How To Get Education Loan Without Collateral?


How To Get Education Loan Without Collateral
The following is the list of documents required to avail an education loan without collateral:

  1. University offer letter mentioning tuition fees.
  2. Academic documents.
  3. Employment documents.
  4. KYC documents of both applicant and co-applicant.
  5. Address proof along with electric bill.

Meer items
View complete answer

What is the maximum amount of education loan without collateral?

Both public and private banks give education loan without collateral. The difference is the loan amount. Public banks give maximum of INR 7.5L while Private banks can lend up-to INR 40 Lakhs. Also there is an option to go with NBFCs which works same as private bank.
View complete answer

Do banks give loans without collateral?

A Personal Loan is one that is provided by a bank to fund a financial need or immediate cash requirement, be it for business, family wedding, studies or foreign trips. The bank will not question you about the end use when you are applying for a Personal Loan.

  1. However, one of the best things about a Personal Loan is that it does not require any collateral or security such as property, shares or gold.
  2. What determines my eligibility for a Personal Loan without security? You credit rating and worthiness determines your eligibility for a Personal Loan without collateral.

It helps if you are a long-standing customer of the bank. if you have a disciplined repayment history and high credit worthiness, you are likely to get a Personal Loan on favourable terms. HDFC Bank offers loans up to Rs 40 lakh. Forget collateral, focus on financial stability Since Personal Loans are unsecured (without collateral or security) loans, banks will look at your income, cash flows, strength or stability of your business or employment to make sure you are able to repay the loan.

HDFC Bank customers can get Personal Loans with minimal or no documentation. Visit the HDFC Bank website to know more about our Personal Loans. How soon can I get a Personal Loan without security? Pre-approved HDFC Bank customers can get a Personal Loan in as little as 10 seconds*. Others can get a Personal Loan in under 4 hours*.

Does a Personal Loan without collateral come with higher interest rates? Personal Loans are usually offered without security. If you have a good credit history, strong income proof, and a long relationship with the bank, you should be able to get good terms.

How can I use the funds from a Personal Loan without collateral? That’s entirely up to you. You can use it for business to fund a trip abroad to buy a gadget or to meet a medical emergency. How is the repayment to be made? Personal Loans are short to medium term (12 to 60 months) loans with a flexible repayment structure.

You will typically repay the loan in equated monthly instalments. You can adjust your repayment tenure to make your EMIs pocket-friendly. HDFC Bank offers loans with EMIs starting at Rs 2,149 per lac. Check the Personal Loan EMI Calculator to plan your repayment better.
View complete answer

You might be interested:  Why Have I Lost All Motivation For School?

What is the maximum amount of education loan in India without collateral?

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 20 lakhs without collateral?

How to get a Rs 20 lakh loan? Are you looking for ways to fund your wedding or home renovation plans? Look no further. A Personal Loan from HDFC Bank is just the right fit for your financing needs. You can get a Rs 20 lakh loan to book your wedding venue or pay the caterers or redesign your home the way you want.

  1. Getting a Rs 20 lakh from HDFC Bank is simple and hassle-free.
  2. And the best part is you can use the money for any purpose – from the long-overdue overseas vacation to funding your children’s academic dreams.
  3. If you have multiple debts like credit card bills and high-cost loans, you can consolidate all these obligations using a Personal Loan.
You might be interested:  Why Was The Author'S Grandmother Distressed With English School Education?

Pay them off with easy EMIs on a Rs 20 lakh loan. Why go for a Rs 20 lakh Personal Loan? You may sometimes not be eligible for a targeted loan option (like Home Loan, Car Loan, etc.). But the need for funds remains, and a Personal Loan is your way out.

  • Being an unsecured loan option, you do not have to provide any security for your Rs 20 lakh loan.
  • The bank takes into consideration your monthly income, credit score and loan repayment history to assess your eligibility for the same.
  • To get a Rs 20 lakh loan from HDFC bank, you must be at least 21 years old and not more than 60 years old.

Salaried individuals are eligible to apply for a Rs 20 lakh Personal Loan. Rs 20 lakh loan EMI and application To check out the loan amount you are eligible for and the EMI on a Rs 20 lakh loan, you can use HDFC Bank Personal Loan Eligibility and, To get a Rs 20 lakhs loan, you can apply online via NetBanking or through an ATM or by visiting the branch.

Identity proof (copy of passport/voter ID card/driving license/Aadhaar)Address proof (copy of passport/voter ID card/driving license/Aadhaar)Bank statement of the previous 3 months (Passbook of the previous 6 months)Two latest salary slip/current dated salary certificate with the latest Form 16Proof of end-use

All you need to do now is click and apply for a Rs 20 lakh loan. Use the money to pay for education, wedding costs, medical bills or any big-ticket purchases. Our can make your dreams come true. Looking to apply for a 15 lakh ? Click here to read more. *Terms and conditions apply.
View complete answer

Can I get 20 lakhs education loan without collateral?

