How to get education loan from government
How to apply for Loan? The applicant must register and login to Vidya Lakshmi Portal and then fill-up the Common Education Loan Application Form (CELAF) by providing all the necessary details. CELAF is a single form which students can fill to apply for Educational Loan to multiple banks/schemes.
Is it easy to get education loan?
Easily available: Education loans are widely and easily available. In fact, they are a priority product in all banks as per the RBI’s guidelines. Varied loan amounts: Banks can offer loans anywhere between Rs. 2 lakh and Rs.
Which bank is best for getting education loan?
Compare Top Education Loan Offers 2022
| Name of Bank | Interest Rate (p.a.) | Processing Fees |
|---|---|---|
| SBI | 6.70% to 8.65% | Up to Rs.10,000 |
| 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 |
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.
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 eligibility for education loan?
Education Loan Eligibility Tabular representation
| Particulars | Eligibility |
|---|---|
| Nationality | Indian |
| Age | Minimum- 18 years Maximum- 35 years |
| Academic record | Proven- good |
| Qualification | Pursuing graduate/postgraduate degree or a PG diploma. |
How much percentage is required for education loan?
The bank filed the present appeal saying candidates who have secured 60% marks and above alone are eligible to get education loan as they alone can be treated as meritorious candidates.
Who provide student loans?
the federal government
Most new student loans and parent loans come from the federal government through the U.S. Department of Education’s Federal Direct Loan program. Other student and parent loans come from private lenders, such as banks and other financial institutions, state governments and colleges.
Is student loan a good idea in India?
You will save on a lot of interest. Tax Benefits: You can avail of tax benefits under Section 80E of the Income Tax Act on the interest you pay on your educational loan. To be eligible for this deduction, your loan should be taken from an Indian scheduled bank or a gazetted financial institution.
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.
What will be the EMI for 20 lakhs?
20 Lakh Home Loan Interest Rates 2022
| Monthly Payment (EMI) | Total Interest Payable in 20 years | Total Payment (Principal + Interest) after 20 years for 20 Lakh of loan amount |
|---|---|---|
| Rs. 15,267 | Rs. 16,64,030 | Rs. 36,64,030 |
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 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.
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.
Can I take 2 education loans?
Well, the answer to the above question is – Yes, a student can be eligible for a second education loan. For this, they can either apply for a second education loan from the bank they already have taken their first loan from or they can apply to a different bank.
Can I get education loan without guarantor?
However, you can get an education loan without pledging any security. The Credit Guarantee Fund for Education Loans (CGFEL) Scheme provides a guarantee for education loan dispersed by banks under the Model Education Loan Scheme of Indian Banks’ Association (IBA).
Is any 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.
Can I get 40 lakhs education loan without collateral?
Amount: You can borrow any amount as per your need. The maximum loan amount will vary depending on several factors such as the college, the course, collateral, etc. It will vary on a case-to-case basis. Axis Bank, for instance, offers up to Rs 40 lakh without any collateral security.
Can I get 50 lakh loan for education?
Educational loans in India can vary between Rs. 1 lakh to upwards of Rs. 30-50 lakh.
How much education loan can I get on 40000 salary?
How much personal loan can I get on a ₹40000 salary? According to the Multiplier method, on a salary of ₹40000, you will be eligible for ₹13.50 lakhs for 5 years. Going by the Fixed Obligation Income Ratio method, if you have monthly EMIs of ₹3000, you will be eligible for an amount of ₹8.80 lakhs.
Does LIC provide education loan Quora?
Yes, you can get an education loan with LIC Policy as your collateral. The ‘surrender value’ of the policy will be taken as the final amount against which you will get the loan.
Does SBI provide non collateral Education loan?
The State Bank of India is one of the country’s leading nationalized lenders. SBI generally offers upto 7.5 lakhs for SBI education loan without collateral. SBI also grants subsidies on interest rates for female candidates as well as a 0.5% discount on Rinn Raksha Credit Life Insurance policyholders.
Is insurance mandatory for education loan?
When it comes to the abroad education loan process of NBFCs and private banks, all applicants of an education loan without collateral must purchase an education loan insurance. This is a mandatory requirement that every student who applies for an education loan without collateral is expected to fulfill.
Is it better to take loan on LIC policy?
Advantages. LIC policyholders can get up to 80%-90% of their surrender value as the loan amount. Therefore making it one of the most attractive options in the market. Opting for a loan against LIC Policy will cost you lower interest rates compared to the usual 13-15% of interest for personal loans.
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 rate of interest in LIC?
LIC HFL offers good interest rates on their FD schemes. At present, the interest rates offered ranges from 5.25% to 5.75% on all individual deposits.
| Term | Interest rate p.a for monthly option (Non-Cumulative Deposits) |
|---|---|
| 1 year | 5.25% |
| 18 months | 5.50% |
| 2 years | 5.65% |
| 3 years | 5.75% |