Fees & Charges
Promised Interest Rate
"I had taken an education loan during the year 2010 from Union Bank of India. My loan amount was 1.64 lakh, I had made some part payment on that. They had offered me good interest rate on education loan. The bank kept disbursing the funds on a yearly basis however interest is charged well before that, even before the loan amount is disbursed,"
Any of the following courses, as offered by recognized universities, is eligible for an education loan in India-
Generally, there are no restrictions. Most banks and financial institutions do not impose this rule. However, certain lenders do mark an age limit spanning from 16-35 years.
Not immediately. However, after you start repaying, you are free to deduct the loan interest amount from your total income when calculating tax.
The applicant is expected (and mandated) to submit his/her progress reports periodically. The progress reports could be mark sheets or a suitably attested letter from the applicant’s school/college.