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Education Loans

EDUCATION LOAN IN INDIA:

The basic education is something which can be done easily or without hassle. The problem arises when a person tries for higher education or any prior specialization. Education Loan is been provided by various banks on their own term and conditions. Even there are certain parameters which they follow and provide the loan. The amount of the loan is definitely depending upon the course which the student wants to pursue.

Sometimes some certain colleges also tie up with banks and it become easy to get loan on behalf of that. To get loan from any bank the most important thing that a college should obtain is the approval certificates and also student should have all the required education certificates on behalf of that only the loan will get sanctioned.

We need education loan because of higher studies to pursue. Basically graduation or post graduation courses required lots of expenses because of various segments. To pursue any specialization or any kind of courses students do shift from one place to another. Not all the families always can afford the charges. It is a kind of aid or help from the banks to the students.

For this kind of study shifting one has to pay for study, food and lodging. The expense varies from place to place. There are several eligibility or criteria to follow for education loan.

There are various schemes which are been introduced by the banks for certain kind of courses. Education Loans are mainly available for the professional courses. The scheme extends a helping hand to meritorious students desirous of pursuing basic/higher/professional/technical education either in India or abroad.

The Process of Getting the Education Loan or Eligibility:

A student who is an Indian Citizen/Resident who has secured admission in any of the graduate/post-graduate courses offered by college/institute/university recognized by UGC/AICTE/AIBMS/ICMR is able to get Education Loans from the leading banks. Applicant must have secured admission to professional/technical course through Entrance Test/Selection Process. Candidate should have secured admission to foreign University / Institution.

No maximum or minimum income is prescribed for parents/family. But bank checks the potentiality if the candidate can refund the amount in future or not.

QUANTUM OF LOAN

Need based finance subject to repaying capacity of parents/students with following ceilings:

Studies in India: Maximum Rs.15 lac

Studies Abroad: Maximum Rs.20 lac.

WHICH COURSES CAN ONE TAKE AN EDUCATION LOAN FOR?

You can take a student loan for Indian education on the following courses:

Banks don’t prefer providing loans for students with a bachelor’s/master’s in Arts. But there is no hard and fast rule. Also, for courses where employment prospects are less (as per Bank’s own evaluation), loans are sanctioned on the basis of the parents’ income.

WHICH EXPENSES DOES THE LOAN COVER?

Any other expense required to complete the course – like study tours, project work, thesis, etc

IS THERE A NEED OF A CO-APPLICANT?

IMPORTANT FOR EDUCATION LOAN:

HOW MUCH LOAN, ONE CAN GET?

Loan for Studies in India Most of the Public Sector Banks in India have categorized Student Loans like these-

Repayment – Course period + 1 year or 6 months after getting job, whichever is earlier.

(AMOUNT AND RATES MENTIONED ARE LIABLE TO CHANGE AS PER INDIVISUAL BANK)

WHAT ARE THE DOCUMENTS REQUIRED FOR APPLYING A STUDENT LOAN?

All students are required to submit

WHAT IS THE INTEREST RATE CHARGED FOR STUDENT/EDUCATION LOAN?

Some banks, such as SBI, give a choice between fixed and floating interest rate. Whereas, private and foreign banks offer loans with a fixed interest rate, some banks charge interest on a daily or monthly reducing balance. But finally this depends on individual bank’s decision.

WHICH BANKS ARE OFFERING EDUCATION LOANS IN INDIA?

Most of the Private Sector banks, Foreign Banks and Public Sector Banks in India are providing Student Loans.

 AUTHORIES –

AXIS BANK

Website –http://www.axisbank.com/personal/loans/studypower/Education-Loan.asp

BANK OF INDIA

Website – http://www.bankofindia.com/eduloans1.aspx

HSBC

Website- http://www.hsbc.co.in/1/2/personal/loans/educational-loan

Andhra Bank

Website http://andhrabank.in/english/EduLoans.aspx

Allahabad Bank

Website- http://www.allahabadbank.com/education.asp

Bank of Baroda

Website- http://www.bankofbaroda.com/pfs/eduloans.asp

Bank of Maharashtra

Website – http://www.bankofmaharashtra.in/credit_fac_edu.asp

Bharat Overseas Bank

Website – http://www.bharatoverseasbank.com/loansaras.asp

Canara Bank

Website- http://www.canarabank.com/English/Scripts/CanEduLoan.aspx

Central Bank of India

Website – http://www.centralbankofindia.co.in/site/MainSite.aspx?status=2&menu_id=164

 Citi Bank

Website – www.studentloan.com/privatestudentloans/index.htm

 City Union Bank

Website – http://www.cityunionbank.com/english/PreLoans.aspx

Corporation Bank

Website – http://www.corpbank.com/asp/0100text.asp?presentID=110

 Dena Bank

Website – http://www.denabank.com/viewsection.jsp?id=0,4,26,68

 HDFC -CREDILIA

WEBSITE – http://www.credila.com

 HSBC

Website – http://www.hsbc.co.in/1/2/personal/loans/educational-loan

 ICICI Bank

Website – http://www.icicibank.com/ebor/personal-banking/loans/education/index.html

 Indian Bank

Website – http://www.indianbank.in/education.php

 Indian Overseas Bank

Website – http://www.iob.in/Vidya_Jyothi.aspx

 IDBI Bank

Website – http://www.idbi.com/loan_Education_Loan.asp

 ING Vysya Bank

Website – http://www.ingvysyabank.com/scripts/educationloan.aspx

 Karnataka BanK

Website- http://karnatakabank.com/ktk/Loans.jsp#

Oriental Bank of Commerce

Website – www.obcindia.co.in/obcnew/site/inner.aspx?status=2&menu_id=40

 Punjab & Sind Bank

Website – http://www.psbindia.com/education.php

 Punjab National Bank

Website www.pnbindia.in/en/ui/EducationLoanScheme.aspx

 SBI Commercial and International Bank

Website – http://www.sbici.com/educationloan.htm

 South Indian Bank

Website – http://www.southindianbank.com/content/viewContent.aspx?linkIdLvl2=12&linkId=85

 State Bank of INDIA

Website – http://www.sbi.co.in/user.htm

 Syndicate Bank

Website – http://www.syndicatebank.in/scripts/educationloan.aspx

 UCO Bank

Website – http://www.ucobank.com/loan.htm

Union Bank of India

Website- http://www.ubt.com/personal/studentloans.html

 United Bank of India

Website – http://www.unitedbankofindia.com/English/EduLoanForm1.aspx

 Vijaya BanK

Website- http://vijayabank.com/vijaya/vijaya/internet-en/menus/loans-advances/retail-lending-schemes/educational-loans.html