You won’t be deprived more from your expectation regarding your career. Take an education loan to pursue your course of choice- MBA, engineering, medial, and finance in any top institutions in the country or abroad. Look forward. Life is a goal to reach its zenith. We know everyone wants to rise in life, want to pursue a degree in any prospective field. So, we have a great deal with the top lenders and offer best competitive rates for the educational loan aspirants.
Your financial status is not a barrier for you for your higher education goal. But you might face a difficult phase to whom you contact and how you would proceed. As the banks have different interest rates, such as fixed and floating interest rates. Some banks have variable rates and some have fixed rates. All the rates and other banking formalities will be a puzzle for you. So, contact our loan consultants who can guide you in every step and which one is the best for you.
As soon as your study period is over you have to manage for your repayment. The interest rate also depends where you are studying in India or abroad. The repayment period and interest rates differ from banks to banks. The females avail some concessions on the interest rate. So taking the help of an expert is necessary for anyone who is looking for an education loan lenders.
Some students do not want to bother their parents, so they opt for an educational loan. Most of the students want to take for professional courses which are costly and not affordable for the parents. The most common types are undergraduate loans, professional courses or graduate loans, college parents loan, career developmental loans, etc. Students who have bright career prospects and good academic record only avail the educational loan of high amount. The undergraduate and graduate loans are both secured and unsecured. It depends upon the banks and their types. Sometimes parents sign is needed as a cosigner. Career development loans are given to the undergraduate students who pursue career oriented professional courses in the technical and professional institutes of the country.
We work as a consultant to offer educational loan to the students who cannot pursue higher studies due to financial problems or other factors. So apply for an education loan with us.
*Wide range of product to choose.
*Doorstep service at your comfort.
*Zero charges – No extra charges, fees or commissions to you.
*Simple procedure, minimal documentation and quick approval.
*Attractive interest rates.
*Expert advice on your needs and suitability.
*Provide transparency and rapid decision making, with no confusion.
*Compare prices and Features of various banks/ insurers.
*Calculate your Emi , Eligibility , Life cover and so on.
*Provide comprehensive choice than any of our competitors.
*Quick and transparent processing.
Every customer’s eligibility is different. Access your eligibility with our simple calculator.
* To qualify for a loan you must be An Indian resident.
* Applicant must be at least 16 to 35 years of age.
* Co applicant age must be (Salaried: 60 years- Self employed: 65 years)
* Repayment made by borrower in indian rupees only.
* You must have co -borrower in all student loans.
* The co-borrower can be parent, brother, sister, guardian, or other relative.
* Loan eligibility would be calculated on the basis of the Co-borrower income.
* No collateral for loan upto 7.5 lac.
* Above 7.5 lac collateral needs to be furnished.
* Customer contribution in india 10% in abroad 15% of the loan amount.
||Education Loan Interest Rates
|Loan amount upto 4 lak (Starts)
||Loan amount more than 4 lak (Starts)
||Processing Fees Negotiable
||0.5 to 2%
||0.5 to 2%
||0.5 to 2%
|Punjab National Bank
||0.5 to 2%
|Bank of Baroda
||0.5 to 2%
|State Bank of India
||0.5 to 2%
|Bank of India
||0.5 to 2%
||0.5 to 2%
Studies in india- Maximum Rs- 10.00 lacs
Studies in abroad- Maximum Rs- 20.00 lacs
At least 0.50% concession in interest rate to girl students in india and abroad.
Step 1 – Identify the Institute you wish to study and Choose the lenders.
Step 2 – Determine your Loan Eligibility .
Step 3 – Get ready all your required documents.
Step 4 – Apply for Loan by filling the application form with all requisite documents.
Step 5 – Verification -The lender will verify the information and documentation provided by you along with checking your credit history. The lender can also ask for additional documents.
Step 6 – After verification and credit check lender calculate your eligibility and get the loan Sanction.
Step 7 – Once loan get sentioned lender issue a sention letter with all terms and conditions.
Step 8 – Applicant sign the loan agreement and give post-dated cheque or ecs for repayment.
Step 9 –Disbursal of loan.
Can I apply for an educational loan for pursuing a traditional course?
Yes, you can apply for it. Some banks prefer to offer loans for traditional courses. Banks generally don’t provide loans for BA and MA students as these courses have low employment possibility.
I want to pursue a professional course? What are the professional courses eligible for education loan?
Most of the banks offer loans for M.B.A., M.C.A., M.B.B.S., Engineering, C.A, Architecture, Medical, engineering, technology students. Other courses include fashion designing, computer courses from reputed institutes or courses affiliated to the Department of Electronics, etc, commercial pilot’s courses, and courses for fine arts.
Would my parents’ income matter for my education loan?
Yes, most banks offer loans checking the parents’ income. Those who have a high income they can avail higher amount. A guarantor is required because if the student fails to repay the loan the guarantor is responsible for repayment.
What is the minimum and maximum amount of loan offered by banks for study in India?
If you want to study your course in India, you can apply up to 4 Lakh. You can avail an amount of Rs 4 lakh to Rs 7.5 lakh against a third party guarantee who can be your neighbor, friend or relative. The margin will be 5% means you will get 5% less the amount; you have to put together the rest of the money.
For studies in abroad how much amount does a bank offer?
You can apply for loan up to Rs 7 lakh. This amount is provided against collateral such as fixed deposits, NSC certificates, against property value, etc. The margin amount is 15% less the amount; you will have get 15 percent less that is you are to put together the rest of the money.
Beside me who is liable for repayment?
The parents and guardians who are co-borrowers may be liable to repay the loan. It is now demanded by the Indian Banks Association to RBI to make it mandatory for the parents and guardians to repay the loan.
What does an educational loan cover?
An Educational loans usually cover the costs of tuition fees, hostel fees, mess fee and examination fees. Some banks also cover the cost of books, equipments and other instruments required by the student for that course. Some banks offer one way air fare for the abroad students.
How does a bank consider the eligibility of the loan applicant?
The eligibility criteria may differ from bank to bank. The most important ones are the good academic record, confirmed admission in a college, the age factor, and the parents’ regular income. The age group is of 16 to 26. The candidate must have a first class throughout, with no breaks or gaps in education. Some banks offer loan for students who have second class or other grade point or who gets admission in a reputed institution. The institution where the students get admitted must have a valid registration or good reputation.
Do I need any security to avail the loan?
The securities accepted by the banks generally are National Savings Certificates (NSCs), bonds, gold, vehicle, house or property, etc. For loan amount of 25,000 one need not provide any security. Some banks may ask for life insurance policy equivalent to the loan amount.
Which documents does a bank ask for education loan?
The most important one is the admission proof. Other are the agreement with the students or parents, residence proof, age proof, parents’ regular income details including the salary statements, IT returns, and the CV of the students which clearly outline the academic records.
How much interest rate does a bank charge?
The national banks of Indiahave variable interest rates and the foreign banks have fixed interest rates. The interest rate may differ bank to bank. We suggest you to take loan from nationalized banks as the interest rates fluctuate half-yearly or yearly. Generally the interest rate is 11% to 16%. After the day of loan disbursal the interest rate starts.
What is a holiday period?
A time period is given to the students before repayment of the principal loan in EMI. This period is called holiday period and the duration is generally from 6 to 12 months. If the student gets a job immediately completing the course, he or she won’t enjoy a holiday period.
How does the bank disburse the loan?
Some banks disburse the loan directly to the institute where the student gets admission. Some banks disburse the money on a monthly or quarterly basis for tuition fees, books, and other expenses.