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Education Loan

The Government of India has recently launched a website called Vidyalakshmi.com in order to make the facility of educational loans easier for students.

Apart from this the Government of India has also implemented various schemes and project to assist the underprivileged students like ‘Education Loan Interest Subsidy Scheme’. Such schemes are specially designed to provide interest subsidy during the period of moratorium and help the underprivileged students to successfully achieve their ambitions in various fields. 

 (www.itiedvest.com) We provide easy finance schemes to students 

Education Loans from Top Indian Banks

Lender.

Loan Amount/ Interest Rate.

Max. Loan Amount

Repayment Tenure

State Bank of India (Base Rate- 9.70%)

Upto Rs.4 lakhs / 13.35% p.a (base rate + 3.65%) Between Rs.4 lakhs- Rs.7.5 lakhs / 13.60% p.a(base rate + 3.90%) Above Rs.7.5 lakhs / 11.60% p.a (base rate + 1.90%)

Studies in India- Rs.10 lakhs Studies Abroad- Rs.30 lakhs

5-7 years

Axis Bank (Base Rate- 9.95%)

Upto Rs.4 lakhs / 16.95% p.a (base rate + 7.00%) Between Rs.4 lakhs- Rs.7.5 lakhs / 17.95% p.a (base rate + 8.00%) Above Rs.7.5 lakhs / 15.95% p.a (base rate + 6.00%)

Studies in India- Rs.10 lakhs Studies Abroad- Rs.20 lakhs

Maximum 7 years

Punjab National Bank (Base Rate- 10.00%)

Upto Rs.4 lakhs / 12.00% p.a (base rate + 2.00%) Between Rs.4 lakhs- Rs.7.5 lakhs / 13.00% p.a(base rate + 3.00%) Above Rs.7.5 lakhs / 12.50% p.a (base rate + 2.50%)

Studies in India- Rs.10 lakhs

Loans upto Rs.7.5 lakhs : 10 years Loans above Rs.7.5 lakhs : 15 years

Avanse Education Loan (Avanse Base Lending Rate- 11.50%)

Calculated individually based on course being pursued and the accompanying cost.

Minimum- Rs.50,000 Maximum- No Limit

Minimum Repayment Tenure- 12 months Maximum Repayment Tenure- 120 months

Education Loan Application Checklist:

No.

Things to Do.

Yes/No?

1.

Confirm upon applicable educational course (University, location, costs, etc.)

2.

Compare all available educational loans on BankBazaar.

3.

Basic Documents to Keep Ready- Address, Age and Nationality Proof.

4.

Attested Marks Cards- Starting from SSLC/10th Std.

5.

Admission Letter as issued by the admitting School/College/Institute.

6.

All essential documents issued by the admitting School/College/Institute, including prospectus,

breakup of fees, etc.

7.

Letter from admitting School/College/Institute that stipulates non-availability of hostel facility.

8.

Income Proof- Bank statements (6 months), Salary slips (3 months) & ITR of Parent/Guarantor.

9.

Passport sized photographs (2 nos. each) for applicant, guarantor and parent.

10.

Studying Abroad- Employment Contract.

11.

Studying Abroad- Entry Permit (Validity, issuing authority etc., must be noted).

12.

Studying Abroad- Admission letter & I-20 form from Foreign Institution.

13.

Studying Abroad- Passport & Visa.

14.

Documents confirming upon the security/collateral.

15.

Substantiating documents if immovable property is offered as security.

16.

Affidavit confirming that NO education loans have been availed or defaulted on with regards

to other banks or financial institutions.

17.

If Employed- Resignation letter, Acceptance of Resignation letter or Sanction letter for study leave.

Documentation Required When Applying for an Education Loan

When applying for the loan, the lender in question will ask for a number of documents that prove your eligibility in terms of your student status, family income, ID and address proof, course applied for, and other such factors.

Completed loan application form.

·         Documents for proof of age (self-attested).

·         ID and Address proof.

·         Passport sized photographs of the applicant, guarantor, etc.

·         Copies of highest educational qualification (degree/post-graduation, etc.)

·         Proof of income (IT returns of parents/guarantor).

·         Six months bank statement for account held by applicant/parent/guarantor.

·         Details of collateral security marked by a Government approved valuer (if applicable).

·         Passport/Visa copy, airfare cost as established in documents (for studies abroad).

 

Educational Loan FAQs

1.    What are the courses in India for which education loans are available?

 

Any of the following courses, as offered by recognized universities, is eligible for an education loan in India-

o    Professional courses including Engineering and Medicine, Interior Design, Fashion Design etc.

o    Management courses (both full time and part time)

o    ICWA, CA, CFA etc.

o    Courses conducted by IIMs, IITs, IISc, XLRI. NIFT,NID, EXIN as NSDC partner etc.

o    B.A/B.Com/M.A/M.Com/MCA/MCM etc.

o    Architecture, Agriculture studies, Fine Arts and Designing courses and other skill oriented courses as NSDC partner etc.

o    Hotel and Hospitality.

o    Courses such as SAP , ERP , GNIIT , Air Hostess Training programmes etc.

o    Distance learning programs and online certifications.

o    Degree/Diploma courses like Aeronautical, pilot training, shipping, etc.,

o    Aircraft Maintenance Engg, Pre-Sea Training courses and the like.

o    Nursing and Para Medical courses (includes admission via management quota).

o    Courses offered by reputed institutes that assure employment and are Govt. certified.

o    Courses offered in India by reputed and certified foreign universities.

o    All courses listed here- www.ugc.ac.in , www.education.nic.in and www.aicte-india.org

 

2.    What is the age restrictions for subscribing to an education loan?

 

Generally, there are no restrictions. Most banks and financial institutions do not impose this rule. However, certain lenders do mark an age limit spanning from 16-35 years.

3.    Aside from the fee payable to the school/college, what other expenses are covered by the loan?

 

o    Towards the purchase of books, uniforms, equipment and instruments.

o    Purchase of computers/laptops, if deemed necessary for the completion of the course.

o    Fees paid for Exams, Library, Laboratories, Hostel, etc.

o    Building fund, Caution deposit, Refundable deposit (must be supported by receipts/bills).

o    Costs incurred in travel, for studies abroad.

o    Additional costs that are required to successfully complete the course, including but not limited to, Study tours, Thesis work, Projects, etc.

 

4.    Does taking an education loan entitle me to any tax benefits?

 

Not immediately. However, after you start repaying, you are free to deduct the loan interest amount from your total income when calculating tax.

5.    How does the bank track my educational progress through the course period?

 

The applicant is expected (and mandated) to submit his/her progress reports periodically. The progress reports could be mark sheets or a suitably attested letter from the applicant’s school/college.