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Chennai Education Loan Ratings

4.0 / 5.0 by 59 users

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Chennai Education Loan Reviews

" Bank of India helped well on my Education loan process, Banker have responded well on my education loan. BOI gave quick response and they were very customer friendly. At the time of 2007 interest rate was high for the education loan they charged around 13.25%, I wish Bank should reduce the interest rate for education loans compared to other loan products."

Sunil P, Chennai

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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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Chennai Education Loan

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Details of Course For Which Loan is Needed
Course Level
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Course of Study
Name of university

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Expected course expenses

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Include all tuition fees, living expenses, hostel expenses, purchases of books & equipment, and travel fare to country of study (if applicable).

Co-borrower Details
Relationship with student

A relative with good income who can support your education loan applicant. Father or Mother are highly preferred as co-borrowers.
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Net monthly income

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This is the co-applicant's net monthly salary as credited to his/her bank account after all deductions.
Latest year Gross Total Income

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Gross Total Income as per latest ITR.
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Can you provide collateral for this loan?

Yes No 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
Type of Collateral Offered

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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Chennai Education Loan Overview

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Chennai Education Loan FAQs

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

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.
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.

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.
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.

Chennai Education Loan Eligibility & Documentation

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Details of Chennai 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

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