Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Personal Loan BYTES FROM OUR KITCHEN

    Loans for Graduates

    Graduates in India can now procure loans for various purposes. You can take a loan from financial institutions or banks to build your dreams with focus. Whether you want to finance a professional diploma or a postgraduate degree, you can apply for loans of this category. Loans for graduates are good as they are typically provided at low rates of interest so that you do not face repayment troubles.

    Why should you take a Loan for Graduate?

    A loan for graduate will help you in specific ways and some of them are:

    • You can pay for your course fees for your post graduate course or professional diploma course.
    • You can use the loan to start your own business venture. You do not have to go through the hassle of finding a venture capitalist or an angel investor. You can simply take this loan and develop your business idea efficiently.

    Who do I approach to get a Loan for Graduate?

    You can approach banks, financial institutions, or government institutions and compare the various loan options designed exclusively for graduates. Make sure you understand the features of each loan before applying for one. Analyse if the characteristics of a loan will be appropriate for your particular needs.

    Features of Loans for Graduates in India

    Let us now take a look at some of the general characteristics of loans offered by banks as well as financial institutions for graduates in India:

    Higher Education Loans

    • Graduates can use education loans to pursue higher education or professional or management or technical programmes.
    • The repayment period provided by banks is typically up to 15 years irrespective of your loan amount.
    • The moratorium period includes course period and 1 year.
    • Most banks do not charge processing loans for education loans. If it is charged, it is a maximum of up to 1% of your loan amount.
    • Life insurance of the graduate is compulsory depending on the loan amount.

    Business Start-up Loans

    • If a graduate is interested in starting a business, he or she can apply for business start-up loan in India. Many institutions are providing such loans these days.
    • The processing fee ranges from Rs.0 up to 2.5% of the loan amount.
    • The loan tenure is generally up to 5 years.
    • Graduates can also take loans for equipment required for their business.

    Loans for Unemployed Graduates

    • If graduates are unemployed and if they are waiting for employment confirmation from somewhere, they can apply for a loan in the interim for their essential needs.
    • These loans are given for flexible periods.
    • Most of these loans do not require a collateral.

    Eligibility:

    Following are the eligibility criteria for all graduate loans:

    • The applicant should be an Indian citizen.
    • When a graduate wants a loan for higher education, the applicant should have an admission to the institute after passing the qualifying examination or clearing the selection process.

    Documents required:

    Following are the mandatory documents required for all graduate loans:

    • Passport or Employee identity card or PAN card or any other valid proof of identity
    • Electricity bill or Aadhar or telephone bill for proof of address
    • Bank statements for latest 12 months
    • PAN card
    • Proof of income (if any)
    • 3 photographs
    • Admission papers including admission letter, mark sheets from Class 10 or equivalent, and list of expenditures consisting of fee structure and living expenditures

    Rate of interest:

    • The rate of interest for higher education loans for graduates generally ranges from 12% p.a. to 16.95% p.a. for a loan amount of up to Rs.4 lakh. Different banks charge different rates of interest.
    • If a graduate is interested in creating a business start-up, the interest rate will range from 11.49% to 19%.
    • If a graduate needs a loan given to the unemployed, the interest rate ranges from 11% to 16%.
    • The interest rates can be fixed or floating rates.

    Security:

    Most banks do not ask for a collateral for lower amounts of graduate loans. For higher loan amounts, you may be asked to give an appropriate third party guarantee or a tangible collateral security of a certain value which is equal to your loan amount.

    Top banks and Financial Institutions offering Loans for Graduates in India

    Following are some of the graduate loan providers in India:

    • Union Education
    • HDFC Education Loan
    • State Bank of India Education Loan
    • IDBI Education Loan
    • Citibank Personal loan
    • Pradhan Mantri Mudra Yojana
    • HDBFS Personal Loan

    There are many other loans that can be taken by graduates for their requirements. You can compare the benefits of various loans and choose the ideal one that is suited to your current financial condition.

