Make college memories that last a lot longer than your student loan payments.
Educational loans are a boon when it comes to funding aspirations of a better life. Everyone understands that education is the key to a brighter future and is prepared to do anything to give their children a chance at this. However, with the rising cost of education, people are finding it difficult to pay in cash for the course of their choice, whether it is in India or abroad. The only alternative is an education loan which will give you the freedom to pursue the course of your choice anywhere you wish.
Kolkata has world-class institutions of higher education. There are 20 autonomous institutions or public universities with campuses in the city or in the outskirts. These institutions award their own diplomas or degrees. Some of the higher education courses available in Kolkata are: arts, science, commerce, law, management, engineering and technology, pharmacy, Islamic studies, computer science, information technology, basic sciences, applied sciences, fine arts, performing arts, theology, Indian culture and spirituality, rural development, agricultural management, and medicine.
Some of the famous institutes in Kolkata for higher education are the following:
These are some of the leading banks in Kolkata that offer educational loans with attractive interest rates and tenures:
|
Bank |
Interest Rate |
Tenure |
|
Axis Bank |
13.7% p.a. and 15.2% p.a. |
5 to 15 years |
|
Bank of Maharashtra |
Starting from 8.75% p.a. |
Goes up to 15 years |
|
HDFC Bank |
9.20% p.a. to 13.34% p.a. |
10 to 15 years |
|
ICICI Bank |
Starting from 11.5% p.a. |
7 to 10 years |
|
Oriental Bank of Commerce |
11.15% to 11.40% |
Goes up to 15 years |
|
State Bank of India |
10.55% p.a. to 10.80% p.a. |
Goes up to 15 years |
|
Union Bank of India |
10.60% p.a. to 11.75% p.a. |
Goes up to 15 years |
Educational loans are available for a wide range of courses, from undergraduate to postgraduate, part-time to full-time and vocational courses. They cover the majority of expenses related to the course, such as buying books, uniforms, equipment, laptops, paying for the tuition fees, examination fees, library fees, laboratory fees, basic fees, etc.
It is best to first compare and research different banks and decide which one gives you the maximum quantum of loan at the most affordable interest rates. It is also important to find out about the repayment tenure. Look out for banks that give you a period of 6 months to a year after finishing the course before you need to repay the loan. This will give you adequate time to get a job and then start paying the loan after a few months, which would be less stressful in the long run. Once you have decided which bank you want to apply for a loan to, you can do so through two modes, which are given below.
There are two ways you can apply for an educational loan in Kolkata – offline and online.
Offline: When applying for an educational loan, you would first have to visit the bank you have chosen, get the application form, fill in the required details, and submit it along with the required documents to the officer in charge of the loan department. A loan document will be issued to you which will have all the terms and conditions of the loan. This too should be signed and submitted to the bank. Once this is approved, the loan amount will be disbursed to you or to the university/college of your choice.
Online: Online applications can be done directly on the website of most of the leading banks in India today. You will have to search for the education loan section on the website and fill in your personal details on the page, which would be your name, email address, phone number, etc. A bank representative will get in touch with you to take it forward.
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