HDFC Bank –
HDFC Bank offers education loans with preferential interest rates for reputed colleges.
The maximum amount of loan – Up to Rs. 20 lakhs
Processing fees – Up to 1.5% of the Total loan amount
HDFC education loans can be availed before the student has secured admission to the university. Borrowers enjoy flexible security collateral. If you want to study well to brighten the future and are searching for the best loan provider for that. So you can click on Interest-Free Education Loan, which provides education loans with less paperwork and faster processing.
State Bank of India –
SBI finances international higher education for job-oriented professional and technical graduates as well as postgraduate degree courses. examples of these courses are MBA, MCA, MS, diploma courses at reputed universities, etc. The loan offered by SBI covers tuition fees, exam fees, lab fees, library fees, caution deposits, books and equipment costs, travel expenses, etc.
Maximum loan amount – Rs. 30 lakhs
Collateral security required – For loans above Rs. 7.5 lakhs
Loan margin – 15% for SBI education loan borrowers
Interest rate – Up to 2% on the current base rate of SBI
Repayment tenure – 1 year to 15 years
SBI offers a moratorium period where the entire interest can be repaid so that when the actual loan repayment tenure starts the monthly instalment can be just the principal amount. The borrower has to submit a college admission letter, completed loan application form, course costs, co-applicant details, and other KYC documents to the bank then click here education loan.
Axis Bank –
Students can take loans for technical, professional courses, or career-oriented courses. The whole process of getting an education loan with Axis bank is very easy and simple. The loan covers hostel fees, tuition fees, book costs, etc.
The maximum amount for a loan – is Rs. 20 lakhs
The minimum amount for a loan – is Rs. 50,000
Interest rate – The range varies from 16.5% to 17.5% with special rates for women
Loan margin – Not needed for a loan below Rs. 4 lakhs. For loans above Rs. 4 lakhs, 15% has to be brought in by the borrower
Processing fee – None
Education loans require a parent or guardian to act as a co-applicant, with a third-party guarantee or collateral security, if applicable. Axis Bank might also consider LIC policy for 100% of the loan amount but it depends from case to case.
Punjab National Bank –
PNB Udaan is a special education loan scheme for Indian students who are planning to study abroad. The loan is only available for students who have got admission for graduate or post-graduate courses which vary from diplomas, job-oriented professional or technical courses, CIMA/CPA courses, etc. The PNB loan covers various expenses which include university fees, travelling expenses, exam fees, lab fees, library fees, book/equipment fees, and other related expenses.
Maximum loan amount – PNB sanctions loans according to the requirement of the borrower,
Loan margin – 15% for loans above Rs. 4 lakhs. For loan amounts below Rs. 4 lakhs, the loan margin is not needed. Assistantship and scholarships can be added to the loan margin. PNB offers the base rate as the
Interest rate – Base rate for pursuing the education at the top 200 universities across the world
Moratorium period – Up to a year with no prepayment charges levied by the bank
Processing fees – 1%
The tenure options which are available for PNB education loan borrowers are up to 15 years.
Bank of Baroda –
Under the Baroda Scholar scheme, admission secured for professional and technical courses at reputed foreign universities is sanctioned for education loans.
The maximum amount for a loan – Up to Rs. 20 lakhs
Loan margin requirement – 15%
Amount Repayment tenure – Loans taken up to Rs. 7.5 lakhs can be repaid within 10 years and loans above Rs. 7.5 lakhs can be repaid within 15 years
Borrowers can get a holiday or moratorium period of six months to one year after getting employment. Security is not needed for loans below the amount of Rs. 4 lakhs. A third-party guarantee is required for loans between Rs. 4 lakhs and Rs. 7.5 lakhs and tangible collateral security are required for loans above Rs. 7.5 lakhs.
Canara Bank –
The Canara Bank education loan covers various expenses university fees, travel costs, exam fees, lab fees, library fees, book/equipment fees, and other related expenses. Education loan has to be taken with a co-borrower and 100% collateral security is required for loans above Rs. 7.5 lakhs.
The maximum amount for a loan – up to Rs. 20 Lakhs
Loan margin – 15% for loans taken above Rs. 4 lakhs
Repayment tenure – Can be up to 10 years for loans below Rs. 7.5 lakhs and up to 15 years for loans above Rs. 7.5 lakhs.
Security – Not needed for loans below Rs. 4 lakhs. A third-party guarantee has to be given for loans from Rs. 4 lakhs to Rs. 7.5 lakhs.
IDBI Bank –
The IDBI education loan covers various expenses like university fees, travel, exam fee, lab fee, library fee, the cost of computers, book/equipment fees, and other related expenses. IDBI Bank sanctions loan amount according to the requirement of the borrower, with no security needed on loans below Rs. 4 lakhs.
Maximum amount loan – Up to Rs. 20 lakhs
Repayment tenure – Up to 10 years for loans below Rs. 7.5 lakhs and up to 15 years for loans more than Rs. 7.5 lakhs
A third-party guarantee is needed for loans between Rs. 4 lakhs and Rs. 7.5 lakhs. An education loan has to be taken along with a co-borrower. 100% collateral security is required for loans more than Rs. 7.5 lakhs
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