Why BankBazaar Education Loan?
  • Apply Online for Lowest Rates
  • Instant Eligibility Check
  • Quick Loan Sanction
Mumbai Education Loan Ratings
4.0 / 5.0 by 26 users

Fees & Charges

Promised Interest Rate

Customer Service

Responsiveness

Mumbai Education Loan Reviews

"Andhra bank educational loan process is very good as my dad was working there with them it was very easy for me to avail that loan. They help the students to avail the loan at a very low rate of interest. It is a good bank , my dad takes care off the debt . I had to repay the loan once after my course is completed or when I join the new company which ever is earlier. "

Viral Laxman Bhatt, Mumbai
More Reviews
Choose Loan Offers From

What is Education Loan?

An Education Loan is designed to help students pay for university tuition, books, and living expenses.

Student Loan Income Tax Benefits

Get tax benefits under Section 80E of Income Tax Act of India for the Student Loans.

Student Loan Repayment

Generally Repayment will start after the Course period + 1 year or 6 months after getting job.
Secure & Safe

Mumbai  Education Loan

Apply for Mumbai Education Loan online for lowest interest rate

We've identified the lowest interest rate quotes for your profile with great savings.

Rates & special offers displayed below are accurate & applicable ONLY for applications made on BankBazaar.com

  • Some fields are incorrect or have not been filled in. Please correct this to proceed.
  • Details of Course For Which Loan is Needed
  • Slowly start typing your university's name and choose from the recommendations provided. If you do not see your university on our list, simply type the name in this field.
  • Include all tuition fees, living expenses, hostel expenses, purchases of books & equipment, and travel fare to country of study (if applicable).
  • Co-borrower Details
  • A relative with good income who can support your education loan applicant. Father or Mother are highly preferred as co-borrowers.
  • This is the co-applicant's net monthly salary as credited to his/her bank account after all deductions.
  • Gross Total Income as per latest ITR.
  • You will be charged a lower interest rate and be eligible for a higher loan amount if you provide collateral for the loan. Collateral can be a flat, house, non-agricultural land or fixed deposit.
  • Details of Collateral That Can Be Provided For Loan
  • Property with an existing loan on it can only be accepted as collateral if HDFC Ltd is the lender. Commercial properties and agricultural land cannot be accepted as collateral.
  • loading..
Step 1 of 3

Mumbai Education Loan Overview

Mumbai 4.0 / 5.0 by 26 users  
Used this product? Write a review »
Mumbai Education Loan .

Mumbai Education Loan FAQs

  1. What are the courses in India for which education loans are available?

    Any of the following courses, as offered by recognized universities, is eligible for an education loan in India-

    • Professional courses including Engineering and Medicine
    • Management courses (both full time and part time)
    • ICWA, CA, CFA etc.
    • Courses conducted by IIMs, IITs, IISc, XLRI. NIFT,NID etc.
    • B.A/B.Com/M.A/M.Com/MCA/MCM etc.
    • Architecture, Agriculture studies, Fine Arts and Designing etc.
    • Hotel and Hospitality.
    • Courses such as SAP , ERP , GNIIT , Air Hostess Training programmes etc.
    • Distance learning programs and online certifications.
    • Degree/Diploma courses like Aeronautical, pilot training, shipping, etc.,
    • Aircraft Maintenance Engg, Pre-Sea Training courses and the like.
    • Nursing and Para Medical courses (includes admission via management quota).
    • Courses offered by reputed institutes that assure employment and are Govt. certified.
    • Courses offered in India by reputed and certified foreign universities.
    • All courses listed here- www.ugc.ac.in , www.education.nic.in and www.aicte-india.org
  2. What is the age restrictions for subscribing to an education loan?

    Generally, there are no restrictions. Most banks and financial institutions do not impose this rule. However, certain lenders do mark an age limit spanning from 16-35 years.

  3. Aside from the fee payable to the school/college, what other expenses are covered by the loan?
    • Towards the purchase of books, uniforms, equipment and instruments.
    • Purchase of computers/laptops, if deemed necessary for the completion of the course.
    • Fees paid for Exams, Library, Laboratories, Hostel, etc.
    • Building fund, Caution deposit, Refundable deposit (must be supported by receipts/bills).
    • Costs incurred in travel, for studies abroad.
    • Additional costs that are required to successfully complete the course, including but not limited to, Study tours, Thesis work, Projects, etc.
  4. Does taking an education loan entitle me to any tax benefits?

    Not immediately. However, after you start repaying, you are free to deduct the loan interest amount from your total income when calculating tax.

  5. How does the bank track my educational progress through the course period?

    The applicant is expected (and mandated) to submit his/her progress reports periodically. The progress reports could be mark sheets or a suitably attested letter from the applicant’s school/college.

Mumbai Education Loan Eligibility & Documentation

.

