How To Get Education Loan For Engineering?
Education Loan for Engineering Courses – Documents required:
- Admission Letter.
- Detailed cost break-up of the engineering program.
- Duly filled application form with photographs.
- KYC documents.
- Guarantor’s bank account statement for the last six months.
- Guarantor’s IT Return for the last six months.
View complete answer
- 1 Can I get 20 lakhs education loan?
- 2 Can I get 7 lakhs education loan without collateral?
How much education loan can I get for btech in India?
Educational Loan – Vidya Lakshmi is a first of its kind portal for students seeking Education Loan. This portal has been developed under the guidance of Department of Financial Services, (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development) and Indian Banks Association (IBA).The portal has been developed and being maintained by NSDL e-Governance Infrastructure Limited.
The scheme envisages loans up to Rs.7.5 lakh for studies in India and up to Rs.15 lakh for studies abroad. For loans up to Rs.4 lakh no collateral or margin is required and the interest rate is not to exceed the Prime Lending Rates (PLR). For loans above Rs.4 lakh the interest rate will not exceed PLR plus 1 percent. The loans are to be repaid over a period of 5 to 7 years with provision of grace period of one year after completion of studies
Can I get 20 lakhs education loan?
Instant Loan for Students | Education Loan Apply Online | UBI
To the meritorious students to pursue higher / professional/ technical education in recognized institution in India & Abroad.
|2. STUDENT ELIGIBILITY
Should be an Indian national. Should have secured admission in India or abroad to pursue higher / professional/ technical education, through appropriate selection process and cleared the qualifying examination, if any. NRI student should hold Indian Passport & has secured admission to a course for studies in India only.
|3. AGE OF THE STUDENT
No restriction with regard to the minimum and maximum age.
The parent(s) of the student has to compulsorily join in as co-applicant. In case of a married person, co-applicant can be spouse/parent(s)/parent(s)-in-law. In cases where both the parents are not alive, close relative or guardian to be taken as co-applicant. The co-applicant should be Indian national
|5. ELIGIBLE COURSES**
| Courses covered in India:
Graduation / post-graduation / diploma courses from recognized universities Technical / professional / management courses PhD courses
Courses covered outside India:
Graduation / post-graduation degrees offered by recognized universities Certified degree courses conducted by CIMA, London, CPA, USA and other such institutes PhD courses Diploma courses abroad are not covered
|6. LOAN IN SUBSEQUENT YEARS OF COURSE
Educational loans can also be considered for eligible students in case they approach the bank in the subsequent years of the course provided the student has not availed loan for initial years from any other bank / FI.
Need based finance to meet the expenses will be considered taking into account margins norms. There is no restriction on maximum amount of loan that can be sanctioned under the education loan scheme. For NRI students Maximum quantum Rs.20 Lakhs & Rs.30 Lakhs for premium institutes.
Scholarship / assistance to be included in margin Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis
|9. EXPENSES CONSIDERED
Tuition fee payable to college/ school/ university Hostel / mess charges Examination/ Library/ Laboratory fee Insurance premium for the student borrower Caution deposit, Building fund/ refundable deposit supported by Institution bills/ receipts Purchase of books/ equipment’s/ instruments/ uniforms Purchase of computer/laptop at reasonable cost, if required for completion of the course Travel expenses/ passage money for studies abroad Admission acceptance fee Any other expense required to complete the course – like study tours, project work, thesis, etc.
|10. REPAYMENT TENURE
The maximum repayment tenure will be 15 years (after course & moratorium period) Irrespective of quantum of loan. The accrued interest during the moratorium period (if not serviced) will be added to the principal amount while calculating Equated Monthly Installments (EMI) for repayment.
|11. RATE OF INTEREST
to know our latest interest rates If interest is regularly serviced during the course and moratorium period, i.e. prior to the commencement of repayment, then the student is eligible for interest rebate. Simple interest will be calculated during course / moratorium period; subsequently compounding interest will be charged.
|12. EDUCATION LOAN SECURITY
The security required is as mentioned below:
Life insurance of the student is mandatory to the tune of the loan amount.
for EMI Calculator
ul> The loan shall be sanctioned / disbursed from the branch nearest to the place of domicile of the student Loan would be disbursed directly to the institute
**Conditions Apply** **Contact our nearest Branch for more details** for apply online loan
: Instant Loan for Students | Education Loan Apply Online | UBI
View complete answer
Can I get 6 lakh education loan?
Basic Criteria for Educational Loan One of the most vital questions that you may wonder about is the amount of the educational loan. In general, you can get up to 4 lakhs of educational loan for higher studies without any collateral. Under education loan scheme, you can get a maximum of 15 lakhs for studies in India and more 25 lakhs for abroad studies.
