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.
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:
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|
Generally, the courses covered under education loans are as given below:
The expenses covered under an educational loan may include any or all of the following:
These are some or all of the documents required to apply for an education loan in New Delhi:
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
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.
The age range that is eligible for education loans in India is between 16 and 35 years of age.
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.
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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