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    Noida Education Loan

    Quality education at a recognised university is a necessity in order be successful in life. However, the cost of quality education nowadays is high. Therefore, parents start investing in Unit-Linked Insurance Plans (UPLIPs), Fixed Deposits (FDs), Mutual Funds (MFs), etc., for the long term in order to save money for their children’s education. However, there might still be a shortage of funds even after investment. At these times, an education loan can help in providing the amount that is required. As per research, the rate of interest is approximately 15% p.a. at the moment.

    Education in Noida

    There are various renowned colleges and universities present at Noida. Some of the colleges and universities in Noida are Noida Institute of Engineering and Technology, Greater Noida Institute of Technology, J.S.S. Academy of Technical Education, Vishveshwarya Institute of Technology, Amity University, Lloyd Law College, and Bennett University.

    Banks offering education loans in Noida

    Bank

    Rate of Interest

    Tenure

    Margin

    HDFC Bank

    9.20% to 13.64% (APR)

    Depending on the loan amount, the loan tenure can range from 10 years to 15 years.

    Dena Bank

    8.80% to 10.35%

    Maximum loan duration is 15 years.

    Less than Rs.4 lakh, no margin is charged.

    5% and 15% are the margin charges for studies in India and abroad for loans above Rs.4 lakh.

    Bank of Maharashtra

    8.75 to 9.75%

    The loan amount must be repaid by 15 years.

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

    State Bank of India

    10.55% - 10.80%

    Repayment must be done within 15 years from the time the loan has started. Repayment of loan must start after 1 year of the 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

    Axis Bank

    13.7% to 15.2%

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

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

    5% and 15% margins are charged for studies in India and abroad, respectively, for loan amounts higher than Rs.4 lakh

    Union Bank of India

    8.60% to 11.75%

    The loan must be paid back by 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%. There is no margin for loan amounts up to Rs.4 lakh.

    ICICI Bank

    Starts from 11.5%

    From the time the course has been completed, repayment can range from 5 years to 10 years.

    Up to Rs.20 lakh, no margin.

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

    Federal Bank

    10.90% to 15.30%

    Loan repayment must be started one year from the completion of the course and must be completely paid back within 15 years

    For a loan amount of up to Rs.4 lakh, no margin is applicable.

    There is a 5% and 15% margin applicable for a loan above Rs.4 lakh for studies in India and abroad, respectively.

    Courses and expenses that are covered and by an education loan

    Education loans are provided for post-graduation, technical/professional, and graduation courses in India. However, the universities and colleges that provide these courses must be recognised by an Indian educational board such as AICTE, UGC, IIT, IIM, etc. Education loans are provided for graduation and post-graduation courses such as MS, MBA, and MCA in case individuals want to study abroad.

    How to apply for an education loan in Noida

    In Noida, it is very simple for individuals who want to apply for education loans. Loans can be applied both online and offline.

    Offline: You must visit the branch of the bank to avail an education loan. All necessary documents and the application form must be submitted to process the loan. The education loan will only be approved once the documents are verified.

    Online: You can visit the official website of the bank and fill in the basic details to apply for an education loan. A bank representative will contact you to process the loan. If you already have an account with the bank and have a good credit score, instant approval might also be given.

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