Documents required for an Educational Loan:
- Duly-filled application form.
- 2 passport size photographs.
- Graduation, Secondary School Certificate, or High School Certificate or mark sheets.
- KYC documents that include ID, address, and age proof.
- Signature Proof.
- Income Proof of parents or guardian.
Who is eligible for an education loan?
Education Loan Eligibility Tabular representation
| Particulars | Eligibility |
|---|---|
| Age | Minimum- 18 years Maximum- 35 years |
| Academic record | Proven- good |
| Qualification | Pursuing graduate/postgraduate degree or a PG diploma. |
| Income source | Parents/Guardians |
Can we get education loan easily?
Easily available: Education loans are widely and easily available. In fact, they are a priority product in all banks as per the RBI’s guidelines. Varied loan amounts: Banks can offer loans anywhere between Rs. 2 lakhs and Rs.
Which bank provide education loan easily?
Compare Top Education Loan Offers 2021
| Education Loan Schemes | Interest Rate (p.a.) | Loan Amount |
|---|---|---|
| Axis | 13.70% to 15.20% | Up to 7.5 Lakh |
| Bank of Baroda | 6.75% to 9.85% | Up to 4 Lakh and above |
| HDFC | 9.45% to 13.34% | Max Apr |
| Tata Capital | 10.99% onwards | Up to 30 Lakh |
Is education loan free of interest?
In most of the cases, it is just subsidized. However, you can still make your way around to avail education loan at 0 interest. There is no interest paid until then. This can be availed under the Central Sector Interest Subsidy Scheme and can be availed only from one of the scheduled banks.
How much percentage is required for education loan?
Loan Margin: 15% for education loans above Rs. 20 Lakhs.
What is the age limit for student loans?
There is no upper age limit for students applying for student finance but if the student is over 60 the amount they can get depends on their household income. Students can usually only get student finance for their first higher-education qualification.
Can I get 20 lakhs education loan?
Collateral Required for Education Loan According to RBI, the maximum amount eligible for a study loan for courses in India is Rs. 10 lakhs while for studying abroad, it is Rs. 20 lakhs.
Is education loan is good or bad?
Some students take an education loan for graduation and then avail of the top-up facility to complete their post-graduation. “Taking a top up on education loan is bad, because it will increase the liability further. It is better to finish the first education loan before taking the second one,” says C. S.
What will happen if education loan not paid?
If you are unable to make repayment on your education loan, then you will receive notices and warnings from the lender. If you fail to comply with the same then the lender is legally entitled to the assets you mortgaged. Your property or asset can be auctioned or used by the lender.
What do I need to apply for education loan?
Banks generally ask for co-applicant details when you apply for a collateral free loan. Not only this, banks also ask for the income documents such as salary slips or income-tax returns (ITR) of the co-applicant before sanctioning the education loan.
How to apply for a MBA education loan?
Here are the steps you must follow to apply for an MBA education loan. Compare different loan schemes. Fill the online education loan application form or visit the bank. Students will usually receive a phone call from a bank representative.
Which is the best bank to get education loan?
If you are planning to get an education loan for AICTE, UGC, ICMR and government-approved courses, job-oriented courses and technical diploma courses then you should check IDBI Bank’s education loan. IDBI Bank also provides education loan for students securing admission through management quota.
Do you need collateral to get an education loan?
Before applying for a collateral-free education loan, you must know that the student is the main borrower of the education loan and parent, spouse or sibling can be the co-applicant., Banks generally ask for co-applicant details when you apply for a collateral free loan.
