Make college memories that last a lot longer than your student loan payments.
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Bangalore Education Loan Ratings
4.0 / 5.0 by 169 users

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Bangalore Education Loan Reviews

"I have taken Educational loan from INDIAN OVERSEAS Bank. The loan period was 5 years, already 2 years has been completed. I am happy with their service when compare with other account. I taken this loan on 7 years back. I got this loan offer for 1.5L. EMI need to pay of 4,300 rupees. Pre closure option is available. "

Rani, 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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Bangalore  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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Bangalore Education Loan Overview

Bangalore 4.0 / 5.0 by 169 users  
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Bangalore Education Loan .

Bangalore Education Loan FAQs

  1. What are the courses in India for which education loans are available?

    Any of the following courses, as offered by recognized universities, is eligible for an education loan in India-

    • Professional courses including Engineering and Medicine
    • Management courses (both full time and part time)
    • ICWA, CA, CFA etc.
    • Courses conducted by IIMs, IITs, IISc, XLRI. NIFT,NID etc.
    • B.A/B.Com/M.A/M.Com/MCA/MCM etc.
    • Architecture, Agriculture studies, Fine Arts and Designing etc.
    • Hotel and Hospitality.
    • Courses such as SAP , ERP , GNIIT , Air Hostess Training programmes etc.
    • Distance learning programs and online certifications.
    • Degree/Diploma courses like Aeronautical, pilot training, shipping, etc.,
    • Aircraft Maintenance Engg, Pre-Sea Training courses and the like.
    • Nursing and Para Medical courses (includes admission via management quota).
    • Courses offered by reputed institutes that assure employment and are Govt. certified.
    • Courses offered in India by reputed and certified foreign universities.
    • All courses listed here- , and
  2. What is the age restrictions for subscribing to an education loan?

    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.

  3. Aside from the fee payable to the school/college, what other expenses are covered by the loan?
    • Towards the purchase of books, uniforms, equipment and instruments.
    • Purchase of computers/laptops, if deemed necessary for the completion of the course.
    • Fees paid for Exams, Library, Laboratories, Hostel, etc.
    • Building fund, Caution deposit, Refundable deposit (must be supported by receipts/bills).
    • Costs incurred in travel, for studies abroad.
    • Additional costs that are required to successfully complete the course, including but not limited to, Study tours, Thesis work, Projects, etc.
  4. Does taking an education loan entitle me to any tax benefits?

    Not immediately. However, after you start repaying, you are free to deduct the loan interest amount from your total income when calculating tax.

  5. How does the bank track my educational progress through the course period?

    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.