- When you take education loan up to 4 lakhs, only the student and the parent have to sign the document and no collateral are necessary.
- However, if your loan amount is between 4 lakhs and 7.5 lakhs, you will have to provide third party guarantee to the bank.
- If the loan is above 7.5 lakhs, you will have to furnish the bank with collateral documents.
These are documents of any securities like NSC which the bank can sell to recover the amount if you fail to pay. How to apply for an educational loan for higher studies? In order to apply for an educational loan, you will have to prepare a number of documents beforehand.
The process goes as follows: Once you have determined to study at an institution and completed the process of admission, then you will have to concentrate on taking out an educational loan. Here are the documents which you should keep ready: You will have to provide a proof of admission to the selected recognized institution.
Proof of your consistently high academic performance along with the last mark sheet will need to be produced. The cut-off marks generally differ from general students to reserved students. You need to produce a schedule of fees. Depending on the amount that you are applying for, you will need to produce income statement, statement of assets and liabilities etc.
- If you are going to study abroad, you need to produce your passport with a valid visa also.
- Your education loan will cover a number of things in addition to your tuition fees.
- These include hostel fees, exam fees, library fees, purchasing books, travel and other expenses for educational projects.
- After all the documents have been submitted and verified, you will have to appear for an interview.
It is best to know as much as possible about the course and the institutions that you have chosen. It takes around 15 days for an educational loan to be sanctioned. Once it has been sanctioned, you will get a promissory note which you will have to sign.
- In most cases, banks pay the institution directly and or to you.
- You should check the repayment clause.
- In most cases, repayment starts six months after the end of the course or as soon as you get a job – whichever comes earlier.
- Interest rates on educational loans depend on a number of factors.
- In general, they vary between 10% and 15% rates of interest.
You can claim tax deduction on the interest of the education loan. However, no deduction can be claimed on the principal. : Basic Criteria for Educational Loan
View complete answer
Can I get education loan without parents income?
Students pursuing full-time courses need to have a co-applicant who can be either parent/guardian or spouse/parent-in-law (in case of married candidates). The co-applicant must have a regular income source. A strong academic record facilitates speedy loan approval.
View complete answer
Can I get 7 lakhs education loan without collateral?
Frequently Asked Questions about Education Loan without Collateral – Ques. What are some top lenders to apply for a loan without collateral for abroad education? Ans. Some of the best lenders to apply for an education loan without collateral for abroad are:
Public banks like SBI, Bank of Baroda Private banks like ICICI Bank, HDFC Bank NBFCs like Incred, Auxilo Foreign lenders like Leap finance, Prodigy finance
Ques. What is the minimum percentage required to apply for an education loan for study abroad without collateral? Ans. While the percentage might differ with different education loan schemes, for a majority of loans, the minimum required percentage is usually observed to be 60%.
Application form for the loan Income proof for the family (income tax returns, property proof, etc) Standardised test scores Academic transcripts Aadhar card Birth certificate Bank statements PAN Card Residential proof Acceptance letter from university abroad Self declaration
Ques. Can I apply for an education loan for MBBS abroad without collateral? Ans. Yes, you can apply for an education loan for MBBS abroad without collateral. Ques. Will I be charged a processing fee? Ans. Public banks do not charge a processing fee for a loan without collateral for abroad education, but private banks are observed to charge upto 1% of the loan amount plus GST.
Faster processing time Hasslefree paperwork
Ques. What are some reasons for rejection for a study abroad loan without collateral? Ans. Some reasons for rejection are:
Applying for a UG program, as a PG program is of a short duration Age of the applicant or co-applicant FOIR or fixed obligation to income ratio (When co-applicant’s EMIs are higher than affordability)
What is the maximum student loan amount?
$57,500 for undergraduates-No more than $23,000 of this amount may be in subsidized loans. $138,500 for graduate or professional students -No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.
View complete answer
Do Marks matter for education loan?
What are the Eligibility Criteria For Axis Bank Education Loans? – For Student:
- The student should be a citizen of India.
- The student should have scored a minimum of 50% marks in high school as well as in the bachelors.
- The student must have secured admission into a reputed university or college abroad and must have the admission letter at the time of loan application.
- The co-applicant should be an Indian resident citizen.
- The co-applicant should have a stable monthly income and should be a regular tax-payer.
- The co-applicant should have a CIBIL score of at least 700.
Can I get education loan for btech in India?
For engineering studies in India, most banks offer loans up to Rs.4 lakh at a nominal interest rate. If the individual has obtained admission to an engineering college under management quota, certain banks may consider offering a loan based on the merit status of the student.
