Education Loan

Smart money for a bright future!

Education loan is offered by leading banks in India to help students achieve their academic dreams. Education loan Interest rates start from 9.50% p.a. with loan tenures of up to 15 years. Education loans are offered for higher education in both India and abroad. What courses are eligible for an education loan will be decided by the lender. You can get an education loan for studies starting from Nursery. For higher studies, you can get a loan for full-time as well as part-time courses, and loans for working professionals.

Get 2 crores to fund your dreams

*T&C Apply | Rate of Interest Linked with Repo Rate and subject to changes as per RBI circulars

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Know More about EDUCATION LOAN

ELIGIBILITY CRITERIA

The following people are eligible to apply for a Loan Against Property:

~ Indian citizens
~ Non-Indian Residents (NRIs)
~ Overseas Citizens of India (OCI)
~ Persons of Indian Origin (PIOs)
~ Students born to Indian parents abroad and wish to study in India

DOCUMENTS REQUIRED

The following documents are required to apply for a Education Loan:

~ Admission letter from the educational institution
~ Marksheets (previous education – school/college)
~ Age proof
~ ID proof
~ Address proof
~ Signature proof
~ Salary slips, if applicable
~ Recent bank account statements
~ ITR with income computation, if applicable
~ Audited balance sheet, if applicable
~ Recent bank statements
~ Proof of turnover (service tax return/sales receipt), if applicable
~ Completed application form with signature
~ Latest passport size photographs
~ Appropriate Visa for studies abroad, as applicable

Rack Rate of Interest (ROI)

~ Salaried- 11.50% to 18% per annum

Processing Fee / Loan Processing Charges

1% to 2% one time on the sanctioned loan amount.

The processing fee depends on the credit decision of Financial Institution providing the sanction. At no given point does BazaarMoney / its employees / partners solicit Processing Fee to be paid to our own account. This fee is directly payable to the Financial institution.

Premature Closure Charges

The Premature Closure Charges depends on the credit decision of Financial Institution providing the sanction. At no given point does BazaarMoney / its employees / partners solicit Premature Closure Charges to be paid to our own account. This fee is directly payable to the Financial institution.

Frequently Asked Questions about EDUCATION LOAN

Features of Education Loan

~ Loan financing up to Rs. 2 crore available.
~ Loan repayment tenure up to 15 years.
~ Get Education loans for studies in India and abroad.
~ Some lenders offer loan disbursal before applying for a Visa.
~ Door-step service to collect required documents.
~ Children of the bank’s employees enjoy preferential rates at several banks.
~ Certain banks offer concessional interest rates to female students.
~ Enjoy a moratorium period of up to 1 year after course completion. During this period, you do not have to make payments on the loan.
~ Enjoy tax benefits up to 8 years on the interest paid.

Which Courses are covered by Education Loan?

~ Undergraduate programs
~ Postgraduate programs
~ Doctoral courses and PhDs
~ Certificate courses with 6 months or longer duration
~ Job-oriented courses
~ Technical/diploma/professional courses

List of Expenses covered under Education Loan

Here’s what the loan amount will cover:

~ Tuition fees
~ Hostel fees
~ Travel expenses passage money for students studying abroad
~ Insurance premium
~ Cost of books/equipment/instruments/uniform
~ Examination/laboratory/library fees
~ Cost of a computer/laptop required for course completion
~ Caution deposit, building fund/refundable deposit supported by institution bills/receipts
~ Any other expense required to complete the course such as study tours/thesis/project work

How is Education Loan repaid?

The loan repayment period usually starts 6-12 months after completing your course or when you get a job, whichever occurs first. Different lenders provide different moratorium periods to applicants to repay the loan. You will have to repay your loan through EMIs.

Here are the different modes of repayments usually available:
~ Internet Banking – Pay online through the lender’s website or mobile app.
~ Cheque – Drop a cheque at any of the branches.
~ Direct Debit/NACH – Set up recurring payments for your EMI to be directly debited from your bank account on the payment due date.
~ Demand Draft – Pay through a DD.

The preferred method of repayment varies between lenders. Therefore, it is advisable to check with your lender when taking the loan. If money is the only obstacle in your way from achieving your professional goals, then consider taking an education or student loan to fulfil your goals. You can get collateral-free goals wherein you need not provide any security to the lender and your repayments will not start immediately after graduation.