Mumbai Education Loan Interest RatesUpdated on

Details of Mumbai Education Loan

.

Education Loan Articles

  • Union Cabinet Minister Maneka Gandhi demands cheaper education loans for girl students
    With a view to promote higher education among girls students in the country, Maneka Gandhi has written a letter to to the HRD and Finance ministers, requesting them to cut the interest rates for education loans availed by female students. The Union Minister for Women & Child Development is seeking benefits on education loans under the much touted “Beti Bachao, Beti Padhao” program of the NDA government which aims to uplift and promote education for girls and bringing an end to female foeticide. In her letter to Smriti Irani and Arun Jaitley, the Union Minister has expressed her intent to make education loans more affordable so that girls can take up specialised courses. Parents generally shy away from taking a loan for daughter’s education, denying them the opportunity to pursue a course of their choice. With a concession in the interest rate on education loans, girl students can look forward to taking up higher education from an institute of their choice.
  • CM of HIMACHAL inaugurates Rajeev Gandhi Digital Vidyarthi Yojna
    Virbhadra Singh (Chief Minister of Himachal Pradesh) inaugurated the Rajeev Gandhi Digital Vidyarthi Yojna 2015-16, accomplishing the declaration he made in his recent Budget speech. Under this ambitious scheme unveiled at in Mandi, laptops and note books were given to the deserving students of classes 10 and 12, who sat the HP Board of School Education. This was a UPA Government initiative. The Chief Minister gave away laptops to 86 chosen students. They also plan to grant over 10,000 laptops the financial year 2015-16 to those students on whom an outlay of 18.32 lacs was being sustained. While addressing people gathered at the event, the minister briefed about the State Government’s considerable efforts to ensure quality education regardless of economic backgrounds. 'Mukhya Mantri Gyandeep Yojna' had also been declared which offers interest subsidy of four percent to every student who apply for education loan up to INR 10 lacs.
  • In Goa, 97% of education loan borrowers make repayments regularly.
    The Goa Chief Minister said that 97% of education loan borrowers have been repaying their debts in a timely manner. These figures relate to the interest-free education loans given to students, which also does not require any surety or security collateral. The Chief Minister was speaking at the Agnel Institute of Technology and Design (AITD) and Centre for Incubation and Business Acceleration in Assagao during an inaugural ceremony. The Goan Government allots Rs. 30 crores every year for education loans. The Chief Minister also said that investing in educational institutions across the state has proved to be very fruitful for the local population.
  • Court Rules in Favor of Students against Bank
    After their application for a 4-year educational loan was rejected by Canara Bank, two girls from Tuticorin sought the help of the court in 2014. The bank had rejected their application in 2012-13 as they had scored less than 60% marks in their Plus Two examinations. With the case going on for years, the bank had stated that the student’s course is ending by this year, therefore the case would not survive. But the judge has not accepted the bank’s submissions and has rejected “60% cut-off” as a reason for loan rejection. As the girls are in their final year, the bank’s branch manager has been directed to reconsider the loan application and sanction the loan for the last academic year of the course in accordance with the revised rules. This ruling should be carried out within two weeks from the receipt of the court order.
  • Avanse Financial Services to offer loans for schooling.
    As school fees skyrocket, Avanse Financial Services has come up with a new loan scheme to provide financing for schooling from Kindergarten to up to 12th standard. Avanse plans to target working parents whose children are studying in international schools affiliated to the International Baccalaureate based in Geneva, Edexcel and Cambridge International Examinations (CIE) based in the United Kingdom. Adding this to its existing education loan portfolio, Avanse is currently holding talks with international schools. A pilot will be launched within three months by Avanse. Customers going for financing for schooling can get custom-made loan packages and convenient EMI options. Avanse specialises in offering education loans for students pursuing education in India and abroad.
  • Bihar State Assembly approves education loans for Rs. 5 lakhs.
    The Bihar State Government has accepted the proposal put forward by the education department for granting student credit cards which will help avail education loans. As part of the seven resolves or Saat Nischay from the Chief Minister, this scheme was approved by the Bihar State Government. Around five lakh aspiring students would be presented with the credit card in order to pursue higher studies during the financial year of 2016-2017. An increase of 1 lakh students is expected every year. Students will have to register at the local offices and submit the required documents inclusive of ID proofs, address proofs, Aadhaar Card and qualification certificates. The Central Government would be the guarantor for 75% of the education loan amount and the State Government for the remaining 25%. The credit card scheme will be available for a period of five years to help students complete their higher education.
