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  • Education Loan BYTES FROM OUR KITCHEN

    Pune Education Loan

    Quality education goes a long way in shaping a person’s future, especially the one concerning his/her career. With the cost of education increasing at an exponential rate, many people find it difficult to pursue higher studies or pursue education in reputed colleges due to the shortage of money. Many parents understand this and save up or make investments to grow their money so that they can use it towards their children's education. Despite this, one may still face funds shortage which is where education loans can come to rescue.

    An education loan helps to bridge the gap between the insufficiency of funds and the amount required to pursue a course or program. Students can avail this loan which will cover their basic course fees and other expenses related to the course such as college/hostel accommodation, exam fees, etc. Education loans are offered to students who want to pursue higher education either in India or overseas. These loans are preferred by students who wish to fund their own education instead of using the savings of their parents. Education loans also offer income tax benefits under Section 80E of the Income Tax Act.

    Education Loans in Pune

    In a survey conducted in 2010, it was revealed that Pune has the most number of educational institutes in the world. Referred to as the ‘Oxford of the East’ since the pre-independence era, Pune is home to many reputed colleges such as Symbiosis Institute of Management Studies, Fergusson College, ILS Law College, Amity Global Business School, Ajeenkya DY Patil University, Deccan Education Society, ICFAI Business School, The Film and Television Institute of India, etc., which is why many students flock to this city for education.

    However, studying in these reputed colleges comes at a considerable cost and this is where education loans can come in handy. These loans will cover the cost of education and its associated expenses to empower students to pursue their dream careers without having to worry about the finances.

    Banks Offering Education Loans in Pune

    Bank

    Interest Rate

    Tenure

    State Bank of India

    SBI Student Loan Scheme: Up to Rs.7.5 lakh – 10.55%, above Rs.7.5 lakh – 10.80% (0.50% concession will be given to girl students)

    SBI Scholar Loan Scheme: 8.75% to 10.05%

    SBI Skill Loan Scheme: 10.05% (Up to Rs.1 lakh)

    SBI Global Ed-Vantage Scheme: 10.80% (Loan amounts above Rs.20 lakh and up to Rs.1.5 crore)

    SBI Student Loan - Repayment will start one year after the completion of the course and has to be repaid in 15 years after the repayment commencement

    Axis Bank

    Up to Rs.4 lakh: 15.2%

    More than Rs.4 lakh and up to Rs.7.5 lakh: 14.7%

    More than Rs.7.5 lakh: 13.7%

    Repayment tenures can range between 10 years and 15 years depending on the loan amount

    HDFC Bank

    9.20% to 13.64% (APR)

    For loans up to Rs.7.50 lakh, maximum tenure can go up to 10 years.

    For loans more than Rs.7.50 lakh, maximum tenure can go up to 15 years

    Punjab National Bank

    8.45% to 11.05%

    The repayment tenure can go up to 15 years

    Canara Bank

    8.85% to 10.65%

    Up to Rs.7.5 lakh – 10 years

    More than Rs.7.5 lakh – 15 years

    IDBI Bank

    Up to Rs.10 lakh: 9.9% (1 Year MCLR + 0.85%)

    Above Rs.10 lakh: 10.5% (1 Year MCLR + 1.45%)

    1 Year MCLR = 9.05%

    Up to 15 years

    Central Bank of India

    Male Students: 10.65% (MCLR + 2.00%)

    Female/SC/ST/IIT students: 10.15% (MCLR + 1.50%)

    1 Year MCLR: 8.65%

    Repayment will start 1 year after course completion or 6 months after securing a job, whichever is earlier; For loans up to Rs.7.50 lakh, the maximum repayment tenure is 10 years; while for loans more than Rs.7.50 lakh, the maximum repayment tenure is 15 years

    Allahabad Bank

    From 10.38% (1-year MCLR + 1.50%)

    1-year MCLR - 8.88%

    Up to 15 years

    Indian Overseas Bank

    Up to Rs.7.5 lakh: 10.70%

    More than Rs.7.5 lakh: 11.70%

    Repayment tenures range between 5 years and 7 years

    ICICI Bank

    Starts from 11.5% p.a

    Repayment will start from 6 months after course completion

    Types of Expenses Covered Under Education Loan

    Education loans cover almost all expenses related to a course/program a student enrolls for. Some of the expenses that are covered are listed below:

    • Fees payable towards hostel/college/university
    • Library/examination/laboratory fees
    • Purchase of uniforms/books/instruments/equipment/computer/laptops required for the completion of the program
    • Caution deposit/refundable deposit/building fund
    • Travel expenses for studies overseas

    How to Apply for an Education Loan in Pune

    Availing education loans is a simple, quick, and hassle-free procedure. There are two ways through which you can apply for an education loan – online and offline. To apply for an education loan online, all you need to do is visit the official website of the bank/lender and click on the ‘Apply Online’ button. You will be asked to enter some basic details about yourself/borrower after which you will be guided to the further process.

    The offline way to avail an education loan involves the applicants to visit the nearest branch of the lender, fill up the application form, and submit the necessary documents. Once the documents are verified, the loan will be disbursed to the applicant’s bank account.

    Fees and Charges Associated with Education Loans in Pune

    Particulars

    Name of the Bank

    Charges

    Processing Fees

    State Bank of India/Axis Bank

    Nil for domestic education loans; Abroad: Rs.10,000 per application (SBI) and Rs.15,000 +GST (Axis Bank)

    HDFC Bank

    1% of the loan amount or Rs.1,000 whichever is higher

    Punjab National Bank

    Nil for domestic and 1% or Rs.10,000 for overseas

    Prepayment Charges

    HDFC Bank

    Up to 4% of the prepaid outstanding balance if foreclosed/prepaid during the moratorium period

    Overdue EMI Interest

    HDFC Bank

    24% on unpaid EMI amount/overdue amount

    Loan Rebooking/Rescheduling Charges

    HDFC Bank

    Up to Rs.1,000

    Documentation Charges

    Punjab National Bank

    Rs.270 for loans up to Rs.4 lakh and Rs.450 for loans more than Rs.4 lakh

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