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 Education Loan Ratings
4.0 / 5.0 by 29 users

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 Education Loan Reviews

"Customer service and response was quite good in UCO bank for my educational loan in MBA finance . It has already been closed before 2 years of time. Compared to other banks they offered me 7% interest rate . As per my experience they are quite good and efficient"

Satish Kumar, 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

Compare  Education Loan with other banks & check your loan eligibility

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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 29 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 02 October 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
83 % of our customers would recommend this bank. (24 out of 29) Write Review
Customer Reviews
Page 1 of 2 1 2
  • Validated User
    (0)

    The experience was not upto the mark when I completed my educational loan from bank of india. Initially I was unaware of the process however later they explained not picture perfect.It would be nice if they improve on their customer service. I completed my educational loan successfully with them

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

    Customer service and response was quite good in UCO bank for my educational loan in MBA finance . It has already been closed before 2 years of time. Compared to other banks they offered me 7% interest rate . As per my experience they are quite good and efficient

    Was this review helpful? Yes

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    took a Education Loan from UCO BANK on BankBazaar.com Reviewed on
  • Validated User
    (1)

    In the year 2009 I have availed an Educational loan from Bank of India. The benefits are more as it is a public sector bank and they had offered me a less rate of interest around 12%. It was very easy for me to avail the loan without any hassle. Processing of the loan was completed within 15 to 20 days and disbursement happened timely. Bank of India was overall very good and my only concern is they need to improve their customer service.

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

    when, I approached the Canara Bank at Madurai for Education Loan, The Manager was a very good person. He asked my HSC certificates and asked about my interest in Engineering. when, he found the the interest within me after some ten minutes of discussion. Immediately he asked the clerk to help me in opening an savings joint account approved my loan within a week. Now i had completed my degree and started to re pay my loan amount.. Thank you so much for helping me to complete my degree.. :)

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    took a Education Loan from CANARA BANK Reviewed on
  • Validated User
    (2)

    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
    (2)

    In 2009 I have availed an Educational loan from Syndicate bank. I just applied online for the loan and they called me and verified everything including the documents. I think they disbursed the loan within a month. Syndicate bank was very nice and very friendly in nature when compared to other banks. I was offered a good rate of interest of 9%.

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    took a Education Loan from SYNDICATE BANK on BankBazaar.com Reviewed on
  • Validated User
    (4)

    It was a nice experience of availing an educational loan from State bank of Bikaner & Jaipur. They were just giving all the installments based on my requirement and they are always ready to give the loan. All I have to do it just to submit an application every semester for availing the loan. Processing was also much faster and the rate of interest & charges are nominal.

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

    I approached the Indian bank for Educational loan. I have to apply, then inquiry, they will lead to people for one or two reference, they will sanction loan. I think 10.50% interest rate and its the middle level, average customer service. Happy with the services as I got the loan within 1 month.

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

    Very good customer service in UCO bank for my Educational loan. I have used this loan and right now very less EMI only . By online I am paying on online through my axis bank account . It is very easy for me to pay through online. No sugestions

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    took a Education Loan from UCO BANK on BankBazaar.com Reviewed on
  • Validated User
    (1)

    ICICI Bank education loan, their is no delay on that, interest rate was same as other banks, i just applied they processed the loan, with in 22 days i got loan approval, the documentation was fast and the representative helped me for processing overall i am satisfied i have good relationship with them.

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    took a Education Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (1)

    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
    (5)

    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.

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    took a Education Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
Customer Reviews
Page 1 of 2 1 2

Interest Rates

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