    Personal Loan Reviews

    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using with the personal loan from the Kotak BANK , there service is too good, they have charged me nominal rate of interest in this loan they have charged me up to 10.99% it is nominal, and even processing fee they have charged me was nominal they have charged me up to 1% . but they have taken stamp duty charges and credit appraisal charges as well,the loan amount they have given me was sufficient.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 21, 2019
    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using bank bazaar service for first time, and i came to know about bank bazaar service through on line as i was checking for some financial products and i have been downloaded mobile application it is easy to access.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 21, 2019
    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      I have been using bank bazaar service for first time,i came to know about bank bazaar service through on line, like i was seeing for good bank for apply a credit card for page was on top and i have been using bank bazaar website it was easy to access.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jan 21, 2019
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my personal loan with KOTAK MAHINDRA BANK, the loan amount they have given me was not sufficient they have given me up to 2,90,000 as loan amount i have expected up to 3,00,000 as loan amount, and the rate of interest they have charged me was high like while applying they have said that they will be charging 15.75% but they have charged up to 16.75% and they have taken me processing fee up to 10,000 including gst it was bit high, there was 10-12 days delay in getting loan amount.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jan 21, 2019
    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      I have been using bank bazaar service for first time, i came to know about bank bazaar service through on line, and i was searching for some credit cards, and i have been using website of bank bazaar it is easy to access, and there customer support team is very good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 20, 2019
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my personal loan with KOTAK MAHINDRA BANK, the loan amount they have given me was sufficient , they have charged me rate of interest was nominal they have charged me up to 15.99% was nominal, and the processing fee they have charged me was nominal there was no delay in loan , bu there was many deduction they have given me up to 8,000-9,000 it high , and emi option on 10 jan it got auto debited but in 11-12 jan again it came to my account stating that it got bounce, i need to check with the customer.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 20, 2019
    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I Came to know about bank bazaar service through on line, i have been applied for first time for my personal loan,the bank bazaar service was excellent,and i have been using website,it is easy to access,there was no technical issue i have been faced yet, overall service was excellent.
      Was this review helpful? 0
      , nasik
      Reviewed on Jan 20, 2019
    • HDFC Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I took my personal loan with HDFC bank recently,the loan amount they have charged me was sufficient,it is enough for me ,and the rate of interest they have charged me nominal,i donâ??t know exactly how they have charged me it should be in between of 10-13% ,which is nominal compare to market rate,and the processing fee they have charged me was nominal,i got loan on time.
      Was this review helpful? 0
      , nasik
      Reviewed on Jan 20, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It has been quite a good experience i had with this loan and the process has went well in getting this loan. It was a pre approved loan and the loan amount has been sufficient, the interest rate with them has been on the higher end and the customer support support and the staffs has been good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 20, 2019
    • Kotak Personal Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      It was not a good experience i had with this loan where the interest rate with them has been around 18% which was very high when compared with the market rate and the charges which they had made also has been very high. Their customer support response has also not been good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 20, 2019
    • ICICI Bank Personal Loan
      "Not a good services"
      0.5 1.0/5 "Really Bad"
      I had taken the personal loan with ICICI bank. When i went for the pre-closure they have charged me a huge amount as a pre-closure charges and the same has not been informed at the time of taking the loan. Interest rates were very huge which is 15% and the processing fee was Rs. 1000. Actually i have to locate a particular branch for closing the loan and the closing option is not available in all the branches.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 20, 2019
    • Capital First Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using with Capital first personal loan for long time, they have given me sufficient loan amount ,and the rate of interest they have charged me is nominal they have charged me up to 11.9% approx they take up to 12% as interest,the processing fee they have charged me was nominal,there overall service was good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 20, 2019
    • Tata capital Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using TATA CAPITAL bank personal loan for long time,the loan amount which they have given me was sufficient,the rate of interest they have charged me where high,they have charged me up to 14%, it high compare to other bank,and the processing fee they charged me was nominal,till now no issue with them,overall service is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 20, 2019
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using with ICICI bank personal loan for long time, they have given me sufficient loan amount ,and the rate of interest they have charged me is nominal they have charged me up to 11.9% approx they take up to 12% as interest,the processing fee they have charged me was nominal,there overall service was good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 20, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using HDFC bank personal loan for long time,the loan amount which they have given me was sufficient,the rate of interest they have charged me where high,they have charged me up to 14%, it high compare to other bank,and the processing fee they charged me was nominal,till now no issue with them,overall service is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 20, 2019
    • Punjab National Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding personal loan with punjab national bank,andthe loan amount they have given me was sufficient, there process was quick ,and the loan amount i got with in one week,and the rate of interest they have charged me was nominal,they have charged me up to 10.25% previously but after negotiating they have charged me 10.10% ,the processing fee they have charged me nominal,there executive had clearly explained .
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 20, 2019
    • Bank Bazaar Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I got a good experience with bank bazaar. This is the first time, I have applied the personal loan and just Googled went through the link. I have used the website and representative contacted immediate. They have explained me process and hassle free. I have not checked with the credit score.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 19, 2019
    • IndusInd Bank Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      The rate of interest and charges are reasonable. The loan duration is 5 years. The documents are collected by the executive. I have not checked the term and conditions for foreclosure. The loan process was immediate. The customer service and response was fine in Induslnd Bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 19, 2019
    • ICICI Bank Personal Loan
      "High Interest rates"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with ICICI Bank and the loan is still running. The rate of interest is bit high and it is around 11.45%. At the time i applied for a credit card my application was processed quick. If the rate of interest come down it will be good. The Tenure period is 5 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 19, 2019
    • ICICI Bank Personal Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      Still am running the personal loan, They did not reveal the charges and executive called me informed about I will receive some loan amount but got lesser than that. Though I called the customer service there was no proper response. The loan duration is 5 years and monthly EMI is 14K through ECS. I am a salary account holder of ICICI Bank and did not get any much benefits of this account.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 19, 2019
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