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 Education Loan Ratings
3.5 / 5.0 by 57 users

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 Education Loan Reviews

"Six year ago I have taken educational loan and almost I completed all the EMI where only one is pending. I cannot recall the interest rate now but the offered rate was affordable. Employees of Andhra bank helped me very much and the bank is very near to my house so it was easy to complete all the formalities. For documentation, my father had submitted financial papers and they asked my KYC and more than that my institution details. Loan amount was transferred to the institute and the amount that we have spent was credited in our account. "

Swarna Bindu Biswas, Mumbai
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What is Education Loan?

An Education Loan is designed to help students pay for university tuition, books, and living expenses.

Student Loan Income Tax Benefits

Get tax benefits under Section 80E of Income Tax Act of India for the Student Loans.

Student Loan Repayment

Generally Repayment will start after the Course period + 1 year or 6 months after getting job.
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Education Loan

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  • Some fields are incorrect or have not been filled in. Please correct this to proceed.
  • Details of Course For Which Loan is Needed
  • Slowly start typing your university's name and choose from the recommendations provided. If you do not see your university on our list, simply type the name in this field.
  • Include all tuition fees, living expenses, hostel expenses, purchases of books & equipment, and travel fare to country of study (if applicable).
  • Co-borrower Details
  • A relative with good income who can support your education loan applicant. Father or Mother are highly preferred as co-borrowers.
  • This is the co-applicant's net monthly salary as credited to his/her bank account after all deductions.
  • Gross Total Income as per latest ITR.
  • You will be charged a lower interest rate and be eligible for a higher loan amount if you provide collateral for the loan. Collateral can be a flat, house, non-agricultural land or fixed deposit.
  • Details of Collateral That Can Be Provided For Loan
  • Property with an existing loan on it can only be accepted as collateral if HDFC Ltd is the lender. Commercial properties and agricultural land cannot be accepted as collateral.
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Education Loan Overview

Education Loan 3.5 / 5.0 by 57 users  
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Hassle Free Education Loans Online

The most important investment of our life is Education. The cost of higher/specialized education in India or foreign universities is very high. Most banks offer student loans in India at very attractive interest rates and student friendly re-payment terms.

Apply for an Education Loan Online at BankBazaar.com at attractive Interest Rates.

Easy Student Loans:

As a Parent you want your child to get a degree from IIM, London School of Economics or Harvard Business School. As a student you wanted to be a Pilot, Engineer, Doctor, etc and now you also have the admission letter from the best University in the world but don’t know to fund your degree? All you need is a few documents and a guarantor to get your academia funded through the Student Loan.

Education Loan FAQs

  1. For What Professional Courses can I get an education loan?
    You can get Student Loan for various higher education courses like, management, medical and engineering, etc.

  2. How much loan I can get?
    Depending on your course you can get more than 20 lakhs of student loan. The loan amount will depend on the course and the income of the loan guarantor.

  3. When will the repayment of loan start?
    Generally Repayment will start after the Course period + 1 year or 6 months after getting job, whichever is earlier.

  4. What is the Interest rate charged for Student/education loan?
    The interest rates vary from bank to bank for student loan.

  5. Is it possible to get 100% Loan to cover all educational expenses?
    Yes, most banks offer 100% loan to cover all educational expenses.

Education Loan Eligibility & Documentation

Eligibility for getting a student loan:
  • The applicant should be an India National
  • The applicant must have secured admission to professional/ technical courses through Entrance Test/Selection process.
  • Secured admission to foreign university/Institution.
Document Required for Student Loans:

All students are required to submit mark sheets of last qualifying examination, poof of admission scholarship, schedule of expenses for the specified course, his/her bank account statement for the last six months, an income tax assessment order for the previous two years, a brief statement of assets and liabilities, of the co-borrower, which is usually the parent or guardian and proof of income, if any.

Education Loan Interest RatesUpdated on 04 March 2015

Details of Education Loan

Education Loan Interest Rate.(Monthly reducing balance)
12.00% to 17% floating.
Processing Fees
NA
Education Loan Tenure
1 year to 10 years
Educationa Loan Amount
Up to 100% of educational expenses
Pre-closure Charges
NA
Guarantor Requirement
Yes, guarantor required

Education Loan Articles

  • Options for financing education abroad
    Studying abroad is expensive and at times the cost can be as high as six times that of the cost in India and hence planning needs to be done to ensure that sufficient funds are at disposal when needed. This is essential because to apply for the student visa, you need to show proof of funds sufficient to cover at least the first year of education.
  • Some basic facts about educational loans
    A ray of hope is seen with the availability of educational loans from various banks, which can fund an individual’s higher education. As these loans are not one of the ‘mainstream’ loans such as home loans or personal loans, people are hesitant or mostly unaware of such options. Here are answers to some generic queries that rise in regards to educational loans.
  • Education loans set to become more attractive!
    Typically interest rate on the education loan starts accumulating as soon as the course is over. Since interest during the moratorium period will be paid by the government, EMI for the borrower is set to fall. This will reduce pressure on his/her cash flows.
  • Education loan amount is to be correlated to repayment capacity
    According to a recent press report the revised education loan scheme implemented on all banks will make disbursal based on the repayment potential of the borrower. The education loans are not going to be offered based on the parental income or family wealth of the borrower which will be the decisive factor.

