“You can get an education loan up to a maximum of ₹ 75 lakh, with maximum repayment period of up to 15 years,” said Gaurav Aggarwal, associate director, unsecured loans, Paisabazaar.com. … Under section 80E of the Income Tax Act, you can claim tax deduction on the interest you pay on the education loan.
Also, can I get 40 lakhs education loan without collateral?
How is an education loan beneficial? 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. … Axis Bank, for instance, offers up to Rs 40 lakh without any collateral security.
Established in 1994 as UTI Bank, Axis bank provides education loans to students who want to study in India or abroad. … The quantum of education loan ranges from Rs. 50,000 to Rs. 40 lakhs.
One may also ask, can I get 75 lakhs education loan?
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. … The spread may undergo a change during the tenure of the loan.
Can I get education loan 1 crore?
The private sector lender ICICI Bank today launched ‘Insta Education Loan‘ where customers will get an instant approval of education loans of up to ₹1 crore. This first-of-its-kind facility will enable thousands of customers to take education loans in a fully digital process against their fixed deposits with the bank.
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.
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 loan amount of Rs. 7.5 lakh or higher, may require collateral. Though there is no cap on the disbursed loan amount, the loan amount can range anywhere between Rs 20-50 lakhs.
What is limit in SBI loan?
Though applicants can avail a personal loan amount of up to Rs. 20 lakh from SBI, based on a net monthly income (NMI) of Rs. 15,000, the maximum loan amount you will be eligible for is Rs. 3.6 lakh i.e. 24 times of NMI.
What is the interest rate of education loan in SBI?
The interest rates will be floating for entire period of loan
| SBI STUDENT LOAN SCHEME | ||
|---|---|---|
| Loan Limit | 3 Year MCLR | 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% |
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.
Which bank loans education faster?
Compare Top Education Loan Offers 2021
| Name of Bank | Interest Rate (p.a.) | Loan Amount |
|---|---|---|
| Axis | 13.70% to 15.20% | Up to 75 Lakh |
| 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 |