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Mumbai Education Loan

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 opportunities in Mumbai

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
Types of colleges in Mumbai	Top 10 Colleges in Mumbai	Top 10 Universities in Mumbai	UG	PG
Engineering college Bio-technology college Medical college Pharmacy college Management college Architecture college Law college Science, Commerce, and Arts college Physical education college B.ED college	Indian Institute of Technology St. Xavier's College Ramnarain Ruia College Lala Lajpat Rai College of Commerce and Economics Elphinstone College Wilson Raj College Maharishi Dayanand College Sardar Patel College of Engineering Dr. D.Y. Patil Medical College Narsee Monjee Institute of Management Studies	Indian Institute of Technology (IIT) University of Mumbai International Institute for Population Sciences SNDT Women’s University Padmashree Dr. D. Y. Patil Vidyapeeth Tata Institute of Fundamental Research Tata Institute of Social Sciences University of Petroleum and Energy Studies Narsee Monjee Institute of Management & Higher Studies Bhaba Atomic Research Centre	B.A	M.A
			B.Sc	M.Sc
			B.Com	M.Com
			B.E, B.Tech	M.E, M.Tech
			BDS, MBBS	MD, MS, MDS
			B.Pharm.	M.Pharm.
			BBA	MBA
			LLB	LLM
			BHM	PG Diploma in Hotel Management
			B.Arch	M.Arch

Banks offering education loans in Mumbai

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	Up to Rs.10 lakh for studying in India Up to Rs.20 lakh for studying abroad.	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.	Rs.4 lakh or less - No Margin More than Rs.4 lakh - 5% for studying in India and 15% for studying abroad
ICICI Bank	Up to Rs.50 lakh for studying in India Up to Rs.1 crore for studying abroad.	From 11.5% p.a.	Repayment period ranges from 5 years to 10 years after course completion.	Up to Rs.20 lakh - No margin More than Rs.20 lakh - 15%
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.	---------
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.	Rs.4 lakh or less - No Margin More than Rs.4 lakh - 5% for studying in India and 15% for studying abroad
Kotak Mahindra Bank	Up to Rs.10 lakh for studying in India. Up to Rs.20 lakh for studying abroad.	11.5% p.a. to 24% p.a.	Repayment period of up to 15 years after course period.	---------
Dena Bank	Up to Rs.15 lakh for studying in India Up to Rs.25 lakh for studying abroad.	9.60% p.a. to 15.10% p.a.	Repayment period of up to 15 years after course completion.	Rs.4 lakh or less - No Margin More than Rs.4 lakh - 5% for studying in India and 15% for studying abroad
Union Bank of India	Up to Rs.20 lakh for studying in India Up to Rs.30 lakh for studying abroad.	8.75% p.a. to 9.75% p.a.	Repayment period of up to 15 years after course completion.	Rs.4 lakh or less - No Margin More than Rs.4 lakh - 5% for studying in India and 15% for studying abroad
Bank of Maharashtra	Up to Rs.10 lakh for studying in India Up to Rs.20 lakh for studying abroad.	9.50% p.a. to 15% p.a.	Repayment period of up to 15 years after course completion.	Rs.4 lakh or less - No Margin More than Rs.4 lakh - 5% for studying in India and 15% for studying abroad
Canara Bank	Up to Rs.10 lakh for studying in India Up to Rs.20 lakh for studying abroad.	Up to 10.65% p.a.	Repayment period of up to 15 years after course completion.	Rs.4 lakh or less - No Margin More than Rs.4 lakh - 5% for studying in India and 15% for studying abroad
United Bank of India	Up to Rs.10 lakh for studying in India Up to Rs.20 lakh for studying abroad.	11.00% p.a. to 11.05% p.a.	Repayment period of up to 15 years after course completion.	Rs.4 lakh or less - No Margin More than Rs.4 lakh - 5% for studying in India and 15% for studying abroad

Note:

0.50% interest concession is offered by most of the banks for the girl students.
1% concession on interest is offered by certain banks if the borrower services the interest as and when due during the study period once the repayment holiday is notified.

Courses and expenses that are covered by an education loan

Expenses Covered

Courses Covered

Studying in India Studying abroad

Books, equipment, and instrument cost
Cost of laptop or computer, if required for the course
Hostel or mess charges
Entire tuition fee
Library and laboratory fees
Examination fees
Accommodation cost, if there is any
Admission acceptance fee
All other necessary expenses in relation to study tours, thesis, project work etc. till course completion
Insurance premium for the borrower

Professional/technical/regular diploma/degree/Graduation/Post-Graduation courses from UGC/AICTE/IMC/ICMS/AIBMS/ICMR/Govt. approved institute or IIT/IIM, IISC/NIFT/XLRI etc.
Engineering, Aeronautical, Medical, Veterinary, Dental, Law, Computer, Management, teacher training, nursing courses etc.

Courses such as CA, CFA, ICWA

Professional/Job-centric/technical/diploma/degree/Graduation/Post-graduation courses such as MBA/MCA/MS etc.
Courses from CIMA UK, CPA in USA etc.

How to apply for an education loan in Mumbai

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.

Applying online: An education loan can be applied for directly on the website of the desired bank. For applying online visit the bank’s official website, submit your personal details, contact number, and email ID. A bank executive will contact you shortly and take forward the loan application process. However, if you already have an account with the bank, you might get an instant approval depending on your credit history.

Applying offline: In case you want to apply for an education loan through the offline mode, you will have to personally visit the nearest branch of the desired bank. Meet a bank executive and he/she will guide you through the process. For filing the loan request, you will have to fill up the application form and submit all required documents. Remember to carry all the original documents along with the purpose of verification. Once the documents are verified, the loan will be approved and sanctioned shortly.

Fees and charges associated with education loans in Mumbai

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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