For instance, it is not usually possible to get an educational loan for online courses in India, which are a popular alternative to expensive full-time degree courses. … In such a case, you can apply for a personal loan for higher education.
Also to know is, can I get 1 cr education loan?
Maximum loan amount is Rs. 1 crore for international and Rs. 50 lakh for domestic education loan. 5) Ease in applying: The customers can apply for education loan through internet banking facility of the Bank with just a few clicks.
Thereof, can I get 50 lakhs education loan without collateral?
30-50 lakh. For any loans up to Rs. 4 lakh you will not be required to provide any collateral or third-party guarantee.
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.
Benefits under Income-tax Act
This deduction is allowed only for the individuals paying interest on the loan for himself, spouse or children or for the student to whom you’re a legal guardian. You can deduct the entire interest amount paid from your taxable income.
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.
How to repay your education loan with limited income
- Choose a higher loan tenure, pre-pay if you have funds. If you opt for a secured education loan, you can avail a tenure of 10 years and above. …
- Start a side hustle or work part-time. …
- Live frugally. …
- Future income.
They are most useful when it comes to courses at premier institutions that cost a lot. Parents can afford to send their children for higher education and students can also pay for their own education. These loans can be funded by jobs that they get after completing the course.
Cons of Student Loans
- Student loans can be expensive. …
- Student loans mean you start out life with debt. …
- Paying off student loans means putting off other life goals. …
- It’s almost impossible to get rid of student loans if you can’t pay. …
- Defaulting on your student loans can tank your credit score.
SBI Scholar Loan covers expenses like fees payable to college, school or hostel, examination, library or laboratory fees, purchase of books/equipment/instruments, caution deposit, building fund or refundable deposit supported by institution bills/ receipts and purchase of computer or a laptop.
Compare Top Education Loan Offers 2021
|Name of Bank||Interest Rate (p.a.)||Processing Fees|
|Bank of India||8.95% to 9.75%||Nil for courses in India Rs.5,000 + other fees for study abroad|
|Kotak Mahindra Bank||Up to 16%||Contact the bank|
|ICICI Bank||10.50% onwards||Contact the bank|
|Federal Bank||10.05% onwards||Contact the bank|