Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 31 Higher Education Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 15.99% Fixed
    0.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    Perks
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    Fees & Charges
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    Eligibility Criteria
    Customer Reviews
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free INSTANT DECISION
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    Customer Reviews
    11.99% - 19.50% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    Fees & Charges
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    Customer Reviews
    13.99% - 16.99% Fixed
    1% - 2% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless Approval Option Available
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.00% - 17.99% Fixed
    2.25% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.85% - 11.85% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
    What you'll love
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    Good to Know
    Eligibility Criteria
    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
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    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.5% - 13.25% Fixed
    0 One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
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    Higher Education Loan is Rated as "Great!" by 76083 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    What is Higher Education Loan?

    A higher education loan is the amount you borrow from a bank to finance you or your children’s educational expenses. Banks normally charge affordable rates of interest for higher education loans. Also, these loans do not require any collateral up to a particular amount. Higher education loan is normally provided to aspiring and deserving students and professionals who need funds to finance their education. Any deserving students or professionals can apply for higher education loan to pursue professional and technical education in India and across the world. Before applying for a higher education loan, an individual needs to first enroll himself/herself in career oriented courses like medicine, management and engineering at graduate or postgraduate level.

    In the USA, a higher education law was formed on November 8, 1965 in the USA to strengthen the educational resources in the colleges and universities of the USA and provide financial support to post-secondary students. As per the law, low interest loans are provided to deserving applicants to fund their education. Similarly, the government of India has also launched a scheme to offer complete interest subsidy educational loans for students during the period of a course and more 1 year or 6 months after getting a job. Such higher education loans can be availed by economically weaker sections of our society for pursuing any approved courses in technical and professional domains from recognized institutions in India. In India, you can apply for higher education loans under the educational loan schemes offered by the Indian Banks’ Association (IBA) which is a representative body of the Indian banking system. The IBA primarily works for development, coordination and strengthening of the Indian banking system by assisting the Indian banks in multiple ways.

    Given that higher education has become a very costly affair, you need do prior financial planning to fund your education. Rising education fee and expensive hostel accommodation demand a lot of cash on your part. So, in order to get a customized solution to all your educational expenses, it is advisable that you opt for a higher education loan and complete your studies without facing any financial difficulty. Certain banking institutions provide education loans for non – AICTE approved courses as well. With a higher education loan, you can cover 100% of your course fee as well as other education related expenses. You can take higher education loans from any financial institutions or government approved charitable institutions.

    Higher Education Loan Eligibility:

    You need to fulfill the below mentioned eligibility conditions to be qualified for a higher education loan in India:

    • First of all, you need to be an Indian resident.
    • Your age needs to be between 16 to 35 years. However, the maximum age limit may differ from bank to bank. For example, ICICI Bank offers higher education loan to the age of 40 years.
    • If you are taking a higher amount of loan, bank may ask for collaterals.
    • A co-applicant is mandatory for all full time programs. You can include your parent and guardian as co-applicant. A married person can include spouse and parent-in-law as co applicant.

    Documents required for Higher Education Loan

    Bank usually asks for the following documents from a student while accepting his/her higher education loan application:

    • A copy of the letter of admission in a college/university.
    • A complete loan application form with all required details included.
    • A few recent passport size photographs.
    • A statement containing the cost of study.
    • Copies of PAN card (applicable for both - student and parent / legal guardian).
    • Copies of AADHAR card – (applicable for both - student and parent / legal guardian).
    • Proof of identity. You can submit any of the following documents - driving license/ passport/ /aadhar or any photo identity as proof of identity.
    • You also need to submit your proof of residence. Documents like driving license/passport/electricity bill/telephone bill are accepted as proof of residence.
    • Last 6 months’ bank statement of the student/ co-borrower/ guarantor are required.

    A salaried employee needs to submit the following additional documents:

    • Latest 2 months’ salary slips containing your date of joining.
    • Last 6 months’ bank statement of salary account.

