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  • Faridabad Education Loan

    Students in Faridabad can avail education loans to pursue courses that can help them establish a successful career. If you do not have the finances to pay for a course in the institution you wish to enrol in, an education loan will ensure that you have a good chance at following your dreams. You can use an education loan in Faridabad to pay for your tuition fees and all the other expenses you incur during your course.

    Faridabad has a number of quality educational institutions where you can pursue courses across various streams. The top institutions in the city include Dehat Vikas Institute of Education and Technology, Himalaya Educational Institute of Management and Technology, Dayalbagh Educational Institute, Jetking Computer Institute, NIFM, etc.

    Educational institutions in Faridabad offer courses in various streams such as arts and media, finance and accounts, computer science, engineering, IT, humanities, law, management, etc. Some of the most popular courses undertaken by students in the city include Bachelors of Computer Application, Bachelors of Commerce, Bachelors of Business Administration, B.A. LL.B, Master of Computer Application, Master of Business Administration, Post Graduate Diploma in Management, and many more.

    Banks offering education loans in Faridabad

    Bank

    Interest Rate

    Tenure

    ICICI Bank

    11.50% onwards

    Up to 10 years

    HDFC Bank

    9.20% onwards

    Up to 15 years

    Bank of Baroda

    8.65% onwards

    Up to 15 years

    State Bank of India

    8.75% onwards

    Up to 15 years

    Canara Bank

    8.85% onwards

    Up to 15 years

    Central Bank of India

    10.15% onwards

    Up to 15 years

    Kotak Mahindra Bank

    11.50% to 24%

    Up to 25 years

    Union Bank of India

    10.60% onwards

    Up to 15 years

    Axis Bank

    13.70% onwards

    Up to 15 years

    IDBI Bank

    9.90% onwards

    Up to 15 years

    Courses and expenses that are covered by an education loan

    The courses and expenses that can be covered by education loans vary slightly from lender to lender. Usually, most banks in Faridabad cover courses that are approved and provide the student with a graduate or a post graduate degree from a college or university that is recognised by the All India Board of Management Schools (AIBMS), the Indian Council of Medical Research (ICMR), the University Grants Commission (UGC), the All India Council for Technical Education (AICTE), and the Government of India. When it comes to international courses or courses that must be completed in an overseas location, lenders usually cover those that end with the student receiving a job-oriented degree or a post graduate diploma, or professional courses that are undertaken in recognised institutes, be it an under graduate course or a post graduate course.

    The following are the expenses covered by an education loan:

    • Tuition fees or school fees
    • Hostel fees or boarding expenses
    • Examination fees, laboratory charges, or library fees
    • Travel expenses for overseas courses
    • Purchase of books, instruments, or equipment
    • Other expenses for completing the course, such as thesis, project work, study tour, etc.

    How to apply for an education loan in Faridabad

    There are two ways through which you can apply for an education loan in Faridabad – online or offline. Here is how you can apply for an education loan offline:

    • Compare various lenders and shortlist the bank from which you wish to avail an education loan.
    • Gather all your documents as required by the bank and visit a branch of the said bank.
    • Ask for an education loan application form and fill in all the necessary personal, academic, and financial details.
    • Carefully read the terms and conditions of the loan document and accept them with the bank official or the relationship agent or the loan officer.
    • Complete the loan application process and you will receive your education loan agreement.

    Here are the steps to apply for an education loan online:

    • Visit the website of the bank from which you would like to take an education loan.
    • Go to the education loan section of the website and enter all the details required, such as your personal information, your academic information, and your financial information.
    • When the bank calls you back to confirm your eligibility, provide the necessary academic and financial information to the executive.
    • You can complete the application process by either opting for doorstep delivery or by visiting a branch of the bank.

    Fees and charges associated with education loans in Faridabad

    Here are the fees and charges associated with education loans in Faridabad:

    Rate of Interest

    8.65% to 24%

    Processing Fees

    Up to 2% of the amount borrowed plus statutory levies, as applicable

    Stamping Charges

    As per the stamping charges applicable to the respective state

    *Please note that interest rates, processing fees and all other charges vary from bank to bank depending upon the profile of the borrower.

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