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 Education Loan Ratings
3.5 / 5.0 by 80 users

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 Education Loan Reviews

"I took my Educational loan with Bank of Maharashtra. The amount taken was 1.5 lakhs with a rate of interest of 12.5 %. The process finished within 2 days with no much of documents required. I only had to handover my admission certificate of the institute and also the fee structure and my loan was processed. There wasnt any processing fee neither a preclosure fee when I preclosed my loan"

Mihir Mishra, Kolkata
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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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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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Education Loan Overview

Education Loan 3.5 / 5.0 by 80 users  
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Hassle Free Education Loans Online

The most important investment of our life is Education. The cost of higher/specialized education in India or foreign universities is very high. Most banks offer student loans in India at very attractive interest rates and student friendly re-payment terms.

Apply for an Education Loan Online at BankBazaar.com at attractive Interest Rates.

Easy Student Loans:

As a Parent you want your child to get a degree from IIM, London School of Economics or Harvard Business School. As a student you wanted to be a Pilot, Engineer, Doctor, etc and now you also have the admission letter from the best University in the world but don’t know to fund your degree? All you need is a few documents and a guarantor to get your academia funded through the Student Loan.

Education Loan FAQs

  1. For What Professional Courses can I get an education loan?
    You can get Student Loan for various higher education courses like, management, medical and engineering, etc.

  2. How much loan I can get?
    Depending on your course you can get more than 20 lakhs of student loan. The loan amount will depend on the course and the income of the loan guarantor.

  3. When will the repayment of loan start?
    Generally Repayment will start after the Course period + 1 year or 6 months after getting job, whichever is earlier.

  4. What is the Interest rate charged for Student/education loan?
    The interest rates vary from bank to bank for student loan.

  5. Is it possible to get 100% Loan to cover all educational expenses?
    Yes, most banks offer 100% loan to cover all educational expenses.

Education Loan Eligibility & Documentation

Eligibility for getting a student loan:
  • The applicant should be an India National
  • The applicant must have secured admission to professional/ technical courses through Entrance Test/Selection process.
  • Secured admission to foreign university/Institution.
Document Required for Student Loans:

All students are required to submit mark sheets of last qualifying examination, poof of admission scholarship, schedule of expenses for the specified course, his/her bank account statement for the last six months, an income tax assessment order for the previous two years, a brief statement of assets and liabilities, of the co-borrower, which is usually the parent or guardian and proof of income, if any.

Education Loan Interest RatesUpdated on 30 May 2015

Details of Education Loan

Education Loan Interest Rate.(Monthly reducing balance)
12.00% to 17% floating.
Processing Fees
NA
Education Loan Tenure
1 year to 10 years
Educationa Loan Amount
Up to 100% of educational expenses
Pre-closure Charges
NA
Guarantor Requirement
Yes, guarantor required

Education Loan Articles

  • Options for financing education abroad
    Studying abroad is expensive and at times the cost can be as high as six times that of the cost in India and hence planning needs to be done to ensure that sufficient funds are at disposal when needed. This is essential because to apply for the student visa, you need to show proof of funds sufficient to cover at least the first year of education.
  • Some basic facts about educational loans
    A ray of hope is seen with the availability of educational loans from various banks, which can fund an individual’s higher education. As these loans are not one of the ‘mainstream’ loans such as home loans or personal loans, people are hesitant or mostly unaware of such options. Here are answers to some generic queries that rise in regards to educational loans.
  • Education loans set to become more attractive!
    Typically interest rate on the education loan starts accumulating as soon as the course is over. Since interest during the moratorium period will be paid by the government, EMI for the borrower is set to fall. This will reduce pressure on his/her cash flows.
  • Education loan amount is to be correlated to repayment capacity
    According to a recent press report the revised education loan scheme implemented on all banks will make disbursal based on the repayment potential of the borrower. The education loans are not going to be offered based on the parental income or family wealth of the borrower which will be the decisive factor.

