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.
Keeping this in consideration, what is the interest rate for education loan in Indian bank?
Key Highlights of Indian Bank Education Loan
| Eligibility Criteria | Students who have secured admission |
|---|---|
| Loan Tenure | Up to 15 years |
| Loan Amount | No cap |
| Interest Rate | Base Lending Rate 8.50% |
| Processing Fees | Nil |
Also to know is, which courses are eligible for education loan?
Some of the courses include:
- Computer certificate course.
- Engineering diploma.
- Certificate courses from ITI.
- Data entry operator course.
- Nursing/Teacher Training certificate courses and B. Ed.
- Agri diploma.
- Veterinary diploma.
- Any job-oriented diploma or certificate course.
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.
What are the disadvantages of a student loan?
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.
How much education loan can I get from bank?
Varied loan amounts: Banks can offer loans anywhere between Rs. 2 lakhs and Rs. 22 lakhs for studying in India. Of course, the size of the loan depends on the course applied for.
What is the minimum percentage 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.
Can students get loans after 12th?
The age of the candidate must fall within the bracket of 18 to 35 years during loan application. … He/she must be undergoing a graduate/postgraduate degree or a PG diploma. The applicant should have a secured admission in a college or university affiliated by UGC/AICTE/Govt.
Does Bank provide loan for education?
Education loan is offered by leading banks in India to help students achieve their academic dreams. Education loan Interest rates start from 6.75% p.a. with loan tenures of up to 15 years. Education loans are offered for higher education in both India and abroad.
Which bank is best for educational loan in India?
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 |
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 lakhs while for studying abroad, it is Rs. 20 lakhs.
Is education loan interest free in India?
– No, education loan is not interest-free in India. However, student loan without interest is a possibility in India with scholarships and subsidies. You can negate the effect of interest on your education loan by availing 0% interest scholarships or subsidies with Government subsidy schemes.
What are the documents needed for education loan in Indian bank?
Documentation Required:
| Documents | Education in India |
|---|---|
| Admission details | Admission letter Bonifide student certificate from the College/University |
| Fee details | Letter or Certificate from the College/University |
| Passport and VISA | Not required |
| Guarantee/Co-obligation details | Parent’s or a Guardian’s Co-obligation is required |
What is the minimum amount of education loan?
Education Loan Interest Rate in 2021
| Interest Rate | 8.40% onwards |
|---|---|
| Minimum Tenure (excluding grace period) | 5 years |
| Moratorium Period (after course completion) | 1 years |
| Minimum Loan amount | ₹ 50,000 |
| Maximum Loan without collateral | ₹ 4,00,000 |
What is the minimum percentage required for education loan?
Student Loan Eligibility
| Age | 18 to 35 Years |
|---|---|
| Source of Income | Parents or Guardians |
| College or University | Recognised in India or Abroad with Confirmed Admission Status |
| Collateral or Guarantor | Depends on the loan amount or income |
| Lowest Interest Rate | 8.40% |
Can you go to jail for not paying student loans?
You cannot be arrested or placed in jail for not paying student loan debt, but it can become overwhelming. Student loan debts are considered “civil” debts, which are in the same category as credit card debt and medical bills. Because of this, they cannot send you to jail for not paying them.
Can students get loans after 12th?
The age of the candidate must fall within the bracket of 18 to 35 years during loan application. … He/she must be undergoing a graduate/postgraduate degree or a PG diploma. The applicant should have a secured admission in a college or university affiliated by UGC/AICTE/Govt.
How can I apply for education loan?
Steps to Apply for Education Loan on Property
- Step 1 – Apply Online. Go to the Student Loan application page for the online application form. …
- Step 2 – Respond To Our Representative. …
- Step 3 – Receive Loan Approval Confirmation. …
- Step 4 – Furnish The Necessary Documents.
How do I repay 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.
What happens if you don’t pay education loan in India?
– 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 education loan for IAS coaching?
The plain and simple answer is, yes you can get loan for education received from coaching institutes. … Nationalized banks like State Bank of India, Central Bank of India, and Corporation Bank have introduced a whole new product of loans catering just to the coaching needs and expenses of students.
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.
What is the cibil score?
CIBIL Score is a 3-digit numeric summary of your credit history, rating and report, and ranges from 300 to 900. The closer your score is to 900, the better your credit rating is.
Which bank is best for education loan for abroad?
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.
Does education loan have interest?
The loan is repaid by the student. … During the course period, the bank charges simple interest rate on the loan. The payment of simple interest during the course period lessens the equated monthly instalment (EMI) burden on the student for future repayments.
Is it good to take education loan?
Some students take an education loan for graduation and then avail of the top-up facility to complete their post-graduation. “Taking a top up on education loan is bad, because it will increase the liability further. It is better to finish the first education loan before taking the second one,” says C. S.
Is education loan a good idea?
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.