View complete answer
What is the maximum amount of education loan in India?
A loan given out to parents of an Indian national/residing student for schooling at a recognized institute. This loans covers other expenses such as purchase of books and computer/laptop required for education. Loan Amount: Rs.4 lakhs
This education loan is specifically designed Indian students pursuing graduation, post-graduation, or any other professional courses in India. To avail this loan, the student should have secured admission in the course. Loan Amount: Maximum Rs.125 lakhs Maximum Tenure: 10-15 years
An education loan scheme given for MBA, MCA, MS, and other notified courses that help with job creation. To avail this education loan in India, the student must have secured admission to the notified institute and course. Loan Amount: Maximum Rs.150 lakhs Maximum Tenure: 10-15 years
This student education loan is given to Indian nationals who have secured admission into premier educational institutions in India. The loan amount depends on the categorization of the institute. Loan Amount: Up to Rs.80 lakhs Maximum Tenure: 10-15 years
A loan designed for students pursuing technical courses. Any Indian national who has secured admission in a course run by Industrial Training Institutes or National Skill Qualification Framework., etc shall be covered by skill loan. Loan Amount: Rs.1.50 lakhs Maximum Tenure: Up to 7 years
Vidya Lakshmi is a first of its kind portal for students seeking Education Loan. This portal has been developed under the guidance of Department of Financial Services
A student can apply for an education loan and get loan subsidy by checking his eligibility under few government subsidy schemes.
This study loan is offered to resident Indians who must have secured admission in the institute and should be employed during the course of study. Loan Amount: Maximum of Rs.20 lakhs Maximum Tenure: 10-15 years
A study loan given for executive development programmes abroad. The student must have secured admission in the university and be employed while applying & during the course of study. Loan Amount: Up to Rs.80 lakhs
A loan that helps provide a meritorious student in the Delhi the opportunity to pursue higher education with the financial support from the banking system, within reasonable terms and conditions. Loan Amount: Maximum Rs.10 lakhs Maximum Tenure: 15 years
Education loan or student loan is a form of monetary assistance availed by students to meet the expenses associated with their studies. The student loan includes expenses related to school fees, post-secondary education or cost associated to higher education. Bank of Baroda offers various education loans at attractive interest rates with repayment tenure of up to 15 years. No collateral needs to be provided for education loans of up to Rs.40.00 lakh for the identified premier institutes. Maximum Education Loan limit is Rs.125.00 lakh for study in India and Rs.150.00 lakh for study abroad. Opting for an education loan reduces the strain on existing savings and eliminates the need to liquidate the existing investments. The interest on an education loan is eligible for a tax rebate under Section 80 E of the Income Tax Act 1961 To apply for education loan online one needs to visit the bank’s website The student applying for the education loan must be a resident of India. He/she must have confirmed admission in recognized educational institutes in India or abroad. For study in India one can get Education Loan up to – Rs.125.00 lakh For study abroad one can get Education Loan up to – Rs.150.00 lakh Starting from BRLLR+0.25 % for study in India & BRLLR+1.75% for study abroad. For Current ROI kindly visit our page. The education loan can be paid using any online channel like net banking, mobile banking etc. The Borrower will have also a choice to pay the Education loan by visiting the nearby branch. Co-applicant should normally be parent(s)/guardian of the student borrower. In case of a married person, joint borrower can be either spouse or the parent(s)/parents-in-law as a co-applicant for Education Loan.
: Education Loan
View complete answer
Can I get a student loan of 50 lakhs?
Axis Bank India offers education loans at attractive interest rates for a loan amount ranging from Rs 50,000 to Rs 75 lakh. Apply for an education loan today and fuel your dreams!
View complete answer
Can we take loan on B Tech degree?
Education loan for B.Tech – Eligibility – A student must satisfy the following eligibility criteria to get qualified for applying for an education loan:
The student must be aged between 16-35 years. The applicant should be a resident of India. The student must have secured admission to some recognized college/ university. Collateral security is also required if the loan amount is more than 4 lakhs. The applicant must apply for a loan with a co-applicant. The co-applicant can be a parent/ guardian or spouse in case the applicant is married.
Education loan for B.tech – Documents required The applicant has to submit the following document to the bank:-
Admission letter KYC documents Detailed cost breaks up of the engineering program. Loan application form filled with photographs. Guarantor’s Account statement of last 6 months Guarantee’s IT Return for last 6 month Proof of income of the co-borrower PAN card and Aadhaar card Information of assets and liabilities to be presented by the co-borrower. Academic documents