Bangalore Education Loan Eligibility & Documentation


Bangalore Education Loan Interest RatesUpdated on

Details of Bangalore Education Loan


Education Loan Articles

  • Union Cabinet Minister Maneka Gandhi demands cheaper education loans for girl students
    With a view to promote higher education among girls students in the country, Maneka Gandhi has written a letter to to the HRD and Finance ministers, requesting them to cut the interest rates for education loans availed by female students. The Union Minister for Women & Child Development is seeking benefits on education loans under the much touted “Beti Bachao, Beti Padhao” program of the NDA government which aims to uplift and promote education for girls and bringing an end to female foeticide. In her letter to Smriti Irani and Arun Jaitley, the Union Minister has expressed her intent to make education loans more affordable so that girls can take up specialised courses. Parents generally shy away from taking a loan for daughter’s education, denying them the opportunity to pursue a course of their choice. With a concession in the interest rate on education loans, girl students can look forward to taking up higher education from an institute of their choice.
  • CM of HIMACHAL inaugurates Rajeev Gandhi Digital Vidyarthi Yojna
    Virbhadra Singh (Chief Minister of Himachal Pradesh) inaugurated the Rajeev Gandhi Digital Vidyarthi Yojna 2015-16, accomplishing the declaration he made in his recent Budget speech. Under this ambitious scheme unveiled at in Mandi, laptops and note books were given to the deserving students of classes 10 and 12, who sat the HP Board of School Education. This was a UPA Government initiative. The Chief Minister gave away laptops to 86 chosen students. They also plan to grant over 10,000 laptops the financial year 2015-16 to those students on whom an outlay of 18.32 lacs was being sustained. While addressing people gathered at the event, the minister briefed about the State Government’s considerable efforts to ensure quality education regardless of economic backgrounds. 'Mukhya Mantri Gyandeep Yojna' had also been declared which offers interest subsidy of four percent to every student who apply for education loan up to INR 10 lacs.
  • In Goa, 97% of education loan borrowers make repayments regularly.
    The Goa Chief Minister said that 97% of education loan borrowers have been repaying their debts in a timely manner. These figures relate to the interest-free education loans given to students, which also does not require any surety or security collateral. The Chief Minister was speaking at the Agnel Institute of Technology and Design (AITD) and Centre for Incubation and Business Acceleration in Assagao during an inaugural ceremony. The Goan Government allots Rs. 30 crores every year for education loans. The Chief Minister also said that investing in educational institutions across the state has proved to be very fruitful for the local population.
  • Court Rules in Favor of Students against Bank
    After their application for a 4-year educational loan was rejected by Canara Bank, two girls from Tuticorin sought the help of the court in 2014. The bank had rejected their application in 2012-13 as they had scored less than 60% marks in their Plus Two examinations. With the case going on for years, the bank had stated that the student’s course is ending by this year, therefore the case would not survive. But the judge has not accepted the bank’s submissions and has rejected “60% cut-off” as a reason for loan rejection. As the girls are in their final year, the bank’s branch manager has been directed to reconsider the loan application and sanction the loan for the last academic year of the course in accordance with the revised rules. This ruling should be carried out within two weeks from the receipt of the court order.
  • Avanse Financial Services to offer loans for schooling.
    As school fees skyrocket, Avanse Financial Services has come up with a new loan scheme to provide financing for schooling from Kindergarten to up to 12th standard. Avanse plans to target working parents whose children are studying in international schools affiliated to the International Baccalaureate based in Geneva, Edexcel and Cambridge International Examinations (CIE) based in the United Kingdom. Adding this to its existing education loan portfolio, Avanse is currently holding talks with international schools. A pilot will be launched within three months by Avanse. Customers going for financing for schooling can get custom-made loan packages and convenient EMI options. Avanse specialises in offering education loans for students pursuing education in India and abroad.
  • Bihar State Assembly approves education loans for Rs. 5 lakhs.
    The Bihar State Government has accepted the proposal put forward by the education department for granting student credit cards which will help avail education loans. As part of the seven resolves or Saat Nischay from the Chief Minister, this scheme was approved by the Bihar State Government. Around five lakh aspiring students would be presented with the credit card in order to pursue higher studies during the financial year of 2016-2017. An increase of 1 lakh students is expected every year. Students will have to register at the local offices and submit the required documents inclusive of ID proofs, address proofs, Aadhaar Card and qualification certificates. The Central Government would be the guarantor for 75% of the education loan amount and the State Government for the remaining 25%. The credit card scheme will be available for a period of five years to help students complete their higher education.
