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 |
Regarding this, are student loan interest rates fixed?
The interest rate is fixed and is often lower than private loans—and much lower than some credit card interest rates. View the current interest rates on federal student loans. The interest rate is fixed and may be lower than private loans—and much lower than some credit card interest rates.
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.
Subsequently, does education loan need security?
The security pledged against a loan is termed as collateral. However, you can get an education loan without pledging any security. … But, if you take a loan of more than Rs 7.5 lakh, the bank may ask for collateral for the loan amount. The bank may also ask you to deposit margin money and seek third-party guarantee.
How do I repay my education loan?
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.
How much percentage is 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.
Is education loan a good idea?
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. Banks provide education loans for graduation/PG, diploma or professional courses, at attractive interest rates.
What is EMI in education loan?
Ans: EMI is the acronym for Equated Monthly Installment, an EMI amount is the agreed upon fixed amount for monthly repayments that the borrower of the education loan must pay to the lender in order to pay out the money borrowed.
What is the average interest rate on education loan?
Education loan interest rate in India
For domestic cases,the average interest rate is 11% while it is 12.5% for foreign universities. The rate of interest for each case also depends upon the student’s academic profile, co-applicant’s financial condition, and various other factors.
Which bank is best for abroad education 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.
Which bank is good for education loan?
Compare Top Education Loan Offers 2021
| Name of Bank | Interest Rate (p.a.) | Processing Fees |
|---|---|---|
| SBI | 6.85% to 8.65% | Rs.10,000 + tax |
| Axis | 13.70% to 15.20% | Nil to Rs.15,000 + tax |
| Bank of Baroda | 7.85% to 9.85% | 1% of loan amount up to Rs.10,000 |
| HDFC | 9.55% to 13.25% | Up to 1.5% of loan amount + tax |
Which government bank is best for education loan in India?
Top Public Sector Banks Education Loan Interest Rates November 2021
| Public Sector Banks | Education Loan Interest Rates | Tenure |
|---|---|---|
| State Bank of India (SBI) | 6.90% – 9.30% | 15 Years |
| Punjab National Bank (PNB) | 6.90% – 9.55% | 15 Years |
| Bank of Baroda | 6.85% – 9.95% | 15 Years |
| Canara Bank | 7.40% – 9.40% | 15 Years |
Which loan interest is low in India?
Lowest Personal Loan Rates Comparison
| Banks | Interest Rate | Processing Fees |
|---|---|---|
| ICICI Bank | 10.25% | Upto 2.25% of Loan Amount |
| Kotak Bank | 10.25% | Starting from Rs.999 |
| HDFC Bank | 10.25% | Upto 2.50% Min ₹ 999 |
| Axis Bank | 10.49% | Rs.4,999 |