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 Education Loan Ratings
3.5 / 5.0 by 97 users

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Promised Interest Rate

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 Education Loan Reviews

"The education loan from SBI Bank is good. I had approached the bank and within 1 day my loan got approved. It was only few documents asked by the bank for the loan processing. The processing was very fast as within 2 days my loan got disbursed. Overall I am very much satisfied with the service offered by SBI Bank."

Ajay Shankar, Bhubaneshwar
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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 97 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 29 June 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 5 1 2 3 4 5
  • Validated User
    (4)

    The education loan from SBI Bank is good. I had approached the bank and within 1 day my loan got approved. It was only few documents asked by the bank for the loan processing. The processing was very fast as within 2 days my loan got disbursed. Overall I am very much satisfied with the service offered by SBI Bank.

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

    I got some concession in interest rate of 0.5 to 1% educational loan because my father was an employee of Allahabad bank. There are no opportunities to check or go through the details over online regarding the account as every time have to visit the branch so bank can look on to it.I actually asked for net banking pin but it came only after a month as the validity period is also of 30 days surprisingly.

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    oiswarja took a Education Loan from ALLAHABAD BANK Reviewed on
  • Validated User
    (4)

    PNB Education loan is not good. As they have forced me to take insurance for this loan and its no way related to it. It was after 2 months when I asked for some clarification they were unable to give the information. They were unable to provide the contact number of the agent who sold this insurance to me. Further more this insurance was offered at the their Branch only. Nevertheless they themselves advised me to close this loan.

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    rajat took a Education Loan from PUNJAB NATIONAL BANK Reviewed on
  • (7)

    I have taken education loan from nationalised bank SBI through a mediator "Education Banker" where in all the processing were handled by them where in no problems faced by me. I would suggest education banker to avail loan from SBH/SBI/Corporation Bank/Syndicate Bank.

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

    By considering my experience, I would say Union Bank of India as outstanding as they are customer centric. When I approached them for an educational loan they responded well and offered the interest as 10-12%. Processing charge is not that much and this is like my home bank.

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    tushar took a Education Loan from UNION BANK OF INDIA Reviewed on
  • (3)

    AXIS Bank is one of the greatest bank because this bank provides various Loans as like other banks. But I like the Loan System of this bank they provides a sufficient loan for education. It provide various policies for coustomer and they advertise the policies for customer through Mobile System, E-mails etc. So customer know that every policies of banks. I also have a credit card when I pay the Bills from credit card then I got the some points through AXIS Bank.

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    manish took a Education Loan from AXIS BANK Reviewed on
  • Validated User
    (5)

    I had experience with the educational loan with State Bank Of India.Everything is very worse from the rate of interest to the process.The customer service need to be revised.They need to improve a lot in every aspects what they dealt.

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

    While availing educational loan from Corporation bank the process was smooth but the rate of interest is bit high, if we miss EMI for three to four months. Post completion of graduation the bank is giving buffer period of one year to start the EMI. At that time corporation bank is the leading bank for loans. Now they improved well in technology wise as well.

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    vighneshwara took a Education Loan from CORPORATION BANK Reviewed on
  • (0)

    more responsible, gives more respect to the customers, fast working, to open an account is very easy, it provides lots of facilities, this bank is more famous because it is one of the Big Private bank. I like Axis bank. service is very good i m proud of axis bank

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    manish took a Education Loan from AXIS BANK Reviewed on
  • (0)

    I took an education loan for my wife's higher studies. AXIS Bank Jayanagar Branch Loan Office started charging me full EMI on the very first month after loan disbursal though it was due 18 months later and should have charged interest only. When I called to check, the loan officer conveniently sends me an email saying that the EMI has been debited through ECS from your account. When I call their call center, the Loan division says they handle all other loans except education loan. It was difficult for me to travel to the other end of the city for their mistake, but nobody at AXIS bank seems to be bothered. I am still awaiting a response from them.

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    sanket took a Education Loan from AXIS BANK Reviewed on
  • Validated User
    (3)

    I have taken a personal loan from PNB. This was taken during the year 2009. I have submitted the bonafide certificate from the college. I had to get the guarantor signature as well from a Government official. I have to submit the fee structure to the Bank and I have also provided the collateral security for the loan.

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    ahamadlal took a Education Loan from PUNJAB NATIONAL BANK Reviewed on
  • Validated User
    (5)

    My brother is working in Allahabad bank as a manager so I have taken this educational loan but the interest rate 12.25% is not at all recommendable. Nothing went wrong during the process but still the bank should not charge interest rate for educational loan particularly. Also processing charge is high.

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    nakul took a Education Loan from ALLAHABAD BANK Reviewed on
Customer Reviews
Page 1 of 5 1 2 3 4 5

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