It is very much possible to transfer your existing education loan from one bank to another bank, and actually financially gain from such a transfer. Apart from lowering your interest rate you also can get a larger amount of loan.
Considering this, can I get 30 lakhs education loan without collateral?
Public banks – Public banks like SBI, BOB, etc according to their policies can only provide up to 7.5 lakhs student loan without collateral irrespective of the course and country. But for some top-tier institutes in India, you can avail up to 40 lakhs of unsecured education loans from SBI.
Simply so, can we 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.
Do student loans go to your bank account?
When it comes to disbursement of private student loans, each lender sets its own policy. Some lenders transfer the loan directly to your bank account shortly after your application is approved. In this case, it’s your responsibility to send the funds to your school’s financial aid office to pay your tuition bill.
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.
How can I transfer my education loan to another bank?
Once you decide to opt for an education loan transfer, your old lender gives you a statement of the pending loan amount to be repaid. This statement has to be submitted to the bank providing the student loan refinance. Once the new bank receives this statement, they begin your loan process as usual.
How do I pay back my education loan?
How to Pay Education Loan Early?
- Begin Early. One of the primary considerations while looking for an education loan is repayment calculation. …
- Create Income. You can start a part-time job and save a lot of money before the repayment period. …
- Save More. …
- Choose a Relatively Shorter Loan Tenure. …
- Consider Balance Transfer.
How is education loan disbursed?
Generally, banks disburse loans directly to the college funds. Your college fund will receive the payment of fees by the bank as soon as the semester of the college starts. … The loan is generally disbursed within 120 days of sanction of the loan depending on the cancellation period set by the bank.
How long does it take to get education loan from Axis Bank?
How much time does Axis Bank take to convey its decision? The Bank will convey its decision within 15 working days from the date of receipt of the education loan application, provided the application is complete in all respects.
Is Axis Bank good for education loan?
Axis Bank provides Education Loans for students looking to pursue higher education in India or abroad, at attractive interest rates. With an Axis Bank Education Loan, you can avail a loan amount upto Rs. 75 Lakhs along with speedy disbursals and easy repayment options for effective loan servicing.
Is collateral required for education loan in Axis Bank?
Axis Bank, for instance, offers up to Rs 40 lakh without any collateral security. Covers varied needs: Education loans cover both academic and non-academic fees such as tuition fees and living expenses. Cost-effective: Interest rates for education loans are usually lower than other types of loans.
Is ITR required for education loan?
Also required are the income documents such as salary slips or income-tax returns (ITR) of the co-applicant. The banks can finance up to 100% of the loan depending on the amount. … For loans above Rs 4 lakh up to Rs 7.5 lakh, a third-party guarantee is required.
What will happen if education loan not paid?
If you are unable to make repayment on your education loan, then you will receive notices and warnings from the lender. If you fail to comply with the same, then the lender is legally entitled to the assets you mortgaged. Your property or asset can be auctioned or used by the lender.
Which bank is better for education loan?
Compare Top Education Loan Offers 2021
| Name of Bank | Interest Rate (p.a.) | Loan Amount |
|---|---|---|
| Bank of Baroda | 7.85% to 9.85% | Up to 4 Lakh and above |
| HDFC | 9.55% to 13.25% | Max Apr |
| Tata Capital | 10.99% onwards | Up to 30 Lakh |
| Union Bank of India | 8.80% to 10.05% | Need-based finance |