    A self-employed individual needs to submit the following documents:

    • Last 2 years income tax return certificates with computation of income.
    • Latest 2 years audited balance sheet.
    • Bank statement of the last 6 months.
    • Proof of latest turnover.

    A self-employed professional needs to submit the following documents:

    • Income tax return certificate with computation of income of the previous two years.
    • Audited balance sheet or profit and loss sheet of the preceding two years.
    • Last 6 months’ bank statement.
    • A proof of qualification.

    Interest rates on Higher Education Loan:

    Normally, banks charge lower rates of interest on higher education loans. Higher education loans are designed in such way that students, salaried employees and self-employed individuals can afford these loans and fulfill their desire for higher studies. Low interest rates and less associated service charges make these loans highly affordable. Also, banks like the State Bank of India (SBI) offer 0.50% concession on interest rates for girl students. Likewise, Axis Bank charges base rate plus 6.50% for girl child for an amount of Rs. 4 lakh. For the same amount of loan, the bank charges base rate plus 7% from a male applicant. The interest rate charged by ICICI Bank on higher education loan is currently 11%. However, these interest rates are subject to change from time to time without giving any prior notification to customers.

    Higher Education Loan process

    It is very easy to apply for a higher education loan in India. Once, you decide your course and know the amount you required for pursuing that particular course, you can proceed to apply for your higher education loan. Either you can apply it online or you can visit your nearest branch to do the same. While applying online, you have to keep the following information - your personal details, contact information, co-borrower detail and course details ready with you. Else, you can contact your concerned branch after which the bank representative will follow up with you and help you get your loan.

    Features and Benefits of Higher Education Loan:

    • Higher education loans can be availed to pursue higher studies both in India and abroad.
    • Banks offer different amounts for studying abroad and India. For example, the State Bank of India offers Rs. 30 lakhs to pursue higher studies abroad and Rs.10 lakhs to study in India.
    • Enjoy long term repayment tenures for higher education loans.
    • Banks may ask for collaterals if you borrow a higher amount of money. For example, HDFC Bank asks for collaterals if you are borrowing more than Rs.7.5 lakhs.
    • A co-applicant is mandatory for a full time course.
    • Easy and hassle free documentation process.
    • You can enjoy a wide range of collateral options including residential property, fixed deposits, national savings certificate, LIC policy etc. However, collaterals may differ from bank to bank.
    • You can enjoy tax benefits by taking a higher education loan under section 80E of the Indian Income Tax Act 1981.
    • Banks like HDFC also offer doorstep services.
    • The loan gets directly disbursed to your educational institutions. It may be disbursed in full or parts as per the requirement of your course.
    • Some banks offer savings account free with higher education loans.
    • Get insurance protection.
    • You can use the amount received as higher education loan for paying off your college fee, hostel expenses and travel expenses, and purchasing books and computers etc.
    • No margin is applicable up to a particular amount.

    FAQs

    Can I take a higher education loan to pursue study abroad?

    Yes, you can apply for a higher education loan to pursue higher studies abroad.

    What is the maximum amount offered for studying abroad?

    The maximum amount offered as higher education loan differs from bank to bank. For example, the State Bank of India offers Rs.30 lakhs as maximum amount while HDFC Bank offers Rs.20 lakhs as the highest amount for higher education abroad.

    Do I need a co-applicant for my higher education loan? If yes, whom can I include as co-applicants?

    Yes, you need a co-applicant for a higher education loan taken for a full time course. You can include your parent or legal guardian as primary co-applicant, and spouse and parent-in-laws as secondary co-applicant, if you are married.

    Will I be eligible for any discount if I am a girl?

    Yes, definitely. Many banks in India including Axis Bank and SBI offer discounted rates of interest for girls.

    Can I get a moratorium or repayment holiday while paying off my higher education loan?

    Yes, many bank offers repayment holidays for select course.