  • Banks are in a better position to vet foreign universities
    The end of 2014 witnessed a large number of students being deported from US universities. The reasons are unclear, but the common factor is that the universities were low profile such as NorthWestern Polytechnic University and Silicon Valley University. This also happen in 2011, where 6,500 Indian students were deported from Australia despite many of them being enrolled in accredited universities. These events result in shock, stress and a huge loss of money. To try to avoid such circumstances, Indian Bank Association has a list of 1,100 institutions that are accredited and pre-vetted. The list is not rigid but helps when seeking admission into a good college and while trying to get an educational loan. Also, check the employability after your course and the general placement record of your university. The type of degree chosen, the level of the course, and the specialisation also play an important role. If you choose to fund your studies abroad with an educational loan, banks will check applicable guidelines of a country and the immigration laws. Banks are also up to date on accredited universities as well as accreditation agencies. Each case is evaluated separately and you have a better chance of going abroad without much of the hassle.
  • Bhubaneshwar sees many new Universities and Reforms on Education Loan
    With the beginning of a brand new paradigm in higher education with introduction of Choice Based Credit System (CBCS) at the undergraduate level, the year 2015 would be remembered as a year of new universities. The Bhubaneswar government also upgraded three erstwhile colleges to universities - Gangadhar Meher University, Rama Devi Women's University and Khallikote Cluster University. The Odisha State Open University and VSS Institute of Medical Sciences (VIMSAR) also became functional with an upgraded status this year. Indian Institute of Management (IIM) at Sambalpur became operational this year and the Centre has also promised to establish Indian Institute of Science Education and Research by this year. The government has also recruited a significant number of faculty members for universities and offered liberal funding for their infrastructure upgradation. One of the biggest milestones in higher education in 2015 was that all universities and 32 autonomous colleges in the state introduced CBCS. Introduction of three-month short-term spoken English course for undergraduate students in over 25 state colleges to prepare job-ready student workforce is also one major milestone this year. The Odisha State Interest Subvention Scheme (OSISS) offers subsidy in education loan interest by 4 per cent for boys and six per cent by girls. This has encouraged students from the economically weaker sections to pursue professional and higher education.
  • Enlarging the access to Higher Education through Education Loans
    The Government is planning to offer schematic interventions that will subsequently overcome economic and social disadvantages to make higher education available for all. The Central Government is aiming to implement the Central Sector Plan Scheme named “Scheme on Interest Subsidy on Educational Loans" which aims to provide professional higher education for students from economically backward sections of the society. This scheme will offer full interest subsidy during the moratorium period of duration of the course plus a year. This loan scheme can be availed by students whose parent’s/guardian's’ annual income is not more than Rs.4.5 lakhs. Towards this, Rs.5501.36 crores have been released to National Scheduled Tribes Finance & Development Corporation (NSTFDC), National Safai Karmacharis Finance & Development Corporation (NSKFDC), National Scheduled Castes Finance & Development Corporation (NSCFDC) and Banks. Another education loan scheme aims at students from Jammu and Kashmir having a parental annual income of not more than six lakhs. The main aim of these education loan schemes introduced by the Central Government and the UGC is to offer education for all, especially professional higher education.
  • Lok Adalat in Trichy benefits education loan borrowers
    Education loan borrowers have benefitted in a huge manner through the Mega National Lok Adalat held in Trichy, recently. Around 35,334 cases were settled by the Lok Adalat, for a value of Rs. 23.35 crore. This included 980 non-performing assets cases, worth Rs.7.78 crore, 626 vehicle accident cases worth Rs.13.31 crore, 99 cheque bouncing cases worth Rs.51.08 lakh and 352 civil disputes worth Rs.99.21 lakh. Additionally, 31,625 traffic violation cases were also settled for Rs. 24.83 lakh. The Lok Adalat facilitated the settlement of education loans with special concessions. For example, a student had taken an education loan for Rs. 1.05 lakh from the Mannachanallur branch of Bank of Baroda. The Lok Adalat got in touch with the bank and reduced the loan repayment amount to Rs. 65,000