Education Loan Forum

   Education Loan Reviews
Customer Reviews
Page 1 of 3 1 2 3
  • Validated User
    (2)

    I have taken an educational loan with SBI. To be honest I am unhappy with the service offered by them. They took about 2 monthâ??s of time to process the request. Even their branch response is not good. We have to wait on a long que to reach the counter. Actually, there are about 4 counters at the Branch. Out of which 2 counters would be closed most of the time. We have to wait about half an hour or one hour of time to draw a DD.

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    ramachandran took a Education Loan from STATE BANK OF INDIA Reviewed on
  • (2)

    You just need to get a letter from the district collector to make the education loan process fast. They give great customer support for all the people. This is the nice service in SBI All the students should get benefit from this service Thanks Shashi

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    sasikiran took a Education Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (1)

    Six year ago I have taken educational loan and almost I completed all the EMI where only one is pending. I cannot recall the interest rate now but the offered rate was affordable. Employees of Andhra bank helped me very much and the bank is very near to my house so it was easy to complete all the formalities. For documentation, my father had submitted financial papers and they asked my KYC and more than that my institution details. Loan amount was transferred to the institute and the amount that we have spent was credited in our account.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
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    swarna took a Education Loan from ANDHRA BANK Reviewed on
  • Validated User
    (1)

    For educational loan the interest rate is 14.5% in SBI and the term period is 7 years. Almost I have completed the tenure and 5 EMI is more to pay. There were lots of procedure in releasing the loan as it took a month. SBI is poor in customer service but the the interest rate is as per the market. SBI is lacking in transparency so they have to improve on it and have to process the loan in a short period of time.

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    nishit took a Education Loan from STATE BANK OF INDIA Reviewed on
  • (6)

    I would recommend you to stay uneducated than to go for Credila Education Loan. They promise some interest rate and then during loan sanction give a much higher interest rate citing some very stupid reasons. By the time this happens you wont have enough time to approach another bank and you will be stuck with their high interest rate loans. Second, Mr. Sameer Gaikwad is the most incompetent man I have ever seen. Just try getting timely service from this man, BTW, he heads the Pune office, not sure how someone who just doesn't want to help or provide any service is made the head of a branch!! Third, the service is good only till you disburse your loan, once you are trapped then the service is worse than a Government office again Mr. Sameer Gaikwad leads here. For every small request like knowing your current balance or why the interest rate was suddenly increased he will ask you all kinds of personal information (financial and other personal) To Summarize DO NOT TAKE THIS LOAN

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    mack took a Education Loan from CREDILA FINANCIAL SERVICES Reviewed on
  • Validated User
    (9)

    The services provided by Punjab National bank are student friendly. I took the educational loan in the year 2003 and the total tenure was for 5-6 years. The benefit is that if the student does not get any job after their studies the loan can be paid by the parents without any interest for it. At the time when I opted the loan there were a lot of offers . They provide the cheques and the updates on time. The customer support was very good. The interest rate was 7.55% which is reasonable. There was no issues in availing and closing the loan.

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    sumit took a Education Loan from PUNJAB NATIONAL BANK Reviewed on
  • Validated User
    (1)

    I was holding a educational loan with Corporation Bank. We have to provide atleast 20 or 30 documents and lot of other stuff to avail this loan. This loan was taken to pursue higher education. I was made to sign even an agreement form so that if I failed to repay the same they can even issue a legal notice against me. Eventually loan was closed successfully.

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    vasanth took a Education Loan from CORPORATION BANK Reviewed on
  • Its good
    https://cdn1.bankbazaar.com/images/customer_review/default-unknown-person.png
    , thiruvananthapuram
    Recommend Recommended by user
    Validated User

    Customer service offered by SBI Educational loan was really good. They offered a low rate of interest that is the best part about them . They were taking a lot of time to process the application and they took a lot of time to respond as well. They have taken some additional security like any other Bank to process my application. It was successfully completed after 6 years.

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    dhanush took a Education Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (8)

    The experience was good when I availed an educational loan with Syndicate bank. I am having this loan for the past 8 years in which the services are good. But the rate of interest was high which must be reduced. The customer support was also good. The amount I pay is Rs.2500 per month which should be reduced.

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    linish took a Education Loan from SYNDICATE BANK Reviewed on
  • Validated User
    (7)

    The services was good when I applied for an Educational loan in Punjab National bank. The services was also good. The loan I applied was only Rs.300000 but they provided me with an amount of Rs.400000 which was really good. The total experience was excellent. The loan was disbursed in just 15 days. The rate of interest was 10.5% which was really nice.

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    sathaiah took a Education Loan from PUNJAB NATIONAL BANK Reviewed on
  • Validated User
    (4)

    Since 2011 I availed educational loan and formalities were smooth. Documentation process was smooth but they required for much documents. Interest rate at that time was 14% which is bit high so bit dissatisfied but Punjab National Bank did not deduct anything for processing charge.

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    subhash took a Education Loan from PUNJAB NATIONAL BANK Reviewed on
  • Validated User
    (2)

    Union bank Of india provided very low interest rate and its competitive as well including the processing charges. For educational loan, its 8.5% interest rate and I haven't faced any challenges in terms of communicating to the customer service team. I do pay the monthly payments by visiting the branch and the response provided is faster.

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    esha took a Education Loan from UNION BANK OF INDIA Reviewed on
Customer Reviews
Page 1 of 3 1 2 3

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