    Am I eligible to get a higher education loan, if I am a self-employed?

    Yes, a self-employed person can also apply for a higher education loan.

    What are the modes of payment I can use to pay off my higher education loan?

    You can repay your higher education loan through equated monthly installments. Also, you can pay it off via standing instruction, post-dated cheques and ECS.

    What are the courses for which banks normally offer higher education loan?

    Banks normally offer higher education loans for the following courses – full time Management Courses, Graduation Courses, Post-graduation Courses, Medicine, Architecture, Engineering Courses ( both government and private ), Medicine, MCA ( Masters in Computer Application), Hotel and Hospitality Management , Agriculture and Pure Sciences.

    Is it compulsory to be an Indian resident to apply for a higher education loan in India?

    Yes, it is mandatory to be an Indian resident to apply for a higher education loan in India.

    Do I need to submit ITR, if I am a self –employed and apply for a higher education loan?

    Yes, you need to submit your income tax return (ITR) certificate if you are a self-employed.

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  • Higher Education Loan Reviews

    • HDFC Bank Personal Loan
      "Personal Loan balance transfer "
      0.5 0.5/5 "Unacceptable"
      Very worst service I ever seen even in national bank other government office, personal advice don't apply any type of loan even for closure they make you to run around them, it almost more than a month I am running around back to get my DD even customer care not responding well the greviance is worst not replying to ur mail
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 27, 2017
    • HDFC Bank Personal Loan
      "Interest rate should be flexible "
      0.5 3.0/5 "Satisfactory"
      I got best offer from HDFC according to my company policy, they gave me good interest rate on personal loan. But without informing they have taken processing fee and insurance amount from the disbursement, they should give clear picture about the charges.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 27, 2017
    • Bank Bazaar Customer Support
      "Good financial website"
      0.5 4.0/5 "Great!"
      Bank Bazaar is good when I uploaded the loan request, I received the response immediately from them. Bank Bazaar has good loan segregation process, I could check and take the best product in the market. The website is easy to use, but I would like to suggest Bank Bazaar should enable the one time registration option, when I am filling my information it should capture it next time when I am checking for some other products again it should not ask the details.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 27, 2017
    • Kotak Personal Loan
      "Communication part should be improved"
      0.5 2.0/5 "Expected more"
      I am ready to avail Kotak Mahindra personal loan, but they rejected my loan application without initmation, Infact I didn't receive any call or any message from them and no one came to collect the documents. I would like to suggest them to improve their communication part, also they need to be more transparent in their process.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 27, 2017
    • Bank Bazaar Customer Support
      "Really good"
      0.5 4.5/5 "Excellent!"
      The bank bazaar gives a prompt response and the regular follow to their customers. I really appreciate the bank bazaar effort which was given to the customer in terms the service, follow up in any case. The customer service and the response is really good with bank bazaar. The bank bazaar web site is easy to use and user friendly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 26, 2017
    • Bank Bazaar Customer Support
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      Bank Bazaar is an excellent service provider, I am getting good and satisfactory service. Whenever I took any financial products through Bank Bazaar. I am happy about that, I came to know Bank Bazaar through a google search. I had been using it for three years and it is really good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 25, 2017
    • Bank Bazaar Customer Support
      "Great Experience while applying for a Loan"
      0.5 5.0/5 "Blown Away!"
      I would like to tell the Bank Bazaar team that I had a great experience while applying for a loan. I never did this before and when I applied through your site you made it so easy. The way it is presented is really good. people will like it when filling up loan form if it looks so picturistic.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 25, 2017
    • Bank Bazaar Customer Support
      "Customer support"
      0.5 5.0/5 "Blown Away!"
      Very good customer support service that I received from your side, thanks for your valuable support. keep it up. The customer services are good and very much satisfactory at Bankbazaar. I was contacted instantly and the process is smooth, thanks.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 25, 2017
    • Bank Bazaar Customer Support
      "Good response "
      0.5 4.0/5 "Great!"
