Thane is a city that is a close neighbour of Mumbai, being part of the Mumbai Metropolitan Region, and is also the headquarters of Thane district. Being a populous city, it has a large number of educational institutions, from schools to colleges and higher institutes of learning, that cater to not just the local population, but also draw in ambitious students from across India. The rising cost of education makes it necessary for students to avail an education loan to meet their life goals and hence, a Thane education loan helps these students to study for the course of their choice in Thane.
Higher Education in Thane
In Thane, students can enroll in courses in various disciplines ranging from management studies, various branches of engineering and information technology, medicine, travel and tourism management, data science, hotel management, and polytechnics. Students can do courses for both undergraduate and post-graduate studies depending on the educational institution.
Given below are some of the leading educational institutions in Thane that offer the courses mentioned above:
- Dr. V. N. Bedekar Institute of Management Studies
- A. P. Shah Institute of Technology
- KC College of Engineering
- Institute of Management and Computer Studies
- Rustomjee Academy for Global Careers
- Rajiv Gandhi Medical College
- Vidya Prasarak Mandal's Polytechnic
Banks Offering Education Loans in Thane
These are the banks offering education loans in Thane:
|Bank||Interest Rate||Tenure (excluding moratorium period)|
|Karur Vysya Bank||10.75% p.a. onwards||Up to 7 years|
|Axis Bank||13.70% p.a. onwards||Up to 20 years|
|Canara Bank||6.90% p.a. onwards||Up to 15 years|
|HDFC Bank||9.40% p.a. onwards||Up to 15 years|
|Federal Bank||10.05% p.a. onwards||Up to 15 years|
|ICICI Bank||10.50% p.a. onwards||Up to 12 years|
|Punjab National Bank||6.90% p.a. onwards||Up to 15 years|
|Union Bank of India||6.80% p.a. onwards||Up to 15 years|
|State Bank of India||9.30% p.a. onwards||Up to 15 years|
|Bank of Baroda||7.70% p.a. onwards||Up to 15 years|
Courses and Expenses Covered by an Education Loan
The courses that are commonly covered under education loans are:
- Vocational training courses
- Skill development courses
- Undergraduate degrees
- Postgraduate degrees
- Undergraduate diplomas
- Postgraduate diplomas
- Doctoral courses
The expenses by an educational loan includes the following but would depend on the bank:
- College fees
- Hostel fees
- Examination fee
- Laboratory fee
- Library fee
- Caution deposit
- Building fund
- Refundable deposit
- Study tour expenses
- Project or thesis work expenses
- Expenses for uniforms
- Expenses for study equipment and books
- Cost of a two-wheeler if required for transport for studies
- Purchase of a laptop or computer for study purposes
- Cost of a two-wheeler if required for transport for the course
- Insurance premium
Documents Required to Apply for an Education Loan in Thane
These are some or all of the documents required to apply for an education loan in Thane:
- Offer letter for the course
- Scholarship letter
- Results of entrance test
- Mark sheet of all the qualifying examinations
- Schedule of expenses
- Loan application form
- Gap certificate, if applicable
- Aadhaar card of the student
- Aadhaar card of the parent or guardian
- Proof of identity
- Proof of residence
- PAN card of the student
- PAN card of the parent or guardian
- Form 16 or salary slips as proof of income of salaried parent, co-borrower, or guarantor
- Guarantor, co-borrower, or parent's bank account statements of the last 6 months
- Parent's, guardian's, or co-borrower's proof of business or IT returns of the last two years
- For loans exceeding Rs.7.5 lakh, the co-borrower, guarantor, or parent's asset & liability statement
- Passport size photographs of student as well as guarantor/co-borrower/parent
What to Look for when Applying for an Education Loan
Before you apply for a loan, it is important to be aware of the following factors:
Special interest rates or schemes: Whether this is specific to a gender, income group, or other category, awareness of such schemes can help you save a considerable amount of money in interest.
Interest rate: Different banks have different interest rates for education loans. Make a detailed comparison including other factors as well and choose the one that is the most affordable for your income.
Loan amount: The maximum loan amount that is offered by the bank should be sufficient to cover your major educational expenses.
Eligibility: Different banks have different eligibility criteria. Make sure you meet these before you apply for the loan.
How to Apply for an Education Loan in Thane
There are usually two ways you can apply for an education loan in Thane which are:
Offline: Once you have decided on the bank you are going to apply for the loan from, you can walk into the nearest branch with all the required documents, which you can refer from the list above or from the bank's official website, fill up the application form, and submit it along with the required documents.
Online: You can also apply for an education loan directly on the bank's official website by filling in the online application form. You will get a call back from a bank representative to take the procedure of the loan application forward.
What are the eligibility criteria for co-borrowers of education loan in Thane?
To be eligible to be a co-borrower for an education loan in Thane, you need to have a steady and regular source of income as well as a good credit score.
What is the margin on education loan in Thane?
There is usually no margin for education loans of up to Rs.4 lakh; however, for loans above Rs.4 lakh, the margin could be up to 5%, but this may differ according to the bank.
Is there any collateral required for education loans in Thane?
There is no security or collateral that is usually required for education loans in Thane that are below Rs.4 lakh.