Education Loan Assistance

Education Loan

Leading Indian banks offer education loans to help students achieve their academic objectives. An education loan with a payback duration of up to 15 years starts at 6.60 percent per year in interest. Both in-country and out-of-country higher education can benefit from education loans.

The lender will determine which courses are qualified for an education loan. An education loan may be obtained for courses beginning in Nursery. You can acquire a loan for full-time or part-time courses, as well as loans for working professionals, for higher education.

Depending on the bank or financial institution, you can have a fixed interest rate package or a fluctuating interest rate package. Most floating rates are based on the Repo Rate, with a spread applied before the final effective interest rate is presented to you (EIR).

 

Let’s look at the various amount of Education Loan offered by different banks

Punjab National Bank Education Loan

  • Need-based maximum loan amount • Maximum loan term: 15 years
  • Nill up to Rs.7.5 lakh in collateral • Nill up to Rs.4 lakh in margin
  • No security is required up to Rs.7.50 lakh in loans to Indian citizens and OCIs/PIOs/students born abroad to Indian parents who intend to continue courses in India.
  • Moratorium term is course period and 1 year

SBI Education Loan

  • Up to Rs. 7.5 lakh, no collateral or third-party guarantee is required.
  • Repayment is due one year after the completion of the course.
  • Repayment period: up to 15 years after completion of the course + 12 months
  • For loans up to Rs.20 lakh, there are no processing fees.
  • A second loan might be used to finish higher education.

 

Axis Bank education loan

  • The smallest loan amount is Rs.50,000.
  • Loans with a maximum term of 15 years are available.
  • Nill Margin a sum of up to Rs.4 lakh
  • On the basis of their profile, they may be able to get a loan prior to admission.
  • The bank will disburse your loan within 15 business days of receiving your complete application.
  • Working professionals can get unsecured loans up to Rs.20 lakh.

Bank of Barod education loan

  • Amount of Maximum Loan: Rs.125 lakh
  • Up to Rs.7.5 lakh, there is no security.
  • On loans up to Rs.4 lakh, there is no margin.
  • There are no processing costs.
  • There are no fees for paperwork.

HDFC bank education loan

  • A maximum loan amount of Rs.30 lakh is available.
  • The loan can be repaid over a period of up to 15 years.
  • Process of documentation is simple.
  • Up to Rs.7.5 lakh, no collateral is required.
  • On an education loan, you can get a tax break.
  • The loan amount will be paid directly to the institution according to its fee structure.

Tata Capital education loan

  • A maximum loan amount of Rs.25 lakh is available.
  • The loan amount must be at least Rs.75,000 to be approved.
  • There is no collateral. a sum of up to Rs.4 lakh
  • Choose from three EMI programmes to suit your needs.
  • Loan acceptance is swift and minimal documentation is required.

Education Loan Eligibility

Nationality:

  • Citizens of India
  • Residents who are not Indian (NRIs)
  • India’s Overseas Citizens (OCI)
  • People of Indian ancestry (PIOs)
  • International students with Indian parents who want to study in India

Courses:

  • Programs for undergraduates
  • Postgraduate studies
  • PhDs and doctoral programmes
  • Certificate programmes lasting six months or longer are available.
  • Courses that help you get a job
  • Courses in technical/diploma/professional fields

Institutes:

  • Government colleges and recognised institutions
  • Professional institutions that are aided by the government
  • Universities and colleges from across the world

Collateral:

  • Leading buy steroid online institutions are offering collateral-free loans up to Rs.7.5 lakh.
  • Select lenders are offering collateral-free loans up to Rs.40 lakh for certain courses/institutions.
  • Collateral that is acceptable: Fixed savings, insurance, residential or commercial property or plot

At Edu Tathya, we can help you find the right educational loan deals to help you set your educational career on the right track.