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Interest Rates: 11-22% Processing Fee: 2% Deals:Rs. 1000 Amazon Voucher Free
Interest Rates: 11-22% Processing Fee: 2% Deals:Rs. 1000 Amazon Voucher Free
Interest Rates: 11-22% Processing Fee: 2% Deals:Rs. 1000 Amazon Voucher Free
Interest Rates: 11-22% Processing Fee: 2% Deals:Rs. 1000 Amazon Voucher Free
Interest Rates: 11-22% Processing Fee: 2% Deals:Rs. 1000 Amazon Voucher Free
Interest Rates: 11-22% Processing Fee: 2% Deals:Rs. 1000 Amazon Voucher Free
Interest Rates: 11-22% Processing Fee: 2% Deals:Rs. 1000 Amazon Voucher Free
Interest Rates: 11-22% Processing Fee: 2% Deals:Rs. 1000 Amazon Voucher Free
Interest Rates: 11-22% Processing Fee: 2% Deals:Rs. 1000 Amazon Voucher Free
Interest Rates: 11-22% Processing Fee: 2% Deals:Rs. 1000 Amazon Voucher Free
Interest Rates: 11-22% Processing Fee: 2% Deals:Rs. 1000 Amazon Voucher Free
Interest Rates: 11-22% Processing Fee: 2% Deals:Rs. 1000 Amazon Voucher Free
There is a loan for your every need! Know the right one with a single click.
Education Loan

High cost of education or financial situation should not deter you from studying. A study loan helps you pursue the course of your choice from any institute helping you chase your dreams. Education loan is now easily available for every need of your studies with numerous banks offering attractive interest rates and the corresponding government subsidies.

Features and Benefits

Below are some of the features & benefits of availing an education loan

  • Student education loan can be availed for vocational courses, graduation, post-graduation, part-time course or certificate course
  • Library fees, course material, laboratory fees, hostel fees, etc are covered by education loan
  • Online education loan and higher education loan are also part of student loans
  • Several nationalized banks and private banks offer education loan in India with interest rates lower than a personal loan
  • You can get an education loan for a minimum amount of Rs.50K, whereas the upper limit can go up to Rs.1.5 Cr for overseas education
  • Most banks charge zero margins and no collateral for loans up to Rs.4 lacs
  • For loans above Rs.4 lacs, a margin of 5% may be charged on domestic loans and 15% on overseas loans
  • Every study loan requires a co-applicant as the guarantor for your loan who may be a family relative
  • Many education loans for students normally have a moratorium where you can pay only interest until you get a job
  • You can start repaying your loan after one year of course completion or 6 months post getting a job
  • For students belonging to economically weaker sections, there is no need to pay interest during the course or for 6 months post getting a job
  • Female students get 0.5% discount on the interest rate of education loan
  • You can get tax benefit u/s 80E on the interest paid for student loans
  • Education loans are categorized under priority sector lending by RBI
  • As priority sector lending should be 40% of bank's advances, several banks are prompted to reduce the interest rate to attract more students
Eligibility Criteria

Below is the basic eligibility required by banks to approve a education loan in India. However, the banks can ask you to fulfill further eligibility if required

  • Nationality: Indian. For NRIs, a vaild Indian passport is a must
  • He or she must secure admission to a professionally recognised course or degree in India or abroad
  • He must possess a good academic record
  • The applicant should provide a collateral security, could be parent or guardian or spouse (if married). The co-borrower's criteria will be as per bank's requirement
  • The applicant preferably shall not have other outstanding loans
Documentation

Identity Proof: (Any One)

  1. Aadhaar Card/ e-Aadhaar Card
  2. Passport
  3. Driving License
  4. Voter ID
  5. PAN Card

Age Proof (Any One)

  1. PAN Card
  2. Passport
  3. Certificate from Statutory Authority

Residential Address Proof (Any One)

  1. Telephone Bill
  2. Electricity Bill
  3. Piped Gas Bill
  4. Ration Card
  5. Election Card
  6. Passport
  7. Driving License
  8. Certificate from Statutory Authority

Income Certificate

  1. Bank Statement for last 6 months
  2. Income statement of parent/guardian/guarantor

Other Documents

  1. Admission certificate from the institue with semester/yearly fee breakup
  2. Educational Documents – Marksheets of the passing examinations viz SSC, HSC, Degree certificates etc
Interest Rates

Normally the interest rates for banks can tentatively range from 10% to 15%. The interest however keep varying as per schemes. Many banks provide concession on interest rates for women applicants. Some private lending institutions, offer interest rates based on their own base lending rates.

Tentative Interest Rates – 10% to 15%

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