Education Loan Forum

Reviews

   Education Loan Reviews
Customer Reviews
Page 1 of 4 1 2 3 4
  • (0)

    I would recommend you to stay uneducated than to go for Credila Education Loan. They promise some interest rate and then during loan sanction give a much higher interest rate citing some very bad reasons. By the time this happens you wont have enough time to approach another bank and you will be stuck with their high interest rate loans. Second, Mr. Sameer Gaikwad is the most incompetent man I have ever seen. Just try getting timely service from this man, BTW, he heads the Pune office, not sure how someone who just doesn't want to help or provide any service is made the head of a branch!! Third, the service is good only till you disburse your loan, once you are trapped then the service is worse than a Government office again Mr. Sameer Gaikwad leads here.

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    vijay took a Education Loan from CREDILA FINANCIAL SERVICES Reviewed on
  • (0)

    I had a need of education loan for which I contacted Credila, documents were handed over and form was filled. Me being a student I was asked to provide some guardian details which were very well provided. After few days I got a call asking my work status and me being working in a company I was said that I can pay the EMI and I agreed for that and a new form was filled as in older form guardian name was written. No money was provided for the first instalment but was said to credit the same soon but on asking for the same I was told that guardian sign are required. Now if they were so required same could have been done on the first form only, why second form was filled. After rejecting their offer in Feb, I still get calls from the same person for loan disbursement. How can they not understand a simple NO

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    manu took a Education Loan from CREDILA FINANCIAL SERVICES Reviewed on
  • Validated User
    (0)

    I took my Educational loan with Bank of Maharashtra. The amount taken was 1.5 lakhs with a rate of interest of 12.5 %. The process finished within 2 days with no much of documents required. I only had to handover my admission certificate of the institute and also the fee structure and my loan was processed. There wasnt any processing fee neither a preclosure fee when I preclosed my loan

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    mihir took a Education Loan from BANK OF MAHARASHTRA Reviewed on
  • Validated User
    (0)

    I have taken an educational loan from OBC. They rely on customer. Soon as we submit the documents they will start processing the request. Branch staff there is very good they are focusing more on expanding their business. However the same is not the same with SBI.

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    santosh took a Education Loan from ORIENTAL BANK OF COMMERCE Reviewed on
  • Validated User
    (1)

    Verifying the documents for the educational loan is very important when it comes to SBI. They have a centralized verification centre where we have to submit the form and it goes to the other Branch. The customer service offered by them is not that good as they dont show any interest in resolving the customer issues,. They have to be more customer centric.

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    santosh took a Education Loan from STATE BANK OF INDIA Reviewed on
  • Better...
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    , pune
    Recommend Recommended by user
    Validated User
    (0)

    Corporation bank is near to my residence and my parents thought to deal with them for educational loan. I was minor at that time so not sure about the interest rate but I think it should be normal. I have submitted some education certificate like college fee structure and birth certificate. Bank is not well organized so it should be enhanced and there are only countable branches.

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    pooja took a Education Loan from CORPORATION BANK Reviewed on
  • Validated User
    (2)

    Bank of India educational loan is good. They have provided the loan within a span of 7 days. I have submitted a copy of title deeds , copy of bank statements and university admission form as well. There is a one guarantor who signed. The only concern here is every time when I was in need of money I have fill the application form and it would take about 2 days of time for me to get the DD.

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    santosh took a Education Loan from BANK OF INDIA Reviewed on
  • Validated User
    (1)

    I got the educational loan with central bank of india .I got it at the time of 2010.It was a good experience and I gave the collateral copies but that is not necessary.Its hard to take the loan with government banks but my friend who was working there so I got the help from him.

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    manoj took a Education Loan from CENTRAL BANK OF INDIA Reviewed on
  • Validated User
    (2)

    SBI had offered 12.5% of interest rate for educational loan but my friend got it done for 14.5%. As on our requirement, SBI processed the loan amount. No hiccups with SBI but response is not up to the mark. Documentation and verification went smooth.

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    abinash took a Education Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (1)

    Infact the tenure of education loan is of 8 years but I have closed the loan in four years and I did not pay fore closure charge. For me Union Bank of India had offered 13.5% in simple rate and not in incremental basis. Simple rate is nothing but interest only for outstanding amount. The bank havenâ??t demanded for property documents for security reasons.

