Is ELFI a reputable company?

NerdWallet rates ELFI as a five-star lender for refinancing student loans based on more than 50 data points. ELFI is a good option for borrowers who value customer service.

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Also question is, can banks reject education loans?

Yes, an education loan request can be rejected if the borrower doesn’t satisfy the conditions put forth by the lender. The conditions can be academic, economic or any other. If the institute in which you want to get admission doesn’t have a good placement record, banks won’t show interest in lending you.

Moreover, 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.

Correspondingly, 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 prepay SBI education loan?

There are NO penalty charges for prepayment. You can prepay your education loan anytime.

Can students get loans without parents?

You don’t need any parent information to apply for federal student loans if you’re an independent student. … You can borrow up to $57,000 in total federal student loans as an independent student, rather than $31,000 as a dependent student. The answers you provide on the FAFSA determine your dependency status.

Is it difficult to get education loan?

Easily available: Education loans are widely and easily available. In fact, they are a priority product in all banks as per the RBI’s guidelines. Varied loan amounts: Banks can offer loans anywhere between Rs. 2 lakhs and Rs.

Is prepayment of education loan good?

An education loan usually attracts an interest rate ranging from 11 per cent to 15.5 per cent. With that, if the EMI outgo amounts to 50 per cent of one’s current monthly salary, then according to experts one should definitely consider paying off the loan at the earliest.

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 difference between repayment and prepayment?

As nouns the difference between repayment and prepayment

is that repayment is the act of repaying while prepayment is a payment in advance.

Which bank provides education loan easily?

Banks offering Education Loans and Collaterals Required

Bank Loan Amount and Collateral Required
HSBC Loan up to Rs.5 lakhs do not require collateral
State Bank of India (SBI) Domestic Education – Up to Rs.15 lakhs Foreign Education – Up to Rs.20 lakhs For loans up to Rs.7.5 lakhs no collateral is required

Will education loan get 100%?

Yes, education loans cover 100% of the education expenses. However, full coverage may only be provided for expenses under a certain limit. Lenders have a margin if the expenses go above the limit.

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