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    Hyderabad Education Loan

    Studies reveal that the cost of education is rising at an average rate of 15% every year, which is why parents who wish to give their children access to quality education invest or save their money towards the education of their children. In India, the cost of good quality higher education can range somewhere between Rs.10 lakh to Rs.30 lakh. For pursuing education overseas, it can cost at least Rs.30 lakh. Despite the savings, sometimes there may be still a shortage of funds, which is when education loans can help. Even if there is no shortage of funds, many students opt for education loans as they feel that it is an opportunity for them to bear their own financial responsibilities.

    An education loan can be availed by students to fund their own education and repay it back after the completion of their course. These loans cover most of the expenses associated with the course/program such as accommodation fees, tuition fees, library/laboratory fees, cost of books/uniforms/instruments, etc. Education loans are also eligible for tax benefits under Section 80E of the Income Tax Act.

    Education Loans in Hyderabad

    The city of Hyderabad is a significant seat of learning in South India and is host to three deemed universities, two central universities, and six state universities. Many reputed institutes/universities such as Osmania University, Jawaharlal Nehru Technological University, International Institute of Information Technology (IIIT), International Business School (ISB), Jamia Nizamia, etc., are located in this city.

    Education in Hyderabad is not easy on the pocket and hence, many leading banks in India offer education loans to fill the gap between the cost of education and the shortage of funds. Education loans will empower students to take up courses or join colleges/universities of their choice without having to think twice about the finances.

    Banks Offering Education Loans in Hyderabad

    Bank

    Interest Rate

    Tenure

    State Bank of India

    SBI Student Loan Scheme: Up to Rs.7.5 lakh – 10.55%, above Rs.7.5 lakh – 10.80% (0.50% concession will be given to girl students)

    SBI Scholar Loan Scheme: 8.75% to 10.05%

    SBI Skill Loan Scheme: 10.05% (Up to Rs.1 lakh)

    SBI Global Ed-Vantage Scheme: 10.80% (Loan amounts above Rs.20 lakh and up to Rs.1.5 crore)

    SBI Student Loan - Repayment will start one year after the completion of the course and has to be repaid in 15 years after the repayment commencement

    Axis Bank

    Up to Rs.4 lakh: 15.2%

    More than Rs.4 lakh and up to Rs.7.5 lakh: 14.7%

    More than Rs.7.5 lakh: 13.7%

    Repayment tenures can range between 10 years and 15 years depending on the loan amount

    HDFC Bank

    9.20% to 13.64% (APR)

    For loans up to Rs.7.50 lakh, maximum tenure can go up to 10 years.

    For loans more than Rs.7.50 lakh, maximum tenure can go up to 15 years

    Punjab National Bank

    8.45% to 11.05%

    The repayment tenure can go up to 15 years

    Canara Bank

    8.85% to 10.65%

    Up to Rs.7.5 lakh – 10 years

    More than Rs.7.5 lakh – 15 years

    IDBI Bank

    Up to Rs.10 lakh: 9.9% (1 Year MCLR + 0.85%)

    Above Rs.10 lakh: 10.5% (1 Year MCLR + 1.45%)

    1 Year MCLR = 9.05%

    Up to 15 years

    Central Bank of India

    Male Students: 10.65% (MCLR + 2.00%)

    Female/SC/ST/IIT students: 10.15% (MCLR + 1.50%)

    1 Year MCLR: 8.65%

    Repayment will start 1 year after course completion or 6 months after securing a job, whichever is earlier; For loans up to Rs.7.50 lakh, the maximum repayment tenure is 10 years; while for loans more than Rs.7.50 lakh, the maximum repayment tenure is 15 years

    Allahabad Bank

    From 10.38% (1-year MCLR + 1.50%)

    1-year MCLR - 8.88%

    Up to 15 years

    Indian Overseas Bank

    Up to Rs.7.5 lakh: 10.70%

    More than Rs.7.5 lakh: 11.70%

    Repayment tenures range between 5 years and 7 years

    ICICI Bank

    Starts from 11.5% p.a

    Repayment will start from 6 months after course completion

    Types of Expenses Covered Under Education Loan

    Almost all expenses associated with the completion of a course/program are covered under an education loan and includes the below-given expenses:

    • Fees due towards college/hostel/university
    • Accommodation charges
    • Laboratory/library/examination fees
    • Security deposit/refundable deposit/building fund
    • Purchase of laptops/computer/books/uniforms/ instruments/equipment required for the completion of the course/program
    • Travel expenses for studies overseas

    How to Apply for an Education Loan in Hyderabad

    In Hyderabad, education loans can be availed in a simple, swift, and convenient manner. These loans can be availed either through the online or offline mode. The online mode of availing an education loan will require the borrower to visit the official website of the bank/lender, enter a few personal details, upload a few documents and submit it.

    To avail an education loan through the offline mode, applicants can visit the nearest branch of the bank/lender, fill up the application form, and submit the required documents. The loan amount will be credited to the borrower’s bank account once the details are verified.

    Fees and Charges Associated with Education Loans in Hyderabad

    Particulars

    Name of the Bank

    Charges

    Processing Fees

    State Bank of India/Axis Bank

    Nil for domestic education loans; Abroad: Rs.10,000 per application (SBI) and Rs.15,000 +GST (Axis Bank)

    Punjab National Bank

    Nil for domestic and 1% or Rs.10,000 for overseas

    HDFC Bank

    1% of the loan amount or Rs.1,000 whichever is higher

    Documentation Charges

    Punjab National Bank

    Rs.270 for loans up to Rs.4 lakh and Rs.450 for loans more than Rs.4 lakh

    Prepayment Charges

    HDFC Bank

    Up to 4% of the prepaid outstanding balance if foreclosed/prepaid during Moratorium

    Overdue EMI Interest

    HDFC Bank

    24% on unpaid EMI amount/overdue

    Loan Rebooking/Rescheduling Charges

    HDFC Bank

    Up to Rs.1,000

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