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  • New Delhi Education Loan

    New Delhi is not just the capital city of India but also a magnet for students from all over India who come to the city for its reputed world-class educational institutions. There are colleges for almost any course you can think of in New Delhi. With the help of an education loan, higher education has become more accessible than ever before to all demographics of Indian society. It is important to understand what education loans are all about so that you can make an informed choice regarding it.

    Higher Education in New Delhi

    The system of higher education in New Delhi is robust. Students can choose from courses in various fields such as medicine, humanities, social sciences, technology, agriculture, pharmaceutical science, mass communication, foreign trade, law, engineering, information technology, economics, statistics, fashion technology, sports, architecture, arts, drama, law, applied sciences, and Sanskrit.

    Some of the leading educational institutions in New Delhi are:

    • All India Institute of Medical Sciences
    • Delhi Technological University
    • Indian Agricultural Research Institute, Delhi
    • Indian Institute of Mass Communication, Delhi
    • Indian Institute of Foreign Trade, Delhi
    • Indian Institute of Technology, Delhi
    • Indian Law Institute
    • Jawaharlal Nehru University
    • Jamia Millia Islamia
    • National Law University Delhi

    Banks Offering Education Loans in New Delhi

    These are the banks offering education loans in New Delhi:

    Bank Interest Rate Tenure (excluding moratorium period)
    Axis Bank 13.70% p.a. onwards Up to 20 years
    Bank of Baroda 7.70% p.a. onwards Up to 15 years
    Canara Bank 6.90% p.a. onwards Up to 15 years
    Federal Bank 10.05% p.a. onwards Up to 15 years
    HDFC Bank 9.40% p.a. onwards Up to 15 years
    ICICI Bank 10.50% p.a. onwards Up to 12 years
    Karur Vysya Bank 10.75% p.a. onwards Up to 7 years
    Punjab National Bank 6.90% p.a. onwards Up to 15 years
    State Bank of India 9.30% p.a. onwards Up to 15 years
    Union Bank of India 6.80% p.a. onwards Up to 15 years

    Courses and Expenses Covered by an Education Loan

    Generally, the courses covered under education loans are as given below:

    • Undergraduate degrees
    • Undergraduate diplomas
    • Postgraduate degrees
    • Postgraduate diplomas
    • Doctoral programmes
    • Vocational training courses
    • Skill development courses

    The expenses covered under an educational loan may include any or all of the following:

    • Fees for examinations, laboratory, and library
    • Fees for college and hostel
    • Cost of computer or laptop if required for the course
    • Cost of a two-wheeler if required for transport for the course
    • Expenses for project work, thesis work, study tour, etc.
    • Cost of books, uniforms, instruments, equipment, etc.
    • Insurance premium for the borrower if it is the student
    • Building fund, caution deposit, refundable deposit, etc.

    Documents Required to Apply for an Education Loan in New Delhi

    These are some or all of the documents required to apply for an education loan in New Delhi:

    • Mark sheets of qualifying examination
    • Entrance test result
    • Offer letter for the course
    • Schedule of expenses
    • Scholarship or free-ship letters
    • Gap certificate, if applicable
    • For loans above Rs.7.5 lakh, asset & liability statement of the co-borrower, guarantor, or parent
    • Loan application form
    • Proof of residence
    • Proof of identity
    • PAN card of student
    • PAN card of parent or guardian
    • Aadhaar card of student
    • Aadhaar card of the parent or guardian
    • Proof of income of the co-borrower, parent, or guardian: Form 16 or salary slips
    • Bank statements of the last 6 months of the parent, co-borrower, or guarantor
    • IT returns or business proof of the last two years of the parent or guardian or co-borrower is not salaried
    • Passport size photographs of student as well as guarantor/co-borrower/parent

    What to Look for when Applying for an Education Loan

    There are many factors to consider when applying for an education loan such as:

    Loan amount: Make sure that the loan you apply for will be sufficient to meet your educational expenses for the duration of the course.

    Special schemes or interest rates: These can help you save money in the long run

    Interest rate: Look for loans with interest rates that make for affordable Equated Monthly Instalments (EMI)

    Eligibility: Make sure that your course and other criteria meet that of the bank

    Repayment Tenure: Make sure the repayment tenure is sufficient for you to be able to comfortably pay off your loan in future

    How to Apply for an Education Loan in New Delhi

    There are two ways you can apply for an educational loan in New Delhi:

    Offline: Visit the nearest branch of the bank that you have selected to apply for the loan from, obtain the application form, fill it in with the required details, submit all the necessary documents, and your application process is complete

    Online: You can visit the bank's official website and fill up the application form online. A representative of the bank will get in touch with you soon.

    FAQ's

    1. What is the maximum eligible age for an education loan in New Delhi?

      The age range that is eligible for education loans in India is between 16 and 35 years of age.

    2. Who can be a co-borrower for an education loan in New Delhi?

      A co-borrower for an education loan in New Delhi can be a parent, guardian, or spouse who has a good credit score and a regular income source.

    3. Is there a margin on education loans in New Delhi?

      If the quantum of loan is above Rs.7.5 lakh, there will be a margin of 5% of the loan amount, which will have to be borne by the student while the remaining 95% of the cost will be disbursed by the bank.

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