Quick Answer: Which Bank Provide Education Loan Easily?

Which bank has lowest interest rate on education loan?

Compare Top Education Loan Offers 2020Education Loan SchemesInterest RateProcessing FeesPNB7.30% onwards1% of loan amountSBI7.97% p.a.

– 10.05% p.a.Rs.10,000 + taxAxis13.70% to 15.20%Nil to Rs.15,000 + taxBank of Baroda8.25% to 10%*1% of loan amount up to Rs.10,0007 more rows.

How can I get education loan from Bank?

WHAT YOU NEED FOR AN EDUCATION LOANCo-applicant is a must; can be parents, spouse, siblings.For loans between Rs 4-7.5 lakh third-party guarantor is required.For loans above Rs 7.5 lakh lender will ask for collateral.Repayment starts six months to one year after completion of the course.More items…•

Can I get 50 lakhs education loan?

Educational loans in India can vary between Rs. 1 lakh to upwards of Rs. 30-50 lakh.

How can I get 3 lakh loan?

3 lakh Personal Loan:Provide your personal, financial, and employment data.Choose the loan amount and repayment tenor to avail quick approval.Provide the required documents to our representative, who will come at your doorstep.Receive your personal loan in your bank account within 24 hours.

Which bank is best for education loan?

Best Banks for Education Loan in India 2020 (up to 7.50 Lakhs)#1. HDFC Bank Education Loan.#2. Axis Bank Education Loan.#3. Vijaya Bank Education Loan.#4. Union Bank of India Education Loan.#5. State Bank of India Education Loan.#6. Punjab National Bank Education Loan.#7. ICICI Bank Education Loan.#8.More items…

Is it easy to get education loan?

Easily available: Education loans are widely and easily available. In fact, they are a priority product in all banks as per the RBI’s guidelines. Varied loan amounts: Banks can offer loans anywhere between Rs. 2 lakhs and Rs.

What is the EMI for 20 lakhs home loan?

Housing Loan Interest CalculatorEMI for various home loan amounts15 years20 years₹ 20 Lakh₹ 17,921₹ 15,446₹ 25 Lakh₹ 22,401₹ 19,308₹ 30 Lakh₹ 26,881₹ 23,169₹ 50 Lakh₹ 44,802₹ 38,6151 more row

How is EMI calculated for education loan?

Follow these steps to calculate your EMI Amount:Use the slider for Selecting the Loan Amount.Select the Loan Tenure in Months using slider.Move the slider and select the Interest Rate.Recalculate your EMI anytime by changing the input sliders.EMI will be calculated instantaneously when you move the sliders.

How do I get an interest free education loan?

Many scholarships availed by foundations like Tata Trust, KC Mahindra Trust, etc. effectively offer 0% interest scholarships. Secondly, if your annual family income is below INR 4.5 Lakhs, government offers subsidy on the interest for the moratorium period which is the course period plus 6 months/1 year.

How do I get a low interest student loan?

If you’ve already used up your federal student loans, here’s how to find low interest student loans:Have good credit.Focus on debt to income.Get a cosigner.Choose a shorter repayment term.Look for discounts.Compare lenders.

How much percentage is required for education loan?

The bank filed the present appeal saying candidates who have secured 60% marks and above alone are eligible to get education loan as they alone can be treated as meritorious candidates.

Can I get 20 lakhs education loan?

The Credit Guarantee Fund for Education Loans (CGFEL) Scheme provides a guarantee for education loan dispersed by banks under the Model Education Loan Scheme of Indian Banks’ Association (IBA). … Under the CGFEL scheme you can get a loan up to Rs 10 lakh for study in India and up to Rs 20 lakh for studying abroad.

What is the EMI for education loan?

EMIs for educational loans can be broadly classified as the EMI paid during the loan disbursal or the EMI paid back after getting the loan. Pre-EMI: Pre-EMIs are the payments that are made towards the interest component of the education loan which is disbursed in parts.

Who is eligible for an education loan?

Education Loan Eligibility Tabular representationParticularsEligibilityAgeMinimum- 18 years Maximum- 35 yearsAcademic recordProven- goodQualificationPursuing graduate/postgraduate degree or a PG diploma.Income sourceParents/Guardians5 more rows

What is the maximum amount of education loan?

The banks can finance up to 100% of the loan depending on the amount. Currently, for loan up to Rs 4 lakh, there is no margin money required. For studies in India, 5% of the required money has to be financed by the applicant. On the other hand, for studies overseas, the required margin money increases to 15%.