  • Banks are in a better position to vet foreign universities
    The end of 2014 witnessed a large number of students being deported from US universities. The reasons are unclear, but the common factor is that the universities were low profile such as NorthWestern Polytechnic University and Silicon Valley University. This also happen in 2011, where 6,500 Indian students were deported from Australia despite many of them being enrolled in accredited universities. These events result in shock, stress and a huge loss of money. To try to avoid such circumstances, Indian Bank Association has a list of 1,100 institutions that are accredited and pre-vetted. The list is not rigid but helps when seeking admission into a good college and while trying to get an educational loan. Also, check the employability after your course and the general placement record of your university. The type of degree chosen, the level of the course, and the specialisation also play an important role. If you choose to fund your studies abroad with an educational loan, banks will check applicable guidelines of a country and the immigration laws. Banks are also up to date on accredited universities as well as accreditation agencies. Each case is evaluated separately and you have a better chance of going abroad without much of the hassle.
  • Bhubaneshwar sees many new Universities and Reforms on Education Loan
    With the beginning of a brand new paradigm in higher education with introduction of Choice Based Credit System (CBCS) at the undergraduate level, the year 2015 would be remembered as a year of new universities. The Bhubaneswar government also upgraded three erstwhile colleges to universities - Gangadhar Meher University, Rama Devi Women's University and Khallikote Cluster University. The Odisha State Open University and VSS Institute of Medical Sciences (VIMSAR) also became functional with an upgraded status this year. Indian Institute of Management (IIM) at Sambalpur became operational this year and the Centre has also promised to establish Indian Institute of Science Education and Research by this year. The government has also recruited a significant number of faculty members for universities and offered liberal funding for their infrastructure upgradation. One of the biggest milestones in higher education in 2015 was that all universities and 32 autonomous colleges in the state introduced CBCS. Introduction of three-month short-term spoken English course for undergraduate students in over 25 state colleges to prepare job-ready student workforce is also one major milestone this year. The Odisha State Interest Subvention Scheme (OSISS) offers subsidy in education loan interest by 4 per cent for boys and six per cent by girls. This has encouraged students from the economically weaker sections to pursue professional and higher education.
  • Enlarging the access to Higher Education through Education Loans
    The Government is planning to offer schematic interventions that will subsequently overcome economic and social disadvantages to make higher education available for all. The Central Government is aiming to implement the Central Sector Plan Scheme named “Scheme on Interest Subsidy on Educational Loans" which aims to provide professional higher education for students from economically backward sections of the society. This scheme will offer full interest subsidy during the moratorium period of duration of the course plus a year. This loan scheme can be availed by students whose parent’s/guardian's’ annual income is not more than Rs.4.5 lakhs. Towards this, Rs.5501.36 crores have been released to National Scheduled Tribes Finance & Development Corporation (NSTFDC), National Safai Karmacharis Finance & Development Corporation (NSKFDC), National Scheduled Castes Finance & Development Corporation (NSCFDC) and Banks. Another education loan scheme aims at students from Jammu and Kashmir having a parental annual income of not more than six lakhs. The main aim of these education loan schemes introduced by the Central Government and the UGC is to offer education for all, especially professional higher education.
  • Lok Adalat in Trichy benefits education loan borrowers
    Education loan borrowers have benefitted in a huge manner through the Mega National Lok Adalat held in Trichy, recently. Around 35,334 cases were settled by the Lok Adalat, for a value of Rs. 23.35 crore. This included 980 non-performing assets cases, worth Rs.7.78 crore, 626 vehicle accident cases worth Rs.13.31 crore, 99 cheque bouncing cases worth Rs.51.08 lakh and 352 civil disputes worth Rs.99.21 lakh. Additionally, 31,625 traffic violation cases were also settled for Rs. 24.83 lakh. The Lok Adalat facilitated the settlement of education loans with special concessions. For example, a student had taken an education loan for Rs. 1.05 lakh from the Mannachanallur branch of Bank of Baroda. The Lok Adalat got in touch with the bank and reduced the loan repayment amount to Rs. 65,000

