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  • Bangalore Education Loan

    Bangalore is the one of the largest education hubs in India. Millions of students from all over the country come to Bangalore to study in colleges that offer degrees for various courses such as engineering, journalism, medicine, management, etc. However, there is no doubt, that with time, the cost of education has been rising, and hence a need for education loans is inevitable. If you are a student who is looking to study in one of the academic institutes in Bangalore, then applying for an education loan can help you in taking care of your academic needs. Most of the banks and Non-Banking Financial Companies (NBFCs) in India offer education loans. It is important you properly compare the various loans on offer before settling for the one suitable for you.

    Higher Education in Bangalore

    There are various reputed, autonomous, and deemed-to-be universities which offer courses for different fields of study. Courses are offered in the field of engineering, medicine, law, journalism, management, and various other fields.

    Some of the reputed educational institutes in Bangalore are:

    • Indian Institute of Management (IIM)
    • Christ University
    • Ramaiah Institute of Technology
    • Indian Institute of Science
    • National Institute of Fashion Technology
    • National Law School of India University
    • Srishti School of Art, Design and Technology

    Banks offering Education Loans in Bangalore

    Bank Rate of interest offered Tenure
    HDFC Bank 9.40% p.a. onwards Up to 15 years
    ICICI Bank 10.50% p.a. onwards Up to 12 years
    State Bank of India 9.30% p.a. onwards Up to 15 years
    Axis Bank 13.70% p.a. onwards Up to 20 years
    Bank of Baroda 7.70% p.a. onwards Up to 15 years
    Union Bank of India 6.80% p.a. onwards Up to 15 years
    Federal Bank 10.05% p.a. onwards Up to 15 years
    South Indian Bank 7.70% p.a. onwards Up to 15 years
    Canara Bank 6.90% p.a. onwards Up to 15 years
    Tamilnad Mercentile Bank 10.45% p.a. onwards Up to 15 years

    Courses and Expenses covered by an Educational Loan

    Following expenses are covered under an educational loan:

    • Library, laboratory, and examination fees.
    • Hostel and college fees.
    • Travel expenses if studying overseas.
    • Caution deposit.
    • Insurance premiums if the borrower is a student.
    • Cost of books, uniforms, equipment, and instrument.
    • Cost of computer or laptop which would be required for the completion of the course.
    • Other expenses required for completion of the course such as thesis, project, tour, etc.

    Course are covered under an educational loan

    • Undergraduate degrees
    • Postgraduate degrees
    • Undergraduate diplomas
    • Postgraduate diplomas
    • Vocational training courses
    • Skill development courses
    • Doctoral programmes

    Documents required to apply for an education loan in Bangalore

    Given below is the list of documents you will have to submit while applying for an education loan from Bangalore:

    • A duly filled loan application form.
    • Marksheets of your qualifying examinations.
    • Result of your entrance test.
    • Admission letter.
    • Statement of cost of study.
    • 2 Passport size photographs of the applicant.
    • PAN Cards of both the student and the guardian.
    • Aadhaar Card of both the student and the guardian.
    • Identity proof such as PAN, Passport, Aadhaar, etc.
    • Address proof such as utility bill, driving license, etc.
    • Bank account statements for the past six months.
    • Your parents IT return order for the past two years.
    • Your parents' income proof such as Form 16, salary slips, etc.
    • Brief statement mentioning your parents’ assets and liabilities.
    • Any other documents as asked for by the bank.

    What to look for when applying for an education loan

    You will have to look for certain factors before applying for an education loan:

    • Loan amount: Make sure the loan amount you are looking to apply for is sufficient to meet the cost of your education for the entirety of the course tenure.
    • Eligibility criteria: You must ensure you meet the eligibility criteria before applying for an education loan from a bank.
    • Interest rate: You must compare the interest rates offered by different banks. This will help you know which bank is offering the lowest interest rate and whether applying for a loan from that bank will be a suitable option for you or not.
    • Special schemes: Check if any lender is offering any special scheme on their education loan. This will help you save money.
    • Tenure: Check whether the tenure offered is sufficient for you to repay the loan amount on time.

    How to apply for an education loan in Bangalore

    Online

    You can visit a bank’s official website and apply for an education loan. A representative from the bank will get in touch with you and will assist you further with the application process.

    Offline

    You can visit a bank’s nearest branch along with all the required documents to apply for an education loan. A bank representative will assist you with the application process.

    FAQ's

    1. How much time will it take for my loan application to get approved?

      It may take up to 15 days for your loan application to get approved.

    2. Can I apply for an education loan if I am looking to study overseas?

      Yes, you can apply for an education loan if you are planning to study in a foreign university.

    3. Will I have to provide collateral in order to apply for an education loan?

      Generally, you may not be required to provide any security while applying for an education loan. However, the bank may ask you to show collateral, if your loan amount exceeds beyond a certain limit.

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