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  • Education Loan in Bihar

    With more than fifteen state universities, four central universities, and one IIT, Bihar has slowly become a major hub for civil service and engineering coaching. Apart from civil services and engineering, Bihar is also excelling in fields like management, medicine, fashion, law and technology. Nowadays, higher education has become more accessible than ever before to all demographics of Indian society thanks to education loans. However, it is also important to check every education loan available in the market to make a wise and informed decision.

    Banks Offering Education Loan in Bihar

    Mentioned below are banks that provide an education loan in Bihar:

    Bank Rate of Interest (p.a.) Repayment Period
    State Bank of India 6.85% to 8.65% Up to 15 years
    Bank of Baroda 6.75% to 9.75% Up to 15 years
    Federal Bank 10.05% onwards Up to 15 years
    HDFC Bank 9.55% to 13.25% Up to 15 years
    Canara Bank 8.75% to 9.25% Up to 15 years
    Punjab National Bank 6.60% onwards Up to 15 years
    ICICI Bank 10.50% onwards According to the institute and course
    Axis Bank 13.70% to 15.20% Up to 20 years
    Union Bank of India 6.80% onwards Up to 15 years
    Karur Vysya Bank 10.60% to 11.60% Up to 7 years

    Eligibility Criteria to Apply for Education Loan in Bihar

    The eligibility criteria to apply for an education loan in Bihar are:

    • The applicant should be an Indian citizen
    • The applicant should have secured an admission in an educational institute

    Documents Required to Apply for Education Loan in Bihar

    The documents required to apply for an education loan in Bihar are:

    • Duly filled loan application form
    • Entrance exam result
    • Qualifying exam mark sheets
    • Course offer letter
    • Scholarship letter
    • Schedule of expenses
    • Asset and liabilities statement of the co-borrower, guarantor, or parent for loans above Rs.7.5 lakh
    • Residence proof
    • Identity proof
    • Student’s PAN card
    • Parent or guardian's PAN card
    • Student’s Aadhaar card
    • Parent or guardian’s Aadhaar card
    • Gap certificate (if applicable)
    • Co-borrower, guardian, or parent’s income proof: salary slips or form 16
    • Parent, guardians, or co-borrower's last 6 months bank statements
    • Parent, guardian, or co-borrower's last two years of IT returns or business proof (if parent, guardian, or co-borrower is not salaried)
    • Student and parent/co-borrower/guarantor’s passport size photographs

    Courses Covered Under Education Loan

    The courses that are covered under an education loan are:

    • Undergraduate courses
    • Postgraduate courses
    • Undergraduate and postgraduate diplomas
    • Doctoral programs
    • Skill development course
    • Vocational training courses

    Expenses Covered Under Education Loan

    The various expenses covered under an education loan are:

    • Course fees
    • Living expenses
    • Library/laboratory/examination fee
    • Travel expenses for study abroad programs
    • Purchase of a computer or laptop if it is required to complete the course

    Factors to Look for While Applying for Education Loan

    The various factors that you should consider while applying for an education loan are:

    • Interest rates: Look for an education loan with an affordable interest rate and EMI plan.
    • Repayment period: An education loan with a suitable repayment period will help you pay back the loan in time and without any hurry.
    • Eligibility criteria: Before applying for an education loan, check if your course and institute meet the bank’s criteria or not.

    FAQs

    1. What kind of expenses does an education loan in Bihar cover?
    2. Expenses like course fees, living expenses, examination fees, etc., are covered by an education loan in Bihar.

    3. Do I have to provide collateral while applying for an education loan in Bihar?
    4. If you are applying for an education loan of Rs.7.5 lakh or above, then you would have to provide collateral.

    5. Who can be a co-borrower for an education loan in Bihar?
    6. A parent, guardian, or spouse with a good credit score and a regular income source can be a co-borrower for an education loan in Bihar.

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