      Very easily any one can login using this application, every steps can be followed easily, there is no confusion over all its good. Before using this app people have to struggle to take loan not only loan other there daily needs, now it's very easy and it is good to share.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 25, 2017
    • Bank Bazaar Customer Support
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is really a good one , the response provided by them is the best, also I used to get the calls from them on an immediate basis with them till now. Online portal of the Bankbazaar.com is easy to access, I would certainly recommend this site to all.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 24, 2017
    • HDB Financial Services Personal Loan
      "Wonderful "
      0.5 5.0/5 "Blown Away!"
      I did not take the personal loan with the HDB financial services because I have not submitted the documents with them till now because of some other reasons. Customer service and the response were good one with them and there are no suggestion to them as well.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 24, 2017
    • Bank Bazaar Customer Support
      "Satisfied with the services"
      0.5 4.0/5 "Great!"
      The services from Bankbazaar has been nice and overall experience is good. It was very convenient to get connected with the banks through this portal. I only had to submit my details and place the request. I started to receive calls and I got the loan without a delay.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 24, 2017
    • ICICI Bank Personal Loan
      "High on ROI & good services"
      0.5 3.0/5 "Satisfactory"
      The service provided was really good by ICICI Bank and the process was on time. I received the personal loan within five days. The bank was high on the rate of interest, it was around 14%. The processing charges were also high. The documents were collected on time as it was promised as well.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 24, 2017
    • Bank Bazaar Customer Support
      "Personal loan "
      0.5 5.0/5 "Blown Away!"
      It's very fast to get the information and calculated the your monthly EMI and processing is also very fast to get the loan confirm just upload your documents and get approval on the spot. It's nice and hassle free to get for your query and even to get the services by bankbazar. Comparison. Thank you very much bankbazar
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 24, 2017
    • ICICI Bank Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      ICICI Bank contacted me for the personal loan and since I could not provide any documentation from my end at that moment, I cancelled my application. The interest rate and processing charges is normal. The overall experience is good and smooth.
      Was this review helpful? 0
      , jagdalpur
      Reviewed on Jun 24, 2017
    • Bank Bazaar Customer Support
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I would like to say the communication part is the best and it is really working in a perfect way, also the timely update is really good one with the Bankbazaar.com. Co-ordination is prefect and the customer service of bankbazaar really works in a good way.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 24, 2017
    • IndusInd Bank Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have not got the call from the Indusind bank after the first call like I would like to say there were no continuous follow ups. I have seen the interest rate was around 13% to 14% as approximately and the bank is also good one. I would like to suggest that they need to make the follow up with the customer which is on an immediate basis.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 24, 2017
    • Bajaj Finserv Personal Loan
      "Services are good & high on charges"
      0.5 5.0/5 "Blown Away!"
      I am an existing customer of Bajaj Finserv and they have given me a personal loan. The customer services are good. They collected my papers on time and the process was also smooth. The interest rate and processing charges was high when compared with other banks.
      Was this review helpful? 0
      , rajahmundry
      Reviewed on Jun 24, 2017
    • Bank Bazaar Customer Support
      "Very good services"
      0.5 5.0/5 "Blown Away!"
      The services provided by Bankbazaar has been good and the overall experience is nice. I received a proper response and it was a timely process.There were a lot of follow up calls and the website has a number options to choose the right bank. Satisfactory overall.
      Was this review helpful? 0
      , rajahmundry
      Reviewed on Jun 24, 2017
    • ICICI Bank Personal Loan
      "Not Satisfied with the services"
      0.5 3.0/5 "Satisfactory"
      ICICI Bank contacted me for the personal loan, and I gave them a time frame and asked them to call back because I was out of town. But I received no calls. It has not been a satisfactory experience. The rate of interest and processing charges is normal.
      Was this review helpful? 0
      , rajahmundry
      Reviewed on Jun 24, 2017
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