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 Education Loan Ratings
3.5 / 5.0 by 114 users

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 Education Loan Reviews

"The rate of Interest is good with the Allahabad bank. I am happy, there is no processing charges. I took a Educational Loan of 4 lakhs with them. The loan tenurity is of 7 years.Really satisfied with their response and never seen any flaws with their customer service. "

Vishal Talia, New Delhi
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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 114 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 03 August 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 6 1 2 3 4 5
  • Validated User
    (0)

    SBI is a Government bank I have been holding an educational loan for 6 months. I applied for this loan when I started my first semester. I got this loan after completing my first semester. Once after completing my course I am supposed to make the payment after 6months of time . However, I did not make the payment as I was still studying at that point of time. Meanwhile the bank started to send notice for me .,Later I went to the branch in person to explain that and later everything was resolved.

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    sanathana took a Education Loan from STATE BANK OF INDIA Reviewed on
  • (0)

    customer service is pathetic, the manager tushar shah, satallite branch ahmedabad dosnt know how to talk to custmers, althought other employess are helpful, i think bank seriosuly need to teach thier employess how to behave with customer, the manager charge about 45 thousand ruppee for processing the loan from 15k service charge , 11k evaluation and some additional bank charge , he didnt even gave me any reciept. am not going to this bank again and am going to cancel my laon . And please learn how to behave with customers your not doing us a favour. PEACE.

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    tarak took a Education Loan from CANARA BANK Reviewed on
  • Validated User
    (3)

    The rate of Interest is good with the Allahabad bank. I am happy, there is no processing charges. I took a Educational Loan of 4 lakhs with them. The loan tenurity is of 7 years.Really satisfied with their response and never seen any flaws with their customer service.

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    vishal took a Education Loan from ALLAHABAD BANK Reviewed on
  • Validated User
    (0)

    Syndicate bank Educational loan is good. I was fairly treated by them they kept me posted about the documents before hand. Manager of Syndicate bank was very helpful he has in fact extended his working hours. He was there with us till 7PM and he was guiding us appropriately. I would certainly appreciate the efforts which he has taken. More than all, the most interesting part is the Government was providing a Subsidy where the Government was able to waive off the interest part where the total loan amount is 4.5 lakhs and they were able to provide loan for 1.5 lakhs.

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    sharana took a Education Loan from SYNDICATE BANK Reviewed on
  • Validated User
    (4)

    Syndicate Bank educational loan is fine. Its almost completed, I am left with 2 months. This loan was taken at my home town. The best part is, there is no processing fee for the same. I have produced my land registration copy and my fathers documents for availing this loan. My cousin has signed as a guarantor.

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    suneel took a Education Loan from SYNDICATE BANK Reviewed on
  • Validated User
    (5)

    I have taken an Educational loan from Canara bank. Customer service was fine. Interest rate offered by them was way too high when compared with others. I have given my Fatherâ??s pay slip , my address proof and other documents for availing this loan. I took a loan of about 1.5 lakhs and I have produced a photo copy of master admission slip for availing this loan.

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    naveen took a Education Loan from CANARA BANK Reviewed on
  • Validated User
    (2)

    The service provided by India bank was really good while I took this Education loan.While compared to other banks its really easy to get a loan through them.The interest rate applied was around 8.35% and they provide some construction on rate as well.The processing fee for this loan was around 2000Rs.

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    rajmohan took a Education Loan from INDIAN BANK Reviewed on
  • Validated User
    (2)

    I have taken my educational loan from Indian Bank about seven years back. It was good when I took the loan. The rate of interest offered to me initially was 7% and now it is of 11%. I have paid them back the loan amount of 3.75 Lakh. The customer services are not satisfactory. They need to know how to react back to a customer. The processing fee for this loan was of Rs. 1500.

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    sathiyanarayanan took a Education Loan from INDIAN BANK Reviewed on
  • Validated User
    (7)

    The education loan from the SBI bank was good. My parents had taken it for me on my behalf. The response was not that good as it was like a peculiar government bank. It took nearly 25 to 30 days for my loan to get disbursed and there was a huge verification done. It would be nice if they provide prompt response to the customers queries and also to be quick in processing the documents.

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    anand took a Education Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (5)

    I have taken the educational loan for my son from Bank of Baroda. The process was smooth for this loan. They did not take much of time. The rate of interest was lees. The services was good too. The loan was as per my requirement.

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    madhavji took a Education Loan from BANK OF BARODA Reviewed on
  • Validated User
    (5)

    I took a Educational Loan from Co-operative banks. The offer was really good. The customer service is good. The processing of a loan is bit easy. They needed only less documents. At the time when I took this loan private banks were charging interest at 11-13.5% but, Co-operative bank provided me at 9%. It will be good if they improve their system respect with feedbacks and follow ups.

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    vinayak took a Education Loan from VASAI VIKAS SAHAKARI BANK Reviewed on
  • Validated User
    (0)

    I have got the educational loan with the Union Bank of India.It happens away back.The loan got settled.The services are good but they are lazy.The responsive time , pro-activeness and customer service should be improved because they are lacking over there.

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    sougata took a Education Loan from UNITED BANK OF INDIA Reviewed on
Customer Reviews
Page 1 of 6 1 2 3 4 5

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