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Bangalore Education Loan Ratings
4.0 / 5.0 by 80 users

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Bangalore Education Loan Reviews

"My son have taken a educational loan from UCO and I am the co applicant for the loan process it was a prompt service from UCO they took only 3 days to process my loan within the 2 day they sanctioned the loan amount and during the process they have asked for the college id card,bills ,fees bill we never get any difficulty during the service it was good from UCO for our educational loan service. "

Jerome Kujur, 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 80 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- www.ugc.ac.in , www.education.nic.in and www.aicte-india.org
  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

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Bangalore Education Loan Interest RatesUpdated on

Details of Bangalore Education Loan

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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

Reviews

 Bangalore  Education Loan Reviews
Page 1 of 7 1 2 3 4 5
  • Validated User
    (0)

    Canara Bank is beside to my home, hence I visited and approached for Education loan. They coordinated well and sanction the loan on time. They gave me 13% of interest for the education loan now its revised around 11% to 12%. I took the amount of 2 .3 lakhs for the tenure of 7 years.

    Was this review helpful? Yes
    sharat took a Education Loan from CANARA BANK Reviewed on
  • good service
    /images/common/default-unknown-person.png
    , bangalore
    Recommend Recommended by user
    Validated User
    (0)

    My son have taken a educational loan from UCO and I am the co applicant for the loan process it was a prompt service from UCO they took only 3 days to process my loan within the 2 day they sanctioned the loan amount and during the process they have asked for the college id card,bills ,fees bill we never get any difficulty during the service it was good from UCO for our educational loan service.

    Was this review helpful? Yes
    jerome took a Education Loan from UCO BANK Reviewed on
  • Good for education
    /images/common/default-unknown-person.png
    , bangalore
    Recommend Recommended by user
    Validated User
    (0)

    SBI is better than HDFC, I took education loan with short term. I took principal amount Rs.10 lakhs from SBI, for the tenure of one year. Service is not upto the mark they need to improve on it but the interest rate is attractive than other banks.

    Was this review helpful? Yes
    adishesha took a Education Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (0)

    From SYNDICATE BANK i have taken an education loan with 14% rate of interest.The process was too long. The documentation taken so much days. The executive gave proper response and all needful at the time of the application. Since the process takes time i wont recommend this bank.

    Was this review helpful? Yes
    jineesh took a Education Loan from SYNDICATE BANK Reviewed on
  • Good
    /images/common/default-unknown-person.png
    , bangalore
    Recommend Recommended by user
    Validated User
    (0)

    I have closed the educational loan with the Andhra bank and their interest rate was around 12.5% . The response is good one with them and their customer service is not really up to the mark. Settlement procedures went in the nominal way.

    Was this review helpful? Yes
    koushik took a Education Loan from ANDHRA BANK Reviewed on
  • Good for students and education
    /images/common/default-unknown-person.png
    , bangalore
    Recommend Recommended by user
    Validated User
    (0)

    I studied engineering by Syndicate bank loan, I always do the higher studies with them. They done the loan process within the time, bank is understanding the customer. I took the education loan for the tenure period of five years but I finished the loan within two years by foreclosure without any charges.

    Was this review helpful? Yes
    pramod took a Education Loan from SYNDICATE BANK Reviewed on
  • (0)

    Hdfc Credila bangalore will just waste your time. They will call you multiple times to collect the documents and not update you about the status. I had very bad experience with Mallesh the deputy manager with Credila and when it was escalated to Adharsh who was regional manner I suppose straight away he told it's rejected because it's unsecured loan. When Mallesh had come for documents he gave all glass hopes that this will be approved within 4 working days and when it is time to apply for visa these guys don't even pick the call. Very much disappointed. I provide my email id as well here if someone wants to reach me. It's David.R.kumar@gmail.com. be careful guys u will miss an opportunity if u depend on these guys.

    Was this review helpful? Yes
    david took a Education Loan from CREDILA FINANCIAL SERVICES Reviewed on
  • Validated User
    (1)

    SBI customer service is not good when I approached them for education loan. My loan amount was Rs. 1.80 for the tenure based on the period of my course, SBI gave me interest rate based on RBI but its was high . If I have any queries, I could not reach any branch, I would like to suggest them to be flexible to the customer's query.

    Was this review helpful? Yes
    varsha took a Education Loan from STATE BANK OF INDIA Reviewed on
  • Good Experienced
    /images/common/default-unknown-person.png
    , bangalore
    Recommend Recommended by user
    Validated User
    (0)

    I taken education loan from Canara Bank, it was near to home. I directly went to the bank and got it. It was very helpful for my studies, I took the loan amount of 2 lakhs its great. Bank understand the customer's and provided the loan it was nice experience.

    Was this review helpful? Yes
    mahend took a Education Loan from CANARA BANK Reviewed on
  • Validated User
    (2)

    I had closed the educational loan with the Oriental bank of commerce and I have done it a way long back. I did not get any NOC from them till now and it was the smooth process to close the loan because of some offers at that time for that speicific tenure.

    Was this review helpful? Yes
    maheswaran took a Education Loan from ORIENTAL BANK OF COMMERCE Reviewed on
  • Validated User

    During the year 2008, I had taken education loan to do BE education. My loan amount was Rs.4.60 lakhs with tenure of eight years. Bank of India offered the interest rate of 11.5% it was floating interest rate. Still my loan is running, I am about to pay around Rs.50,000 as the loan amount.

    Was this review helpful? Yes
    hareesh took a Education Loan from BANK OF INDIA Reviewed on
  • Validated User
    (4)

    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,

    Was this review helpful? Yes
    rachayya took a Education Loan from UNION BANK OF INDIA Reviewed on
Page 1 of 7 1 2 3 4 5

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