You can calculate your education loan EMI amount with the help of the mathematical formula: EMI amount = [P x R x (1+R)^N]/[(1+R)^N-1] where P, R, and N are the variables. This also means that the EMI value will change each time you change any of the three variables. ‘P’ stands for the Principal Amount.
In this regard, can I get 20 lakhs education loan without collateral?
Collateral Required for Education Loan
20 lakhs. Guidelines show that loan taken up to Rs. 4 lakhs does not require collateral security. It is only when the loan exceeds a specified amount as set by the bank that collateral will be required as well as third-party guarantee.
Also question is, can I pay education loan at once?
Repaying education loan at one go eliminates all the interest that will be paid month-by-month adding to the total expense of the loan. While pre-payment of student loan at one go will only incur a nominal processing fees it will save you from interest rates levied on your loan.
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.
Can I take personal loan after education loan?
Yes, you can! Taking a personal loan and education loan simultaneously is possible. The approval for the same will depend on factors like: Previous loan repayment history.
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 get subsidy on education loan in bank of India?
Education loans availed from any scheduled bank for pursuing any of the approved professional course from recognized institutes in India are eligible to avail this subsidy. This subsidy can only be availed by students whose parent’s income from all sources does not exceed Rs. 4.50 lakhs per annum.
How can 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.
How much education loan can I get on 40000 salary?
Multiplier Method
| Salary | Expected Personal Loan Amount |
|---|---|
| Rs. 20,000 | Rs. 5.40 lakhs |
| Rs. 30,000 | Rs. 8.10 lakhs |
| Rs. 40,000 | Rs. 10.80 lakhs |
| Rs. 50,000 | Rs. 13.50 lakhs |
How much education loan can I get on 60000 salary?
However, the multiplier is 20; then the loan amount will be ₹ 60,000*20 = ₹ 12,00,000. Therefore, the amount you will get on a ₹ 60,000 salary is ₹ 12,00,000.
How much loan can I get for education?
How much is the margin money required to avail an education loan? There is no margin for education loans upto Rs 4 Lakhs. For loans above Rs 4 Lakh, the margin for studies within India is 5% and for studies overseas is 15%.
How much loan can I get on 22000 salary?
Consider – how much personal loan can I get on a 20,000 salary? Sans any other financial obligations, you can expect to be eligible for a loan of Rs. 5,40,000.
| Salary | Expected Personal Loan Amount |
|---|---|
| Rs. 20,000 | Rs. 5.40 lakhs |
| Rs. 30,000 | Rs. 8.10 lakhs |
| Rs. 40,000 | Rs. 10.80 lakhs |
| Rs. 50,000 | Rs. 13.50 lakhs |
How much loan can I get on 35000 salary?
Here taking a salary as ₹ 35k, & without any fixed monthly obligation, you can pay a maximum of ₹ 17,500 as EMI considering 50% FOIR. If the interest rate is 10% per annum, the loan amount eligibility can be arrived at ₹ 20,46,586 using a home loan eligibility calculator (assuming 3 household members).
Is education loan free of interest?
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.
Is property needed for education loan?
To get a loan from a lender, you generally have to pledge security such as house property, fixed deposits, shares, bond, etc., to take the loan. … There is no margin requirement if you apply for a loan within this limit through a scheduled commercial bank under the CGFSEL scheme.
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.
Is student loan a good idea in India?
In either case, an education loan is a good idea and a commonly sought after resort. Pursuing higher studies usually involves high fees and an education loan comes in handy at this point. … Such loan is offered to students who want to study in India or pursue higher education overseas.
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.
What is Mclr rate in education loan?
MCLR (Marginal Cost of Funds Based Landing Rate) refers to the minimum interest rate below which financial institutions can’t lend, except in certain cases.
What is overdue amount in education loan?
The loan amount which customers fail to repay on time is known as the Loan Overdue Amount. As it is clear from the name itself, the Loan Overdue Amount is the amount left unpaid even after the due date of payment.
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.
What is the rate of interest for education loan in BOI?
Rate of Interest
| Particulars | Rate of interest |
|---|---|
| Education Loan covered under Credit Guarantee Fund Scheme for Education Loan(CGFSEL) limit upto Rs.7.50 lacs | 1 Year MCLR +1.70% |
| For loans above Rs.7.50 lacs | 1 Year MCLR + 2.50% |
Which bank easily give 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 |
Which bank provide education loan easily?
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 |