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    sumit took a Education Loan from UNION BANK OF INDIA Reviewed on
  • (1)

    Interest rate offered by Indian bank for the education loan is really good. Customer service offered by them was not that good as it is a Government Bank we cannot expect much from them. However, if I forget to make the payment they will pressurise us to make the payment. Even if we are asking any question they wont be able to respond instantly.

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    santosh took a Education Loan from INDIAN BANK Reviewed on
  • Validated User
    (5)

    It was simple process for me to get a Education loan through SBI in the year of 2009.I was not able to compare the interest rate at that time but they offered me around 12%.The customer service provided by SBI is really good and the loan was disbursed within a weeks time.

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    elango took a Education Loan from STATE BANK OF INDIA Reviewed on
  • Just want to share the very bad experience that I had with them. I was offered admission to some of the top 25 Universities in the world. Due to high expenses of studying abroad and my family's limited financial resources, I applied for a loan from Credila. They were sluggish in processing and did not keep me updated unless I called them several times. After exactly 40 days of investigation, I receive an email that they can not process the loan. When I insisted of talking to the regional manager, he gave an absurd reason that the property against which I was seeking the loan falls under a negative zone for them (if they knew,why did they proceed in the first place). With that, I missed my chance of accepting the offer and I then had to request the University to defer my admission. I am glad that they understood my problems, and extended my admission. With this experience, I am never going to seek help from Credila and I would certainly never recommend anyone to go for them.

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    anonymouse took a Education Loan from CREDILA FINANCIAL SERVICES Reviewed on
  • Validated User
    (2)

    I have taken an educational loan with SBM. Its too much of hassle and the procedure is very complicated. As I was told that I am supposed to hold a property and a guarantor has to sign only then they will accept it . Its still an ongoing loan this was taken for a period of 5 years.

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    sunil took a Education Loan from STATE BANK OF MYSORE Reviewed on
  • Validated User
    (8)

    I am holding a Educational loan with SBI. It is a hassle free loan. This was taken for my daughters education. This loan was provided within 3 days. I have submitted the admission form, particulars of the fee, the boarding and loading amount . With the admission slip . I have just given my pan card number and my account number nothing much. This loan was closed before 3 years and I have got the closure letter as well

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    shabir took a Education Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (6)

    I have availed a educational loan with Bank of India before 6years and I felt the service provided was average.They required many documents in the process and the customer service was average they were not answerable to all queries. They provided the required loan amount and it will be better if they concentrate more on customers.The interest rate offered was 9% and they donâ??t charge any fee as well. I have started to pay my EMI recently and they give many options to the customer where a customer can pay a minimum EMI of 2800 and choice depends on the customer. It will take nearly 12years to complete the loan process and I would suggest that BOI can give more privilege to the customers.

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    simar took a Education Loan from BANK OF INDIA Reviewed on
  • Validated User
    (4)

    I have taken an educational loan with SBI. I went with all the required documents to their place and the loan was approved within one hour of time. Everything was done very promptly, nothing negative about this loan. Once in every one year I go to their office to for the additional loan. They have given me the maximum limit of loan which is 4 lakhs and twice I have visited the bank website.

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    shreemanth took a Education Loan from STATE BANK OF INDIA Reviewed on
  • Validated User

    I applied for an education loan through Canara bank. The processing was very easy and fast. My loan got disbursed immediately. I feel that the interest rate and other procesing charges applied was normal. Apart from that everything was GOOD.

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    divya took a Education Loan from CANARA BANK Reviewed on
  • The education loan service provided by the bank of baroda is having excellent service and there support for students to prescrive for particular cource is good. the best thing is that their rate of interest is low and give a relief in interest rate for Girls which will in lumsum increase the literacy rate.

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    trupal took a Education Loan from BANK OF BARODA Reviewed on
  • Validated User

    Bank of India is excellent in all the parameters as the people in the bank is working good. They did fill the application without troubling us and they were open hearted. Especially the employees are valuing the customers. For educational loan they did not charge anything extra and just they required for minimal documents of graduation certificate and some documents of my father.

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    kamal took a Education Loan from BANK OF INDIA Reviewed on
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