Education Loan For Higher Studies | Student Loan | Procedure How to Apply | Interests | Documentation
- Education Loan For Higher Studies
- Features & Benefits of Education Loans
- How To Apply For An Education Loan?
- Comparing Education Loans from Top Indian Banks
- Education Loan Interest Rates
- Documentation / Documents Required For Education Loan
- Popular Banks Offering Education Loans in India
- Important Tips before Applying For Education Loan
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Education Loan For Higher Studies
Successful education is the vital part for developing good life for the students. Now, we have so many organization and financial institutions that offers Education Loan For Higher Studies with a main objective to provide equality education and at low interests. However, the demand of every college or university has been increased with high fees and lot of formalities. So, it has become difficult for the students to afford such type of college or institution, therefore student loan for higher studies is being offered by the institutions.
Almost, every financial institution and bank offers student loan for providing maximum benefits to the students. If you are also looking to avail the benefits of education loan, then must follow the simple and effective procedure for how to apply and documentation required for this loan given on this page prepared by team of indguru.com
Features & Benefits of Education Loans
There are so many benefits that are being derived by the education loans. Whether you are seeking it form any private institution also, it results in multiple advantages.
- Any individual who wish to go for higher studies can hassle free apply for the education loan.
- By availing this loan service, you can study for any of the academic courses including graduation, post graduation or any diploma course.
- The amount of education loan can vary from Rs 10 lakh to Rs 15 lakh in India but if you opt for study aboard, then it can exceed till 20 Lakhs.
- The primary factors that are consider while choosing the loan amount are the course which you want to study and the annual income of the family.
- The major part is that female applicants are offered with good education loan interest rates.
- The education loans than 4 lakh rupees don’t need any kind of security form the part of guarantor.
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How To Apply For An Education Loan?
- Check the simple and interactive process for applying for the education loan as listed below-
- Got to the official website of the bank form which you are availing the loan.
- Then visit the home page and access the option of education loan given at the navigation bar.
- Now the banks will display you multiple kind of loans out of which you can choose any appropriate lender.
- Now you will be asked to enter you complete details so that bank can ensure your eligibility.
- After satisfying with your eligibility details, the bank will provides you the most suitable options.
- Now on that specified loan page, you need to press on apply online button.
- Then the bank representative will contact you shortly for further proceedings.
Comparing Education Loans from Top Indian Banks
|Lender||Loan Amount/ Interest Rate||Max. Loan Amount||Repayment Tenure|
|State Bank of India (Base Rate- 9.70%)||Upto Rs.4 lakhs / 13.35% p.a (base rate + 3.65%) Between Rs.4 lakhs- Rs.7.5 lakhs / 13.60% p.a(base rate + 3.90%) Above Rs.7.5 lakhs / 11.60% p.a (base rate + 1.90%)||Studies in India- Rs.10 lakhs Studies Abroad- Rs.30 lakhs||5-7 years|
|Axis Bank (Base Rate- 9.95%)||Upto Rs.4 lakhs / 16.95% p.a (base rate + 7.00%) Between Rs.4 lakhs- Rs.7.5 lakhs / 17.95% p.a (base rate + 8.00%) Above Rs.7.5 lakhs / 15.95% p.a (base rate + 6.00%)||Studies in India- Rs.10 lakhs Studies Abroad- Rs.20 lakhs||Maximum 7 years|
|Punjab National Bank (Base Rate- 10.00%)||Upto Rs.4 lakhs / 12.00% p.a (base rate + 2.00%) Between Rs.4 lakhs- Rs.7.5 lakhs / 13.00% p.a(base rate + 3.00%) Above Rs.7.5 lakhs / 12.50% p.a (base rate + 2.50%)||Studies in India- Rs.10 lakhs||Loans upto Rs.7.5 lakhs : 10 years Loans above Rs.7.5 lakhs : 15 years|
|Avanse Education Loan (Avanse Base Lending Rate- 11.50%)||Calculated individually based on course being pursued and the accompanying cost.||Minimum- Rs.50,000 Maximum- No Limit||Minimum Repayment Tenure- 12 months Maximum Repayment Tenure- 120 months|
Education Loan Interest Rates
The reliability and acceptability of the education loan depends upon the interest rates which are offered. When it comes to India, the education loan considers the interest rate of 12% to 16 % approximately. Apart from this, the ROI also depends upon the lending rate of bank. There are many private organizations or financial institutions which provides rate of interest as per their own lending rates. So, it depends upon various factors.
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Documentation / Documents Required For Education Loan
- Proof of identity
- Latest salary slip showing all deductions
- Proof of residence
- Bank Statement/Pass Book of last 6 months
- Optional – Guarantor Form
- Copy of admission letter or the Institute along with Fees schedule
- Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses
- Proof of signature
- Proof of age
Popular Banks Offering Education Loans in India
- State Bank of India
- Axis Bank
- United Bank Of India
- HDFC Bank
- Avanse Financial Services
- Credila (HDFC Bank Company)
- ICICI Bank
- Indian Overseas bank
- Punjab National Bank
- Dena Bank
- Vijaya Bank etc.
Important Tips before Applying For Education Loan
Well, education loan has become the most significant need for every individual now days but there are some important things that must be consider before applying for the education loan. The most vital thing is to understand the financial needs and liabilities of your parents or family. Additionally, the intention to repay it with in prescribed time period before choosing the option of this loan. However, it is much more than the investment, if you carefully consider its positive aspects and conditions to applying in several banks prior to choosing the bank with high positive aspects.
Once you are done with the favorable bank selection, and then make sure to go through each terms and conditions of the bank as there can be some unexpected cost also. Therefore, that organization must be chose for the education loan purpose which offers the repayment tenure facility for long term period.
So, that’s all about education loans for higher studies. For interesting and cool stuff like this, stay tuned with our web portal i.e. indguru.com