How to avail education loan
Documents required for Education Loan
- KYC documents.
- Bank Statement / Pass Book of last 6 months.
- Optional – Guarantor Form.
- Copy of admission letter of the Institute along with fees schedule.
- Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses.
How can I get education loan?
Documents Required to Apply for an Education Loan
- All the required KYC documents, like address proof and identity proof.
- Your college admission letter.
- The fee structure of your course.
- Income documents like salary slips, bank statements, and IT returns.
Which bank provide education loan easily?
Compare Top Education Loan Offers 2022
Name of Bank | Interest Rate (p.a.) | Processing Fees |
---|---|---|
Axis | 13.70% to 15.20% | Nil to Rs.15,000 + GST |
Bank of Baroda | 8.85% to 10.85% | 1% of loan amount up to Rs.10,000 |
HDFC | 9.55% to 13.25% | Up to 1% of loan amount + tax |
Kotak Mahindra Bank | Up to 16% | Nil |
What is the minimum loan amount for education loan?
Education Loan Interest Rate in 2022
Interest Rate | 8.40% onwards |
---|---|
Minimum Tenure (excluding grace period) | 5 years |
Moratorium Period (after course completion) | 1 years |
Minimum Loan amount | ₹ 50,000 |
Maximum Loan without collateral | ₹ 4,00,000 |
Can I get 4 lakh education loan?
In general, you can get up to 4 lakhs of educational loan for higher studies without any collateral. Under education loan scheme, you can get a maximum of 15 lakhs for studies in India and more 25 lakhs for abroad studies.
How much money can I get from a student loan?
Undergraduate federal loan limits
Independent students can borrow $9,500 to $12,500 annually and up to $57,500 total. If you’re a dependent undergrad but your parents don’t qualify for a parent PLUS loan, you may be able to borrow up to the federal student loan limits for independent students.
Is cibil score required for education loan?
One of the most prominent factors in an education loan is the CIBIL score of the applicant and the co-applicant. The score can range from 1 – 999. However, the ideal CIBIL score to get an education is 750 and above. Applicants with a CIBIL score below 600 would face difficulty in getting loan approval.
What documents are required for education loan?
Documents required for Education Loan
- KYC documents.
- Bank Statement / Pass Book of last 6 months.
- Optional – Guarantor Form.
- Copy of admission letter of the Institute along with fees schedule.
- Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses.
Can I get education loan without interest?
However, can education loans in India be actually interest-free? The answer is no. Or at least, technically, you cannot avail of an interest-free education loan unless you have availed some economic benefits or academic subsidies from either the government or your institution.
What is the interest rate of student loan?
Compare Education Loan Interest Rates 2022
Banks | Interest Rates | Processing Fees |
---|---|---|
IDBI Bank | 6.75% to 8.75% p.a. | Contact the bank |
Bank of India | One Year MCLR + 1.70% | Study in India: Nil Study in abroad: Rs.5,000 |
Tamilnad Mercantile Bank | 10.45% to 11.45% p.a. | 1% of the loan amount |
HDFC | 9.55% to 13.25% p.a. | Up to 1% of loan amount |
Can I pay education loan at once?
Repaying education loan at one go eliminates all the interest that will be paid month-by-month adding to the total expense of the loan. While pre-payment of student loan at one go will only incur a nominal processing fees it will save you from interest rates levied on your loan.
What happens if education loan is not paid?
– If you do not pay your education loan in India, the lender will start sending notices to you and your guarantor, if there is one. If you fail to comply with the warnings, you will default on your loan, and your credit score will take a huge hit. You would not be able to secure any loan in the future for a long time.
Can I get education loan without parents?
Yes, a co-borrower or a co applicant is necessary for education loan. The primary purpose of co applicant is to be in touch with someone in your family when you are abroad for your study. Based on banks and lenders, primary co-applicant can be your Parents, Siblings, Spouse etc.
Which bank is best for abroad education loan?
Top Education Loans Providers in India for Study Abroad
- HDFC Bank. HDFC Bank offers education loans with preferential interest rates for reputed universities. …
- State Bank of India. …
- Axis Bank. …
- Punjab National Bank. …
- Bank of Baroda. …
- Canara Bank. …
- IDBI Bank. …
- Avanse Financial Services.
Is property required for education loan?
Generally, education loans are unsecured in nature.It means you do not have to pledge any asset as collateral. However, education loans with a loan amount of Rs. 7.5 lakh or higher, may require collateral.
Is ITR required for education loan?
The co-applicants’ ITR documents of at least 2 years is a mandatory requirement to be able to borrow an unsecured education loan from InCred.
Is ielts required for education loan?
Education Loan documents required for Student-applicants:
Valid Indian Passport. Academic Records: 10th Result and 12th Results. Graduation Result: Semester-wise (if applicable) Entrance Exam Result through which admission has been secured including GMAT, GRE, TOEFL, IELTS scores.
Can I get education loan for IAS coaching?
No there is no education loan for UPSC exam preparation.
Does education loan cover hostel fees?
Generally, a complete education loan covers all expenses including your tuition fees, hostel stay, library fees, books and courseware, and other miscellaneous expenses. Some banks also provide additional covers such as vehicle purchase for up to a certain amount, insurance protection, free credit cards, etc.
What’s included in student loan?
- Student loans are intended to pay for college, but education costs include more than tuition. …
- You’re limited to borrowing the school’s cost of attendance — that’s tuition and fees, books and supplies, room and board, transportation, and personal expenses —minus any aid you receive.
- Duly Filled Application Form.
- Mark Sheet of last qualifying Exam.
- Proof of admission, scholarship, etc.
- Schedule of expenses.
- 2 passport size photographs.
- PAN Card of student and co-borrower.
- Aadhaar Card of student and co-borrower.
- Co- borrower’s bank account statement for past 6 months.
Can I get 20 lakhs education loan?
Collateral Required for Education Loan
According to RBI, the maximum amount eligible for a study loan for courses in India is Rs. 10 lakh while for studying abroad, it is Rs. 20 lakh.
Which bank provide less interest for education loan?
Education Loan Interest Rates
Sr No. | Banks | ROI in % |
---|---|---|
1 | Union Bank of India | 6.80 |
2 | Central Bank of India | 6.85 |
3 | Bank of India | 6.85 |
4 | Bank of Baroda | 6.85 |
What is the procedure to get education loan from SBI?
Documents Required
What is the education loan interest rate in SBI?
The interest rates will be floating for entire period of loan
SBI STUDENT LOAN SCHEME | ||
---|---|---|
Loan Limit | EBLR | Effective Interest Rate |
Upto Rs 7.5 Lacs | 6.65% | 8.65% |
Concession | 0.50% concession in interest for girl students | |
Above Rs 7.5 Lacs | 6.65% | 8.65% |