor, plz suggest me the best MBBS colleges in Ambala?
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0 # Shruti 2017-08-30
Its good that you are interested in medical field, get good MBBS colleges in Ambala are Maharishi Markandeshwar Instt. Of Medical Sciences & Research ; Maharishi Markandeshwar University, Mullana-ambala
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0 # Harikiran Older than three months
Hii, I am from Dhamtari, please tell me, Is a higher education in cancer a good choice after MBBS?
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0 # Mukesh Older than three months
Yes, it is a good choice as there is a considerable increase in the demand for oncologist in India and also abroad, But, it is important that you should choose a good institution of Dhamtari or any other place for doing your PG in Oncology
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0 # Nishith Older than three months
Hello sir, I have just completed my B.Arch.from Karauli Can i take admission in MBA, Please tell me the procedure
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0 # Mukesh Older than three months
Hii, yes you can take admission in MBA, but for getting good MBA college in Karauli, you have to clear entrance exam i.e. CAT, MAT
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0 # Jayesh Older than three months
Hello sir, I am 3rd year B.com student, I want to pursue MBA from Mahoba,Please suggest top B-School over there.
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0 # Jagan Older than three months
Hello, after b.com, MBA will be the right career option, you can find here the list of good B-Schools in Mahoba- MBA in Mahoba
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0 # alok kumar verma Older than three months
You can find All update NEFT enable branches list of all Indian Government & Private Banks with full branch address details, Micr Code, IFSC Code, Swift Code, Bank Customer Care no, Toll free no etc.
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+1 # Older than three months
mere BBM may 58% hai kya mujhe loan mel saktha hai kya
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-1 # Older than three months
notification for kashmiri migrants admission in b tec courses
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-1 # Older than three months
Axis Bank Kanpur offers educational loans at lower prices
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