Request received - loud & clear!
Returning you to where you were...
As a student, you can avail various education loans to fulfil your academic needs. There are various banks and non-banking financial institutions (NBFIs) in India that provide education loans to students at affordable interest rates. We will have a look at some of the banks from whom a student can avail an education loan.
Lender’s Name | Interest Rate | Loan Amount | Tenure | |
---|---|---|---|---|
HDFC Education Loan for Indian Students | 9.30% onwards | Rs.7.5 lakh onwards | Up to 15 years | |
Axis Bank Loan for Students | 13.7% onwards | Rs.50,000 onwards | As per the terms and conditions laid down by the lender | |
BOI Star Loan for Students | 10.4% to 11.2% | Up to Rs.20 lakh | As per the terms and conditions laid down by the lender | |
Cholamandalam Finance | 15% p.a. onwards | Rs.1L - Rs.3L | Up to 3 Years |
You can avail an educational loan from HDFC Bank to fulfil your various educational needs. The repayment of the loan is very easy, and you are offered a wide range of collateral options as well. Some of the benefits of availing an Education loan from HDFC Bank are:
Bank Name | Processing Fee | EMI (for Rs.5 lakh) | Preclosure Charges | |
---|---|---|---|---|
HDFC Bank | 1% | Rs.43,795 at 9.30% | - |
You can avail a minimum loan amount of Rs.50,000 along with various other benefits. Some of the features of availing an Educational loan from Axis Bank are given below:
Bank Name | Processing Fee | EMI (for Rs.5 lakh) | Preclosure Charges | |
---|---|---|---|---|
Axis Bank | 1% | Rs.45,058 at 15.75% | - |
Bank of India offers an education loan so that you can fund your or your loved one's educational needs. You also get to enjoy tax benefits under Section 80C of the Income Tax Act, 1961. Some of the features and benefits of availing an Education loan front Bank of India are given below:
Bank Name | Processing Fee | EMI (for Rs.5 lakh) | Preclosure Charges | |
---|---|---|---|---|
Bank of Baroda | 1% | Rs.45,129 | - |
Some of the basic eligibility criteria that you will have to fulfil in order to be eligible for an education loan are given below:
You will have to provide certain documents in order to avail an education loan from the bank. Some of the documents that you will have to submit are given below:
Some of the things that you need to take into consideration before applying for an education loan are given below:
Applying for an education loan is very simple. You can visit the official website of the bank of your choice and apply for an education loan. The whole process of applying for an education loan is simple and hassle-free. You will have to enter the details required and upload the necessary documents. The bank will then verify the documents submitted by you and once it finds them to be correct, the loan amount will be disbursed to your account within few days.
You can also apply for an education loan offline. You can visit the nearest branch of your bank along with all the necessary documents and apply for an education loan.
You can also call on the bank’s customer care service number if you need any type of assistance with the loan application process.
Ans: The following expenses are covered under an education loan:
Ans: Yes, it is mandatory to have a co-applicant if you wish to apply for an education loan. The co-applicant can be your parents, guardian, or someone who can guarantee the repayment of the loan amount on time.
Ans: Yes, there are moratorium periods available for selected courses in India.
Ans: Yes, you can pay your EMI during the moratorium period. However, there will be simple interest levied on your loan amount during the repayment holiday period.
Ans: You can log in to the portal on the official website of the bank and pay the EMI using your credit card, debit card, net banking, UPI credentials, etc. You can also authorise the bank to auto-debit the amount from your bank account on the given due date. You can also repay your loan through ACH or post-dated cheques.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
Gain an edge by connecting with us via email. We promise never to spam you.
Request received - loud & clear!
Returning you to where you were...
Psst... We'll ensure you're the very first to know the moment rates change.
We'll email you immediately! You snooze, you lose.