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  • Navi Mumbai Education Loan

    Education loan is a loan that is availed by students to complete their studies. Almost all Non-banking Financial Companies (NBFCs) and banks offer students education loans. With the expenses of education increasing, one of the best solutions is to avail an education loan. Accommodation, cost of books, and other education-related expenses are covered by an education loan.

    Education in Navi Mumbai

    Navi Mumbai has some of the most reputed colleges in the state, providing education in various disciplines. Some of the well-known colleges here are listed below:

    • Dr. DY Patil Biotechnology and Bioinformatics Institute
    • Yashwantrao Chavan College of Arts Commerce and Science
    • Pillai College of Arts, Commerce and Science
    • Sanpada College of Commerce and Technology
    • Karmaveer Bhaurao Patil College
    • Western College of Commerce and Business Management
    • College of Computer Science and Information Technology

    Banks offering education loans in Navi Mumbai

    Bank

    Interest Rate (per annum)

    Tenure

    Margin

    State Bank of India

    10.55% - 10.80%

    Repayment must start one year after the course is completed and must be done within 15 years from the time of completion of the course.

    If the loan amount is less than Rs.4 lakh, no margin is charged.

    If the loan amount is above Rs.4 lakh, a 5% margin is levied for studies in India and a 15% margin is levied for studies abroad

    ICICI Bank

    Starts from 11.5%

    Repayment can range from 5 years to 10 years from the time the course has been completed.

    Up to Rs.20 lakh, no margin is charged.

    Above Rs.20 lakh, a 15% margin is levied.

    HDFC Bank

    9.20% to 13.64%

    Repayment can range from 10 years to 15 years depending on the loan amount.

    -

    Axis Bank

    13.7% to 15.2%

    Depending on the loan amount, the duration can be between 10 years or 15 years.

    No margin is charged if the loan amount is less than Rs.4 lakh.

    5% and 15% margins are charged when the loan amount is greater than Rs.4 lakh and it is used for studies in India and abroad, respectively.

    Dena Bank

    8.80% to 10.35%

    Maximum of 15 years.

    When the loan amount is less than Rs.4 lakh, no margin is charged.

    When the loan amount is more than Rs.4 lakh, 5% and 15% are the margin charges for studies in India and abroad, respectively.

    Union Bank of India

    8.60% to 11.75%

    Can be a maximum of 15 years.

    If the loan amount is more than Rs.4 lakh, the margin charged for studies in India and abroad are 5% and 15%, respectively. There is no margin for loans less than Rs.4 lakh.

    Bank of Maharashtra

    8.75% to 9.75%

    Must be repaid back by 15 years.

    5% and 15% are the margin charges for studies in India and abroad for a loan amount of more than Rs.4 lakh.

    For a loan amount less than Rs.4 lakh, the margin is nil.

    Expenses and courses that are covered by an education loan

    Expenses such as course fees, examination fees, hostel fees, uniform, equipment, and purchase of books are covered under an education loan.

    For professional/technical courses, post-graduation courses, and graduation courses in India that provide scope of employment in the future, education loans are provided. However, the study should be in a college or university that is approved by UGC, AICTE, IIT, IIM, etc.

    In the case of studies abroad, education loan is provided for post-graduation and graduation courses such as MCA, MBA, MS, etc.

    How to apply for an education loan in Navi Mumbai

    It is very easy to apply for an education loan in Navi Mumbai. An education loan can be applied both offline and online.

    Online: You will be able to apply for an education loan directly on the bank’s website. You must submit your personal and contact details and an executive from the bank will contact you to help process the loan. In case you already have an account with the bank, based on your credit history you might get instant approval.

    Offline: You will have to visit the bank branch and meet an executive if you want to apply for an education loan. The application form and all required documents must be submitted at the bank. Once the verification of the documents is done, the education loan will be approved.

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