EDUCATIONLOAN
Education loan is offered by leading banks in India to help students achieve their academic dreams. Education loan Interest rates start from 7.30% p.a. with loan tenures of up to 15 years. Education loans are offered for higher education in both India and abroad.
What courses are eligible for an education loan will be decided by the lender. You can get an education loan for studies starting from Nursery. For higher studies, you can get a loan for full-time as well as part-time courses, and loans for working professionals.
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Frequently asked questions
Education Loan
Who can apply for Education Loan?
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Indian citizens -
Non-Indian Residents (NRIs) -
Overseas Citizens of India (OCI) -
Persons of Indian Origin (PIOs) -
Students born to Indian parents abroad and wish to study in India
Which Courses are covered by Education Loan?
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Undergraduate programs -
Postgraduate programs -
Doctoral courses and PhDs -
Certificate courses with 6 months or longer duration -
Job-oriented courses -
Technical/diploma/professional courses
Collateral required for Education Loan?
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Collateral-free loans up to Rs.7.5 lakh from leading lenders -
Collateral-free loans up to Rs.40 lakh for select courses/institutions from select lenders
List of Expenses covered under Education Loan.
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Tuition fees -
Hostel fees -
Travel expenses passage money for students studying abroad -
Insurance premium -
Cost of books/equipment/instruments/uniform -
Examination/laboratory/library fees -
Cost of a computer/laptop required for course completion -
Caution deposit, building fund/refundable deposit supported by institution bills/receipts -
Any other expense required to complete the course such as study tours/thesis/project work
What are the Features and Benifits of Education Loan?
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Loan financing up to Rs.1 crore available. -
Loan repayment tenure up to 15 years. -
Get Education loans for studies in India and abroad. -
Some lenders offer loan disbursal before applying for a Visa. -
Door-step service to collect required documents. -
Children of the bank’s employees enjoy preferential rates at several banks. -
Certain banks offer concessional interest rates to female students. -
Enjoy a moratorium period of up to 1 year after course completion. During this period, you do not have to make payments on the loan. -
Enjoy tax benefits up to 8 years on the interest paid.
Documents required for Education Loan
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Admission letter from the educational institution -
Marksheets (previous education – school/college) -
Age proof -
ID proof -
Address proof -
Signature proof -
Salary slips -
Recent bank account statements -
ITR with income computation -
Audited balance sheet -
Recent bank statements -
Proof of turnover (service tax return/sales receipt) -
Completed application form with signature -
Latest passport size photographs -
Appropriate Visa for studies abroad
How is education Loan repaid?
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Internet Banking - Pay online through the lender’s website or mobile app. -
Cheque – Drop a cheque at any of the branches. -
Direct debit – Set up recurring payments for your EMI to be directly debited from your bank account on the payment due date. -
Demand Draft – Pay through a DD.
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