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  • Gurgaon Education Loan

    What are education loans?

    Education is one of the major aspirations of almost every family in India. Providing excellent quality education for their children is the goal of every parent. However, quality education often comes with a price tag that can be too high to bear for the average Indian family. This need not be an impediment to the dreams of youngsters, however. There is a way to make dreams come true without bearing too high a financial burden. The answer lies in education loans.

    Studies show that educational expenses increase by 15% on an average per annum. It should be noted that the student is the borrower of the loan and the parent, sibling, or spouse is the co-applicant. The quantum of the loan differs from bank to bank and according to the expenses incurred for the course.

    The repayment for educational loans starts on completion of the course with some banks even offering a 6-month to 1-year relaxation period which gives time to the student to secure a job.

    Future benefits of taking educational loans in Gurgaon

    There are many benefits to taking educational loans, but two that will stand you in good stead in future are:

    1. Income tax benefits: The Income Tax Act allows deduction on educational loan interest under Section 80E. This deduction is for those who are paying the interest, which could be the student, a legal guardian, parent, spouse, or sibling. The interest amount is to be deducted from the taxable income and is allowed for a duration of up to 8 years.
    2. Credit score: You will get a good credit score which can help you in future when you apply for other loans, such as a vehicle loan or a home loan.

    Higher education in Gurgaon

    Gurgaon is home to a many esteemed colleges which offer higher education across a wide variety of disciplines. Some of the courses that are available in Gurgaon are B.Ed, BCA, BDS, BBA, MBA, D.Ed, MCA, and engineering.

    Banks offering education loans in Gurgaon

    Bank

    Interest Rate

    Tenure

    State Bank of India

    Depending on quantum of loan, 10.55% p.a. to 10.80% p.a.

    15 years from the date of commencement of the repayment

    Axis Bank

    Depending on quantum of loan, between 13.7% p.a. and 15.2% p.a.

    Between 5 to 15 years

    ICICI Bank

    Starts at 11.5% p.a.

    Between 7 to 10 years starting from 6 months after the course ends

    Union Bank of India

    Depending on quantum of loan, ranges from 10.60% p.a. to 11.75% p.a.

    15 years after the course is completed with a moratorium period of 1 year

    Bank of Maharashtra

    Depending on quantum of loan, starts at 8.75% p.a.

    Up to 15 years

    Oriental Bank of Commerce

    Depending on the quantum of loan, ranges from 11.15% to 11.40%

    Up to 15 years

    HDFC Bank

    9.20% p.a. to 13.34% p.a.

    Between 10 to 15 years

    Courses and expenses that are covered by an education loan

    Educational loans are available for courses in India and abroad. They can be availed for part-time, full-time, or vocational courses. These loans cover both graduate and postgraduate programs in a wide variety of streams ranging from the liberal arts to science and management.

    Educational loans, depending on the bank, cover most of the basic expenses related to the course of education such as tuition fees, basic fees, examination fees, library fees, laboratory fees, travel expenses for courses abroad, purchase of equipment, uniforms, books, accommodation fees, etc.

    How to apply for an education loan in Gurgaon

    There are two ways to apply for an education loan in Gurgaon – online and offline.

    Online: You can apply for an education loan through the websites of most of the banks. All you have to do is submit your personal details such as your name, email ID, mobile number, etc., and a representative of the bank will get in touch with you to take your application forward.

    Offline: The easiest way to do this is to download the application form from the bank that you wish to apply to. After filling in the form, submit it along with all the relevant documents to the bank. You will be issued a loan document. After signing this document and submitting it to the bank, the loan amount will be disbursed.

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