When a student wants an education loan then they can approach the various lenders themselves also, so why should they avail loans via GyanDhan? That is because, GyanDhan takes care of all the issues, roadblocks and also helps them to get the best interest rate, thus saving you a substantial amount over the years.
Accordingly, 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.
Regarding this, can we 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.
How are student loans calculated?
You pay back 9% of your income over the Plan 4 threshold (£480 a week or £2,083 a month). If your income is under the Plan 2 threshold (£524 a week or £2,274 a month), your repayments only go towards your Plan 4 loan. If your income is over the Plan 2 threshold, your repayments go towards both your loans.
Repayment of education loan is not a big process as such. You just need to get in touch with your bank manager who will take note of your account details and start the repayment on an auto deduction mode. You can also check out the various education loan repayment schemes available in India.
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.
|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|
25,000, you can avail as much as Rs. 18.64 lakh as a loan to purchase a home worth Rs. 40 lakh (provided you have no existing financial obligations.)
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).
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.
GyanDhan is absolutely reliable. You feel the necessary warmth with utter professionalism. They take care without any fuss.
It is a complete fraud,they just waste student time by asking various documents and do not provide 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.