Education Loan Forum

Reviews

 Mumbai  Education Loan Reviews
Page 1 of 3 1 2 3
  • Very good process
    /images/common/default-unknown-person.png
    , mumbai
    Recommend Recommended by user
    Validated User
    (0)

    Andhra bank educational loan process is very good as my dad was working there with them it was very easy for me to avail that loan. They help the students to avail the loan at a very low rate of interest. It is a good bank , my dad takes care off the debt . I had to repay the loan once after my course is completed or when I join the new company which ever is earlier.

    Was this review helpful? Yes
    viral took a Education Loan from ANDHRA BANK Reviewed on
  • Good for students
    /images/common/default-unknown-person.png
    , mumbai
    Recommend Recommended by user
    Validated User
    (0)

    I had very good experience with PNB, they didn't take any charges on the loan disbursement. They have sanction the requested amount for an education loan with lower interest. I took the amount of 5 lakhs, then I closed my loan and got the loan closure letter from them.

    Was this review helpful? Yes
    aarambhh took a Education Loan from PUNJAB NATIONAL BANK Reviewed on
  • Good Process
    /images/common/default-unknown-person.png
    , mumbai
    Recommend Recommended by user
    Validated User
    (0)

    Interest rate for the educational loan with Oriental Bank of Commerce is less than 12%. The tenure is for seven years. Even there is a facility to pay the loan amount at anytime. Customer service is good and I had no issues with OBC while taking the loan.

    Was this review helpful? Yes
    sreevalsa took a Education Loan from ORIENTAL BANK OF COMMERCE Reviewed on
  • Education loan is only for business purpose there isn't any help from the bank if a student belongs to lower middle class whose father is earning 15-16k. They will reject your application before you apply even if you ask for a student loan of 4 lakh rupees.My entire family have bank accounts in SBI and we have our savings and fixed deposits too. But it's of no use. They will behave with you as if you have a criminal background. Almost all branch managers are egoistic.

    Was this review helpful? Yes
    aditya took a Education Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (0)

    ANDHRA Bank educational loan it is pretty competitive in terms of interest rate. The interest rate offered by them was around Base rate plus one percent they had asked for the grantor, nor they did not ask for any collateral security which is required for this loan and its on-going no issues absolutely and I am yet to make the payment.

    Was this review helpful? Yes
    varun took a Education Loan from ANDHRA BANK Reviewed on
  • (1)

    Really the best banker you can rely on for education loans.The entire process completed much faster and smoother than I imagined, thanks to the staff for so much involvement, patience and support. Compared to the other so called bigger banks, staff here is so much customer friendly,helpful and understanding. Also the interest rates are much attractive considering the persistent negligence of banks towards students while giving educational loans.Even the bank managers are so down to earth while talking to him regarding my doubts. Sinciere suggestion to visit Syndicate bank if you have an education loan on your mind.

    Was this review helpful? Yes
    vinay took a Education Loan from SYNDICATE BANK Reviewed on
  • Validated User
    (1)

    I like the process followed by BOB for the educational loan I like the documentation process and no concession was offered on the interest rate. I had got the loan on time and that is the best part about it. I am supposed to pay this loan after completing my degree.The only pitfall was they had taken a very long time to process the loan.

    Was this review helpful? Yes
    sagar took a Education Loan from BANK OF BARODA Reviewed on
  • Education Loan
    /images/common/default-unknown-person.png
    , mumbai
    Recommend Recommended by user

    Bank of India Education Loan "Good service " 4.5/5 "Excellent!" It was a good experience with bank of india related to the education loan.The process was not hectic with them.They are no hidden process and everything based on service was transparent with this bank.I may recommend the service to others as well.

    Was this review helpful? Yes
    rakeah took a Education Loan from BANK OF INDIA Reviewed on
  • very good bank
    /images/common/default-unknown-person.png
    , mumbai
    Recommend Recommended by user
    Validated User
    (3)

    Bank of Baroda has been good in their services. I have applied for a educational loan. I got the loan within 48 hours after the submission of documents. The rate of interest was high. It was of 10.5%. I feel it has to be reduced since it is for the education. There was a zero processing fee.

    Was this review helpful? Yes
    vivek took a Education Loan from BANK OF BARODA Reviewed on
  • Not recommended
    /images/common/default-unknown-person.png
    , mumbai
    Recommend Recommended by user
    Validated User
    (6)

    I have closed the educational loan with the Central bank of India and the interest rate was around 12%. The services were average with them because there is no transparency and the customer service is not flexible with them.

    Was this review helpful? Yes
    thirumalesh took a Education Loan from CENTRAL BANK OF INDIA Reviewed on
  • Easy process!
    /images/common/default-unknown-person.png
    , mumbai
    Recommend Recommended by user
    Validated User
    (0)

    My brother signed up as a guarantor as I applied for the educational loan with Kotak Mahindra bank. Though I am an employee with KMB, they never showed hesitation in approving the loan to me. Interest rate was pretty high and the loan was processed within 4 days.

    Was this review helpful? Yes
    jitesh took a Education Loan from KOTAK MAHINDRA BANK Reviewed on
  • Quick approval!
    /images/common/default-unknown-person.png
    , mumbai
    Recommend Recommended by user
    Validated User
    (2)

    Educational loan process is very easy with Bank of Baroda. Since I had all my documents ready for the process, they sanctioned the loan amount within the same day. My father is the co applicant and they required his form 16 to process the loan amount. I would suggest them to provide the maximum eligible amount to the customers.

    Was this review helpful? Yes
    ajay took a Education Loan from BANK OF BARODA Reviewed on
Page 1 of 3 1 2 3

Interest Rates

We're sorry. No offers were found. Based on your information, we are unable to find you an offer from any of our insurance partners. We invite you to return to BankBazaar.com to get an insurance for any of your other car Thank you for your using BankBazaar.com
reTH65gcmBgCJ7k
  • This Page is BLOCKED as it is using Iframes.