There are many options for getting an education loan in India. You may have already heard of some banks and financial institutions, such as the Bank of India, ICICI, and State Bank of India. There are also a few scholarships available that can be used to pay the interest on your loan. You should also consider applying for regular scholarships if you are a student.
Bank of India
There are various types of educational loans available in India. Most government banks provide secured education loans. These loans require collateral security. Most banks accept two kinds of safety – tangible and intangible assets. Real support is a property that you can physically touch or see. It can be a house, a plot of land, or a non-agricultural property. An intangible asset is an intangible asset that you can’t see or touch.
An education loan can be repaid through a combination of different methods. It is possible to pay back part of the loan, and many banks offer flexible repayment plans. Sometimes, you can even pay off the loan in a lump sum if you manage your funds. However, it is important to know the repayment schedule for your loan before applying.
Education loans in India are available through many banks. However, you must be a resident of India to be eligible for these loans. You must also be studying full-time in an accredited institution. Your parents or spouse can also be co-applicants. Your co-applicant can be your spouse, parent, or sibling. You can expect your loan to be approved quickly if you have an excellent academic record. Depending on the loan amount, you may need to provide a guarantor to protect your loan.
Avanse
The Avanse education loan is given to students to fund their studies. Students can apply for the loan online or in person at the branch. The application form can be downloaded from the Avanse website and submitted to an Avanse representative. Alternatively, borrowers can check if they are eligible for the loan and apply using a credit-mantri.com account.
The amount of the loan can be up to 70 lakhs. It can be availed without a cosigner. The interest rates on loans are 11%-17%. The loan application process is transparent and hassle-free. The processing fee is 1% + GST. Avanse has special interest rates for premier educational institutions.
Avanse also offers a variety of pre-payment options. However, students should note that they are not allowed to pre-pay during the first six months. They may be charged a pre-closing fee after this period. Therefore, students should plan to apply for the loan early.
Students can also apply for an Avanse education loan in India if they have a cosigner with a stable income. However, to be approved for the loan, the cosigner must be a relative, parent, or sibling earning. The co-borrower must also have a valid bank account in India with cheque-writing facilities. The co-borrower must also maintain a good credit score to qualify for the loan.
ICICI
ICICI Bank has introduced a new product called ‘Instant Education Loan’, which enables customers to apply for an education loan of up to Rs. 1 crore. This facility is only available to students pre-approved by the bank. Students can apply online and upload their certificates. Once the documents have been verified, the bank will disburse the loan to the educational institute.
To apply for an education loan, the borrower must fill out an application form, submit it to the ICICI Bank, and provide the necessary documents. The state is available in the education loan section on the official ICICI Bank website. Applicants can also fill out the form on their existing ICICI Bank account. Current ICICI Bank account holders can choose Standing Instructions to make the monthly EMIs automatic.
Apart from students in India, ICICI Bank also offers education loans to students heading abroad. To qualify, the student must be enrolled in a course that leads to a job. They must also submit KYC documents for themselves and the co-borrower. Moreover, valid proof of income must be provided.
Punjab National Bank
Punjab National Bank offers education loans to eligible students. These loans have attractive interest rates and flexible repayment periods. They can be taken for higher education in India or abroad. International students studying in India can also apply for an education loan. The loan amount should be at least INR 4 lakh. The bank does not charge any margin on loans up to this amount. However, above this amount, the bank charges a 5% margin.
The PNB education loan application process varies depending on the loan amount you need. You can approach your local branch for loans of less than INR 40 lakhs. However, you must contact the PNB Corporate Centre, the bank’s headquarters, for loans over this amount. You should note that the interest rate of a PNB education loan is 1.85% higher than the MCLR, which is 8.55%. However, you can always opt for a lower interest rate if you study at an institute with a good reputation.
The repayment period of a PNB education loan is 15 years. This includes a 1-year moratorium period. A Punjab National Bank education loan is also eligible for CSIS subsidy. This means you don’t have to pay interest for the first year of your course.
SBI
There are various steps involved in getting an education loan in India. The process consists in obtaining a financial institution’s approval and deciding on the repayment plan. Understanding the different terms and conditions of the loan is crucial. It is also essential to know how much the loan will cost you. The loan’s interest rate can be fixed or floating, depending on the lender. It is also essential to check if there are any hidden costs.
The application process can be completed online or offline. The easiest way to apply is to complete the application form and upload the necessary documents. Once the application form has been submitted, the lender will contact you to discuss the terms and conditions. The application process can take up to 15 working days. Students in India can apply for an education loan if they have completed their higher secondary schooling.
There are many different educational loans available in India. Depending on the bank, some of them can be for a single course or an entire program. Typically, education loans range between Rs. 4,000 and Rs. 30-50 lakh. The first four lakh educational loans are unsecured, but those above that amount will require a third-party guarantee. Students with more than four lakh loans should apply with a co-applicant who is financially responsible and can contribute to the repayment process.
SBI Education Loan
The SBI Education Loan is an essential financial tool to help you pursue higher education. Its loan repayment period starts six months after you complete your course and can last up to 15 years. Moreover, it has an easy and convenient online application process. Just visit the official website of SBI and click on the ‘Apply Now button to get started. Please fill out the required details and submit them. Make sure to indicate if you have received a scholarship or assistantship in the margin of the application. Once the details have been verified, the SBI executive will call you to discuss your loan options.
The next step in obtaining an SBI Education Loan is to check your eligibility. This is a crucial step, as many people need to know their eligibility to apply for this type of loan. Students should also be aware of the requirements to get a loan. While applying for an SBI Education Loan, it is essential to understand what is required as collateral. Luckily, weak scholars can assist you in this process.
The SBI Education Loan is excellent for students pursuing higher education in India or abroad. These loans cover the costs of study, including tuition and fees. The repayment terms and interest rates are also reasonable, making these loans an excellent choice for many students. SBI Education Loan eligibility criteria are relatively easy to meet and complete.