Education Loans
Education loan is a financial support for students who wish to pursue higher education .You need to be an Indian resident having secured admission in any of the bank’s list of approved course or universities. 100% loan is available for select courses. Repayment holiday/ moratorium would be for the course period + 1 year or 6 months after the student gets a job/start earning whichever is earlier. A co-applicant may be required for all Full-Time courses.
Age Limit
16-35 years of age can apply take this loan.
Documents to be submitted:
1. Marks sheet of qualifying examination.
2. Proof of admission from the educational institution.
3. Schedule of expenses issued by the educational institution.
4. Passport size photograph (2 copies)
5. Proof of residence (voters ID Card, passport, Driving License. Etc)
6. Proof of income (Parent / Guardian)
7. Mortgage documents wherever required.
Loan Amount
Studying in India - Max Rs. 10 Lakhs / Studying abroad - Max Rs. 20 Lakhs
Tax Benefit
Repayment of an education loan is deductible under section 80E of the Income Tax Act.
Purpose: Expenses covered in loan
Loan covers Tuition Fees, Exam Fees & Purchase essentials like Books, uniforms, Computers etc.
Security
Up to 4.00 - No security
Above Rs. 4.00 lakhs and up to 7.50 lakhs - Third party guarantee.
Above – 7.50 lakhs - Collateral security equal up to 100% of the loan amount. The acceptable collaterals are:
(a) Fixed deposits
(b) Property (Residential)
Rate of Interest
Varies from banks to bank
Repayment
Repayment Starts one year after completion of the courses or six months after getting own employment. Loan to be cleared within 5 to 7 years.
List of Banks Providing Educational Loans :
ALLAHABAD BANK
CATHOLIC SYRIAN BANK
PUNJAB NATIONAL BANK
ANDHRA BANK
CENTRAL BANK OF INDIA
STATE BANK OF HYDERABAD
AXIS BANK
CENTURION BANK OF INDIA
STATE BANK OF MYSORE
BANK OF BARODA
DENA BANK
STATE BANK OF INDIA
BANK OF INDIA
FEDERAL BANK
SYNDICATE BANK
BANK OF MAHARASHTRA
HDFC BANK
UCO BANK
BANK OF PUNJAB
HSBC BANK
UNION BANK OF INDIA
BHARATH OVERSEAS BANK
IDBI BANK
VIJAYA BANK
CANARA BANK
INDIAN BANK
Education loan is a financial support for students who wish to pursue higher education .You need to be an Indian resident having secured admission in any of the bank’s list of approved course or universities. 100% loan is available for select courses. Repayment holiday/ moratorium would be for the course period + 1 year or 6 months after the student gets a job/start earning whichever is earlier. A co-applicant may be required for all Full-Time courses.
Age Limit
16-35 years of age can apply take this loan.
Documents to be submitted:
1. Marks sheet of qualifying examination.
2. Proof of admission from the educational institution.
3. Schedule of expenses issued by the educational institution.
4. Passport size photograph (2 copies)
5. Proof of residence (voters ID Card, passport, Driving License. Etc)
6. Proof of income (Parent / Guardian)
7. Mortgage documents wherever required.
Loan Amount
Studying in India - Max Rs. 10 Lakhs / Studying abroad - Max Rs. 20 Lakhs
Tax Benefit
Repayment of an education loan is deductible under section 80E of the Income Tax Act.
Purpose: Expenses covered in loan
Loan covers Tuition Fees, Exam Fees & Purchase essentials like Books, uniforms, Computers etc.
Security
Up to 4.00 - No security
Above Rs. 4.00 lakhs and up to 7.50 lakhs - Third party guarantee.
Above – 7.50 lakhs - Collateral security equal up to 100% of the loan amount. The acceptable collaterals are:
(a) Fixed deposits
(b) Property (Residential)
Rate of Interest
Varies from banks to bank
Repayment
Repayment Starts one year after completion of the courses or six months after getting own employment. Loan to be cleared within 5 to 7 years.
List of Banks Providing Educational Loans :
ALLAHABAD BANK
CATHOLIC SYRIAN BANK
PUNJAB NATIONAL BANK
ANDHRA BANK
CENTRAL BANK OF INDIA
STATE BANK OF HYDERABAD
AXIS BANK
CENTURION BANK OF INDIA
STATE BANK OF MYSORE
BANK OF BARODA
DENA BANK
STATE BANK OF INDIA
BANK OF INDIA
FEDERAL BANK
SYNDICATE BANK
BANK OF MAHARASHTRA
HDFC BANK
UCO BANK
BANK OF PUNJAB
HSBC BANK
UNION BANK OF INDIA
BHARATH OVERSEAS BANK
IDBI BANK
VIJAYA BANK
CANARA BANK
INDIAN BANK