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Mumbai is considered to be the ‘educational hub’ of the country. Besides having a high literacy rate, this city houses several prominent educational institutes which top the prestigious academic lists every year. Being the ‘commercial capital of India’, it also offers better job opportunities to students after course completion than other cities. This is the reason Mumbai is a highly preferred educational destination for students pursuing higher studies. Several banks offer education loans at an attractive interest rate to help deserving students pursue higher education in the reputed colleges and universities of Mumbai. Such loans feature flexible terms, minimal documentation, and fast approval.
Higher-education institutes in Mumbai aim to provide excellent education and training to the youth. This city has plenty of top public, private, and professional colleges and universities which offer regular, online, and distance mode of learning. At present, there are 20 universities and more than 1,000 colleges in Mumbai, some of which are among the most prestigious educational institutes in the country. They offer courses in various disciplines like sciences, commerce, arts, engineering, biotechnology, medical, law, information technology, etc. Students can pursue diploma programs, professional and certificate courses, part-time programs, correspondence programs as well as research programs.
Types of colleges in Mumbai |
Top 10 Colleges in Mumbai |
Top 10 Universities in Mumbai |
Courses Offered |
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UG |
PG |
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B.A |
M.A |
B.Sc |
M.Sc |
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B.Com |
M.Com |
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B.E, B.Tech |
M.E, M.Tech |
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BDS, MBBS |
MD, MS, MDS |
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B.Pharm. |
M.Pharm. |
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BBA |
MBA |
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LLB |
LLM |
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BHM |
PG Diploma in Hotel Management |
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B.Arch |
M.Arch |
Some of the leading banks that offer education loan in India are listed below along with the vital loan particulars:
Bank |
Loan Amount |
Interest Rate |
Tenure |
Margin |
State Bank of India |
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8.75% p.a. to 10.80% p.a. |
Repayment period will start after 1 year of course completion. Repayment period of up 15 years after course period. |
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ICICI Bank |
|
From 11.5% p.a. |
Repayment period ranges from 5 years to 10 years after course completion. |
|
HDFC Bank |
Up to Rs.10 lakh for studying in India |
9.20% p.a. to 13.64% p.a. (APR) |
Repayment period ranges from 10 years to 15 years based on the loan amount. |
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Axis Bank |
Up to Rs.75 lakh for studying in India and abroad. |
13.7% p.a. to 15.2% p.a. |
Repayment period ranges from 10 years to 15 years based on the loan amount. |
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Kotak Mahindra Bank |
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11.5% p.a. to 24% p.a. |
Repayment period of up to 15 years after course period. |
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Dena Bank |
|
9.60% p.a. to 15.10% p.a. |
Repayment period of up to 15 years after course completion. |
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Union Bank of India |
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8.75% p.a. to 9.75% p.a. |
Repayment period of up to 15 years after course completion. |
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Bank of Maharashtra |
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9.50% p.a. to 15% p.a. |
Repayment period of up to 15 years after course completion. |
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Canara Bank |
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Up to 10.65% p.a. |
Repayment period of up to 15 years after course completion. |
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United Bank of India |
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11.00% p.a. to 11.05% p.a. |
Repayment period of up to 15 years after course completion. |
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Note:
Expenses Covered |
Courses Covered |
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Studying in India Studying abroad |
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An education loan can be easily taken in Mumbai from the top banks by candidates who have under-graduate and graduate certificates from recognised boards and universities. The candidates can either apply for the loan online or can do it offline as well.
Fees and Charges |
|
Interest rate |
8.25% p.a. to 11.50% p.a. |
Processing charges |
0% - to 2% of the loan amount |
Documentation charges |
Nil. |
Pre-payment charges |
0% - 4% of the outstanding prepaid balance, depending on the period when the loan is closed |
Overdue EMI interest |
24% p.a. on unpaid or overdue EMI amount |
No due certificate |
Rs.500 per case |
No objection certificate |
Nil |
Loan take-over charges (by other banks/FI) |
2% on the average loan outstanding for the past 12 months |
Cheque/ACH swapping charges |
Rs.500 per case |
Duplicate repayment schedule charges |
Rs.200 |
EMI return charges |
Rs.550 per case |
Loan re-scheduling – re-booking charges |
Up to Rs.1,000 |
Stamp duty and other statutory charges |
As per the pertinent laws of Maharashtra |
Note - The above-mentioned fees and charges are not inclusive of GST. GST and other statutory government levies would be charged additionally as per applicability.
Disclaimer - The given education loan rates, fees, and charges are subject to revision from time to time and from lender to lender.
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