Education Loan Forum


 Bangalore  Education Loan Reviews
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  • Validated User

    I have taken Educational loan from INDIAN OVERSEAS Bank. The loan period was 5 years, already 2 years has been completed. I am happy with their service when compare with other account. I taken this loan on 7 years back. I got this loan offer for 1.5L. EMI need to pay of 4,300 rupees. Pre closure option is available.

    Was this review helpful? Yes
    rani took a Education Loan from INDIAN OVERSEAS BANK Reviewed on
  • Bank of Baroda Education Loan
    , bangalore
    Recommend Recommended by user
    Validated User

    I have taken Educational Loan on 3 years before. At an initial when I had applied this loan with VIJAYA Bank but now its merged with BANK OF BARODA. The amount of 2L and I got the same amount from them. The rate of interest was 10% which is nominal. I can close the loan at any time.

    Was this review helpful? Yes
    ru took a Education Loan from BANK OF BARODA Reviewed on
  • Validated User

    Interest rates are quite for the educational loan from State Bank of Travancore which i took for my daughter. Since i am a long term account holder of SBT, i have selected the educational loan. The loan sanctioned time was faster. When i availed the loan, it was State bank of Travancore after that it was merged into State bank of India. I don't find any problem while taking the loan.

    Was this review helpful? Yes
    reddy took a Education Loan from STATE BANK OF TRAVANCORE Reviewed on
  • Syndicate Bank Education Loan
    Good bank experience
    , bangalore
    Recommend Recommended by user
    Validated User

    There was no other nationalized bank in our region thats the reason i approached the syndicate bank for my educational loan. I got the loan amount of Rs. 2.38 lakhs and they took around 20 days to sanctioned the loan. The interest rate is 12% and i have closed the loan 5 years back.

    Was this review helpful? Yes
    ishwaragouda took a Education Loan from SYNDICATE BANK Reviewed on
  • Central Bank of India Education Loan
    Not satisfactoy
    , bangalore
    Recommend Recommended by user
    Validated User

    Long back, I have taken a Educational loan for my college studies in Central Bank of India which was closed. This is the one bank where I get this help, their services are not good. They don't have online facility every time I need to visit the branch. The staffs are not helping the customer in a good manner. The interest rate is low.

    Was this review helpful? Yes
    p took a Education Loan from CENTRAL BANK OF INDIA Reviewed on
  • Validated User

    When i was doing my post graduation i got my education loan from State bank of India. They came to my college and filled my application and within a week, they have provided the loan to me. The given interest rate is 8.75% which is a variable rates. I have taken the loan amount of Rs. 5 lakhs. I have closed the loan and got my NOC letter.

    Was this review helpful? Yes
    j took a Education Loan from STATE BANK OF INDIA Reviewed on
  • Validated User

    I was taken a Educational loan with State Bank of India on 7 years before. The amount was sufficient which was provided from bank. The interest rate is fine when compared to other banks.But the customer service is no proper response from their end. For any queries need to visit branch only and no proper update for the loan details. now closed the loan and provided NOC letter.

    Was this review helpful? Yes
    ish took a Education Loan from STATE BANK OF INDIA Reviewed on
  • SBI Education Loan
    Okay Experience
    , bangalore
    Recommend Recommended by user
    Validated User

    The process is very stringent and i purchased the loan 6 years ago. That was a little bit difficult to get the loan because it took almost 20 days. The given interest rate is 13.5%. Overall, it was an average educational loan experience with State bank of India. The branch is nearby my college hence i have chosen them.

    Was this review helpful? Yes
    mh took a Education Loan from STATE BANK OF INDIA Reviewed on
  • Union Bank of India Education Loan
    Recommendable products
    , bangalore
    Recommend Recommended by user
    Validated User

    I took education loan in Union Bank of India based on the semester they disbursed the amount. I got 9 to 10% of interest for per annum, the process was very easy. I went to the branch and submitted the papers to take the loan. Now I closed and got the noc letter.

    Was this review helpful? Yes
    ashok took a Education Loan from UNION BANK OF INDIA Reviewed on
  • SBI Education Loan
    Excellent Service
    , bangalore
    Recommend Recommended by user
    Validated User

    I was taken an educational loan with State Bank of India on 12 years before. I did not find any hassle in it. The process was good and they have sanctioned a loan on time. The rate of interest was nominal for this loan from institute I have taken a loan. On time I closed the loan.

    Was this review helpful? Yes
    jay took a Education Loan from STATE BANK OF INDIA Reviewed on
  • Validated User

    I took an educational loan with Federal bank. The loan provided with sufficient amount for the tenure of 6 years but I have closed the loan within 2 years. I am paying the EMI amount of Rs.16 thousands which was nominal.But the rate of interest was high for this loan due to that I have closed at earlier.

    Was this review helpful? Yes
    nt took a Education Loan from FEDERAL BANK Reviewed on
  • UCO Education Loan
    Average Loan service
    , bangalore
    Recommend Recommended by user
    Validated User

    I know the persons who is working in UCO bank hence i have availed the Educational loan from UCO bank. I have taken the loan amount of Rs. 1.25 lakhs in that i used Rs. 30000 for the first year hence i haven't get the cash for second year onwards. I already close the loan before 3 years.

    Was this review helpful? Yes
    prakash took a Education Loan from UCO BANK Reviewed on
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