5 Amazing Gold Mine for Education Loan
You’re at the right place if you’re looking for an education loan.
The simple criteria to choose an education loan is to look for less interest rate and more extended payment period.
There are so many financial institutions offering education loan with different criteria.
The interest rate varies from 8.30% to 12.30%.
There are some loans which are liable for some relaxation/waiver from the government. Some banks also offer less interest rate for girls.
Some points for consideration
- Interest Rate
- Waiver Period
- Loan approval
- Ease of payment
- Processing fee
- Tax benefits
Early payment benefits
After assessing the individual need; you can make an appropriate choice from the information given below.
Here’s the latest information regarding education loan offered by various banks in India as of 2018.
Let’s have a quick look!
1.State Bank Of India:
SBI offers a lucrative education loan and has salient features which hit the top of our list. All the Indian nationals are eligible for the credit. It provides loan for students pursuing higher education in India and abroad. It does not charge any processing fee for the education/student loan. It gives a long repayment time of up to 15 years. It covers all the courses from graduation to the doctorate. It includes all the expenses of the class of study including examination fees, books/library fees, caution deposits, etc. It offers maximum 10 Lakh rupees of loan for studying in India and Rs 20 Lakh for abroad. There is no need for the collateral contract for an amount up to Rs 7.5 Lakh, and no margin required for an amount up to Rs 4 Lakh. The interest rate varies as per the institution in which the admission secured.
2. Axis Bank:
When the need is significant, axis bank can cater you the best solution. It offers loan of minimum amount Rs 50,000 and a maximum amount of Rs 75 LAKH. Yes, the education loan scheme designed in such a way that it caters both (national and international students’) need. The rates are so nominal, as low as 8.30%. It covers all the expenses involved in the course of study. The loan approved within 15 days of receiving the documents. No margin required for Rs 4 Lakh. The loan disbursed as per the need. It may spend quarterly or annually; whichever required.
Credila is a subsidiary of the HDFC bank. Credila offers specialized education loans and customizes as per the need of the borrower. Credila helps save taxes! Flexible payment of EMI is also available. Credila is a dedicated loan provider and has unmatched qualities and world-class services. It offers 100% finance, doorstep service, loan before admission, quick and hassle-free process and most importantly attractive interest rates. It offers loan of more than 20 Lakh also.
4. Punjab National Bank:
A reputed name in the banking sector, which established in 1884. The bank has three types of education loans, which summarised in this article. The interest rate for an amount up to 4 Lakh is 12.75%, and for an amount between 4 Lakh and 7.5 Lakh, the interest rate is 13.75% and 13.25% for an amount exceeding 7.5 Lakh. For study in India, the amount is 10 Lakh and 20 Lakh for abroad.
5. United Bank of India:
For a cheaper interest rate, this is a perfect choice. It offers loan of Rs 10 Lakh for studying in India and Rs. 20 Lakh for studying in foreign. For the loan amount up to Rs 4 lakh, the payment can be made within seven years. It covers graduation, post graduation, professional and vocational courses. It also includes all the expenses of the course of study. No collateral required for loan upto Rs 7.5 Lakhs. The repayment allowed is of 15 years. The interest rate for loan upto 7.5 Lakh is nearly 10.80% and an amount exceeding 7.5 Lakh the interest rate is 10.75% with some adjustments.