50 lakh of loan can be availed by the student without pledging any security. Loan can be availed before admission. EMIs not required to be paid in the moratorium period.100% finance provided for high studies.
View complete answer

Can I get a 10 lakh loan without collateral?

Key Takeaways –

A Personal Loan lets you finance any expenses that otherwise would exhaust your savings.With Personal Loans, you do not need to pledge any collateral.Banks approve Personal Loans and disburse loan amounts in the shortest timeframes.Personal Loan tenures are flexible, and you can repay the loan with Equated Monthly Instalments.You can utilise your sanctioned Personal Loan amount to fund any expenses with no restrictions on end usage.

Do you need a business loan for starting a new business? Want to fund your fairy-tale dream wedding or simply consolidate and pay off your existing debts? If you are reluctant to borrow money from family and friends and wondering, ‘I need 10 Lakhs urgently’ – where can I get it? The answer is through Personal Loans.
View complete answer

Can I get 15 lakh loan without collateral?

Security – There is no need for collateral guarantee up to Rs.4 lakh. For loan amount above Rs.4 lakh, the tangible collateral guarantee will be required.
View complete answer

You might be interested:  Which State In India Is Best For Education?

Can I get 20 lakhs education loan without collateral?

50 lakh of loan can be availed by the student without pledging any security. Loan can be availed before admission. EMIs not required to be paid in the moratorium period.100% finance provided for high studies.
View complete answer

Can I get 7 lakh education loan without collateral?

SBI Education loan without collateral – 1. Eligible courses-Studies in India

  • Under Graduation courses like B.A., B.Com., B.Sc., etc.
  • Post graduation courses like Masters and Ph.D.
  • Professional courses like Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Management, Computer, etc.
  • Computer Certificate courses of reputed institutes accredited to Department of Electronics or Institutes affiliated to a university Courses like ICWA, CA, CFA, etc.
  • Courses conducted by IIM, IIT, IISc, XLRI, NEFT, etc.
  • Other courses leading to diploma, degree, etc. conducted by colleges, universities approved by UGC/Government/AICTE/AIBMS/ICMR etc.
  • Courses offered by National Institutes and other reputed private institutions.
  • Regular Degree/Diploma courses like Aeronautical, Shipping, Pilot training, etc., approved by Director General of Civil Aviation/Shipping. Under Graduation courses like B.A., B.Com., B.Sc., etc.

2. Student Loan Eligibility

  • Prolific Academic Records
  • Avoid backlogs in academic records
  • Gap years/ Gap in your course duration
  • Work experience if any
  • Degree level

3. Eligible expenses Students are eligible to take an education loan for all the below mentioned expenses

  • Tuition fees
  • Living expenses
  • Food expenses
  • Travel expenses
  • Examination fee/Laboratory fee/Library fee
  • Expenses for books, uniform, laptop, and other equipment

4. Documents required 4.1 Basic documents for Applicant (student) and co-applicant and/or Guarantor

  1. Proof of identity –PAN Card (and Passport of the student)
  2. Proof of Residence – Voter ID Card/ Passport/ Electricity Bill/ Telephone Bill/ Ration card/ Bank account statement/ Aadhar. (2 different proofs if current and permanent residence is different)
  3. Bank account statement for the last 6 months (Personal/ Salary). For co-applicant, it should show the salary credits if salaried or 1 yr business transactions if self-employed.4. Personal Asset & Liability Statement

4.2 Applicant academic documents

  1. Education marksheets and certificates- 10th, 12th, Degree
  2. Proof of admission for the course (should be evidencing total duration of the course)
  3. Fee structure (i-20 for US if available)
  4. IELTS/GMAT/GRE Scorecard.
  5. University Ranking print-out

4.3 Co-applicant Income documents 4.3(a) If Salaried

  1. Latest Salary slips (for last 3 months)
  2. Form 16 of last 2 yrs.
  3. Employers ID card
  4. ITR of last 2 yrs

4.3(b) If Self-employed

  1. ITR of last 3 yrs
  2. Last 3 yrs Balance sheet and Profit & Loss account (only if self-employed)
  3. Proof of Business address

5. Collateral or security Upto 7.5 Lakhs, Parents or Guardian is required as a co-borrower but no collateral security or third party guarantee is required. For loans above 7.5 lakhs, collateral is necessary and Parents or Guardian is required as a co-borrower.6. Loan margin Upto Rs 4 Lakhs – No loan margin Above 4 lakhs -5% for studies in India, 15% for studies in Abroad 7. Rate of interest

Interest rates For Male For Females
Loans above 4 Lakhs 9.30% 8.80%
Loans between 4 Lakhs to 7.5 Lakhs 9.30% 8.80%
Loans above 7.5 lakhs 9.30% 8.80%

Note: 0.50% concession is given in interest rate for female candidates and also students can avail of 0.50% concession by utilizing SBI Rinn Raksha Scheme.8. Repayment Period The tenure of an Education loan in SBI consists of the duration of the study, grace period after the study, and the repayment period.
View complete answer