23 August, 2022
Education Loan – Get Higher Education, Apply Online
Leading Indian banks provide education loans to students who want to pursue their academic goals. Loans for education with loan terms of up to 15 years, interest rates begin at 7.30 percent per annum. Both in India and abroad, education loans are available for further education. The provider will specify which courses are eligible for an education loan. An education loan can be provided for studies beginning in Nursery. You may get a loan for full-time or part-time classes, as well as loans for working people, for education.
You have come to the right place if you are looking for an Education Loan for yourself or your family. Axis Bank offers Education Loans at competitive interest rates to students who want to pursue higher education in India or abroad. With an Axis Bank Education Loan, you can borrow up to Rs. 75 lakhs and benefit from easy disbursals and simple repayment options for efficient loans. The interest rates on Education Loans.
The State Bank of India provides a variety of education loans with rates starting at 10.05 percent per annum. A moratorium period follows the completion of the course as part of the flexible repayment terms. Prepayment of the loan, which can be performed at any time during the loan term, carries no penalty. Some loans provide interest reductions for female students.
SBI offers student loans for both domestic and Indian studies. You may get a loan to prepare for both vocational and educational courses. There are also takeover loans that allow you to consolidate existing high-interest loans into a single SBI loan with a lower interest rate.
Information on ICICI Bank’s Study Loans Interest Rates, Documents, Eligibility, and Paper. ICICI Bank provides education loans of up to Rs. 50 lakhs for studies in India and Rs. 1 crore for studies conducted. The biggest disadvantage of an ICICI education loan is that the repayment holiday is limited to 6 months after the course completion, regardless of employment status.
PNB provides a variety of student loans with low-interest rates and up to a 15-year repayment period. The repayment period, however, can vary depending on the loan. Higher education (in India or abroad), technical education and training, education at prestigious institutions, and higher education in Delhi are all eligible for an education loan. The loan is also available to people who were born abroad but want to pursue higher education in India.
To live a complete, effective, and comfortable life, every child requires a good education. Unfortunately, such an education is not affordable for anyone who needs it. This is where student loans come in useful. Education loans are funds provided by banks and financial institutions to deserving students in order to assist them in pursuing their desired course of study. The Avanse DHFL Education Loan Interest Rate is very competitive for education in India’s best institutes as well as study abroad. Education loan interest rates are variable and vary with changes in the MCLR. The interest rates on Avanse DHFL Education loans range between 12.75 percent and 12.75 percent.
India’s maximum loan amount is Rs.20 lakh. Without collateral, Rs.35 lakh; with collateral, no limit. Education loans are available from HDFC Bank in three different forms. The loan comes with several benefits and can be obtained at a low interest rate. The loan will be paid back in 15 years.
An Indian national who has been admitted into a recognized institution to study professional or technical courses.
Permanent employees who have been with an employer for at least three years and who wish to pursue higher educational qualifications and have been accepted into a reputable institution.
Students interested in pursuing higher education
Six-month or longer certificate courses are available. It is available as a full-time, part-time, or vocational course leading to graduation or post-graduation in engineering, management, medical, hotel management, architecture, and other fields.
The Applicant’s Age
Non-employed personnel will operate for up to 35 years.
Working employees/executives may be up to 45 years of age.
Criteria of Appraisal
A good academic record is required, with at least 50% in the qualifying exams.
The guarantors’ net worth and credit history (CIBIL)
A letter of acceptance from a valid educational institution
Max Loan Amount
In India, the study can cost up to ten lakh rupees, with a minimum margin of money (student/family contribution) of 5% of the total cost. For studies abroad, some banks offer up to 20 lakhs, but some banks offer up to 30 lakhs with a minimum margin of money (own contribution by student/family) of 15% of the total cost.
Section 80E of the Income Tax Act of 1961 allows you to deduct the interest you pay on your education loan. Individual borrowers are eligible for this advantage, which is only available for the purpose of higher education. The deduction applies to all fields of research, both in India and abroad. It also includes both educational and normal courses. Interest paid on loans for the education of self, spouse, children, or a student for whom he or she is the legal guardian is eligible.
This benefit is available for 8 years from the date you began repayment or until the interest portion of your loan is paid back, whichever comes first.
| Interest Rates | 8.40% onwards |
| Minimum Tenure | 5 years |
| Moratorium Period | 1 year |
| Minimum Loan amount | Rs.50,000 |
| Maximum Loan without collateral | Rs.4,00,000 |
| Age | Under 35 years |
12 November, 2024
11 November, 2024
11 November, 2024
