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  • Kolkata Education Loan

    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.

    Higher education in Kolkata

    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:

    1. Calcutta Institute of Engineering and Management
    2. University College of Science, Technology, and Agriculture
    3. Vidyasagar College for Women
    4. Vivekananda Mahavidyalaya
    5. Scottish Church College

    Banks offering education loans in Kolkata

    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

    Courses and expenses that are covered by an education loan

    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.

    What to look for when applying for an educational loan

    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.

    How to apply for an education loan in Kolkata

    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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