BANK LISTS
Education loan not only guarantees a good and profitable career, and thus a secure future, but it also earns you a lot of respect in society. However, given the rate of inflation, higher education is not cheap. In fact, whether you want to study in India or abroad, higher education is very expensive. Most parents find it difficult to fund their children’s higher education, leaving the children with no choice but to take out an education loan. The interest rate on education loans varies by bank and typically ranges between 9 and 15%.
Education Loan Eligibility Criteria
Most Indian financial institutions provide education loans to students pursuing higher education in India or abroad. If you are between the ages of 16 and 35, you can apply for a loan to further your education after high school. The loan can be used for graduate, vocational, or diploma programmes.
Age
Your age becomes an important criterion as a measure of your ability to repay an Educational Loan. As a rule, you will not be denied a loan if you are a salaried person aged between 16 to 35 years.
Guarantor
If your plans are to study abroad, then it is mandatory for you to have a co-applicant on your loan, who has to be a member of your immediate family. It is likely that some banks may require third-party security also. However, for amounts below 7.5 lakhs, many banks offer unsecured loans, which are without security. Over that amount, though, you may be required to submit additional security, such as a LIC policy or fixed deposit receipts for availing of the education loan.
Education Loan Interest Rates
Education loans offered by Omfinserv are multi-purpose loans that you can use according to your needs and discretion. You may choose from an array of loan options that offer varying interest rates based on the value of the loan you choose to apply for, and the term of your loan. Interest rates depend on your eligibility, income, credit score, and other such criteria.
| Bank Name | Interest Rate | Lowest EMI(per lack) |
|---|---|---|
| Central Bank OF India | 7.5% | 12000 |
| Standard Chartered Bank | 7.7% | 0.15% |
| Bajaj Home Finance | 7.8% | 11800 |
| HSBC Bank | 7.9% | 11800 |
| IDFC First Bank | 7.95% | 11800 |
| L & T Housing | 7.95% | 5900 |
| PNB Housing Finance | 7.99% | 0.25% |
| Kotak Bank | 8% | 11800 |
| DBS Bank | 8% | 11800 |
| Tata Housing Finance | 8.05% | 0.35% |
| HDFC Home Loan | 8.1% | 2360 |
| Yes Bank | 8.1% | 11800 |
| Bank of Baroda Home Loan | 8.1% | 11800 |
| RBL Bank | 8.1% | 0.50% |
| Federal Bank | 8.15% | 11800 |
| Axis Bank | 8.35% | 11800 |
| Hero Housing | 8.5% | 0.50% |
| Indiabulls | 8.75% | 1% |
| DMI Housing | 11.75% | 1% |
| Edelwessis | 11.75% | 1% |
| Shriram Housing | 12% | 1% |
| Vastu Housing Finance | 12% | 1% |
| Aditya Birla Housing | 9.5% | 0.50% |
| Capri Housing | 9.5% | 1.50% |
| Adhar Housing Finance | 10% | 1.50% |
| Ujjivan Housing | 11.5% | 1.50% |
| Chola Madalam | 11.6% | 1.25% |
| DCB Bank | 9.6% | 0.50% |
| ICICI HFC | 9.75% | 1% |
| Priamal Housing Finance | 10% | 0.75% |
| Fullerton Grahshakti | 10% | 1% |
Documents Required for Credit Card
Copy of the admission letter of the Institute along with the ‘fee schedule’
Mark sheets and/or pass certificates of SSC, HSC, Degree Courses, National level entrance test
| Duly Filled Application Form | Passport-Size Photographs Identity and Signature Proof Passport Pan Card Driving License Voter ID Aadhar Card Employee Identity Card in case of Government Employees |
| Address Proof | Bank Statement Rent Agreement Voter ID Ration Card Passport Bills Telephone Electricity Water Credit Card Bill Property Tax |
| Photo Identity Proof/ Age Proof | Voter ID Secondary School Leaving Certificate Birth Certificate Passport Aadhar Card Pension Payment Order Receipt of LIC Policy |
| Income Proof | Salary Certificate ITR 2 years Form 16 Advance Income Tax Paid Challans 3 years Assessment Orders Registration of Business |
EMI Calculator
An education loan EMI calculator can help you calculate your EMI. The EMI is calculated as of the end of the moratorium period. Some banks will even give women applicants a special discount on their education loans.
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