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 Education Loan Ratings
4.0 / 5.0 by 15 users

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Promised Interest Rate

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 Education Loan Reviews

"Very good experience with State bank of India Educational loan. They had a tie up with our college, so they give us forms, background verification was done, there was multiple visits done which can be improvised. Even now individually there is a person from the branch to help me. Interest rate is 12.75% and processing fees was waived off. They were transparent overall."

Subba V, Bangalore
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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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Rates & special offers displayed below are accurate & applicable ONLY for applications made on BankBazaar.com

  • 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 4.0 / 5.0 by 15 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 03 September 2014

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 1 1
  • Validated User
    (0)

    The best and main part was Bank of India was having less interest rate compared to other banks which really attracts me to go for educational loan at that time. They should be more and more customer centric than now. It would be really helpful if they remove the queue system in branch. Overall they need to change the entire system

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    took a Education Loan from BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Five years ago I have taken an Educational loan from Punjab National Bank. It was very easy for me to avail the loan because the bank executives came to my college campus. Comparatively the documentation was little complicated and the processing time was more than 20 days. One thing I didn't inquire on many options at that time because PNB was the only option for me. Rate of interest was around 10%. I think there was no processing fees.

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

    Very good experience with State bank of India Educational loan. They had a tie up with our college, so they give us forms, background verification was done, there was multiple visits done which can be improvised. Even now individually there is a person from the branch to help me. Interest rate is 12.75% and processing fees was waived off. They were transparent overall.

    Was this review helpful? Yes

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    took a Education Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    SBI is one of the best banks in the market. I have taken an educational loan in the year 2008. There are lot of branches & ATMs. Also the processing is much faster and the bank consider the customers as a part of their family and treat very friendly. I am very happy that the loan was disbursed within a week and the rate of interest was pretty good. Working with SBI is fantastic.

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    took a Education Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (3)

    It's great experience to use SBI Giridih. Here every facility is provided by bank. ATM facility of SBI Giridih is good as well as money transfer. Here Loan is also provided easily to true customers.Here Education loan as well as home loan is also provided for student at cheaper rae of interest. It is located in Giridih Market.

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    took a Education Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I previously had one educational loan in Vijaya bank wherein the customer service was good. Since it was the vintage bank needs more improvement on the queue system in branch to obtain time consuming. Form filling procedure needs to be changed.. Otherwise overall service was good...

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    took a Education Loan from VIJAYA BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    This Bank provides us with Savings and educational loan and they did not force me to make a payment they have given offers on the account they provide such loan mainly for agricultural purpose and its very easy to approach the loan Managers and field officers.

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    took a Education Loan from SYNDICATE BANK on BankBazaar.com Reviewed on
  • Validated User

    I availed Education loan from Allahabad bank long back. I had two different plans and it was easier to get the loan as my dad was working in this bank. I got the whole loan amount which i quoted. ALl the processing was simple and overall services is good

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    took a Education Loan from ALLAHABAD BANK on BankBazaar.com Reviewed on
  • (0)

    Focus on the lender's service & your personal experience with the lender Be specific about why you liked the lender or disliked the lender Fellow BB users rely on your feedback to take their decisions - so, please state from first-hand experience. Keep the content clean & family-friendly.

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    took a Education Loan from CENTRAL BANK OF INDIA Reviewed on
  • Validated User

    I have availed an educational load from SBI in the year 2008 and I closed the load in 2011. I was happy with the interest rate and the charges from the bank. Also, I am very happy with the services they provide. I would strongly recommend the bank.

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    took a Education Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User

    In the year 2008, I have availed an Educational loan from Central bank. They are the only bank offered me the loan at that time. I was very happy with the rate of interest offered by the bank and I received a very quick response from customer service.

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    took a Education Loan from CENTRAL BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User

    NEVER SEEN BEFORE THIS SUCH A NICE EXPERIENCE RANK- *****

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    took a Education Loan from CREDILA FINANCIAL SERVICES on BankBazaar.com Reviewed on
Customer Reviews
Page 1 of 1 1

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