How to get an Education Loan in India 2024 – If you’re planning to study in another country, and you’re not sure which country to choose, you may want to consider India. India is a rising star in terms of education, and there are many excellent colleges and universities that offer top-quality courses. Plus, the country is growing fast – so it’s likely that the options available will only become more plentiful in the future. That’s why it’s important to do your research beforehand – so that you can get an education loan in India 2024 that’s right for you. Here are some tips on how to go about this.
In our country, a huge percentage of people is still suffering to have some quality education even with having a lot of talent and brilliant minds. It’s just that they don’t hold the fortune. That’s why education loan is so main. It has helped a lot of needful as well as middle-class people of our country. Education is one of the most main things is one’s life and this is like a fundamental right that must be provided to them at any cost. It is the very starting of someone’s success and it also helps our country in minimizing the effects of poverty.
How to Get Education Loan?
Education is one of the most important investments you can make, and it’s never too late to start learning. That’s why we’re here to help you find the best education loan options for you. In this article, we’ll discuss different types of education loans and explain how you can get an education loan in India 2024. We’ll also provide information on the eligibility criteria and the process of applying for an education loan. So if you’re interested in getting an education loan, read on to learn more!
Get Instant Quotes on education credit interest rate, eligibility, payment options, waiver, subsidy of all Banks. Instant Apply for Education credit in India Online. In India, students apply for loans from SBI, HDFC, PNb, Corp Bank, Avanse, Credila, Uco bank for education credits. Grants for main education should be sought out earnestly by those were qualified for them. When it comes to permits, special-education students do qualify for both regular grants and special education grants. Applicants will want to apply for both types of grants to ensure that they get the funding they need.
Education Loan in India 2024 Details
| Name Of Article | How to get an Education Loan in India? |
| How to get an Education Loan in India? | Click Here |
| Category | How To Guide |
| Official Website | Click Also |
How to Get Education Loan in India 2024?
If you’re planning to study in India in 2024, you’ll need to be prepared for some serious financial planning. There are a number of ways to get an education loan in India, but the best way to find out is to speak to a lender who can help you get the best deal. Here are some key points to keep in mind when seeking an education loan in India.
Interest Rate For Compare Student Loan
| Name of Bank | Interest Rates In India | Interest Rates In Abroad |
|---|---|---|
| Avanse DHFL | 12.65% | 12.65% |
| Axis Bank | 13.70% | 13.70% |
| Bank of Baroda | 7.70% | 8.35% |
| Bank of India | 9.05% | 9.05% |
| Bank of Maharashtra | 8.55% | 8.55% |
| Canara Bank | 8.50% | 8.50% |
| Central Bank of India | 8.50% | 8.50% |
| Corporation Bank | 8.80% | 8.80% |
| Federal Bank | 10.05% | 10.05% |
| IDBI Bank | 6.90% | 8.40% |
| Indian Bank | 7.15% | 7.15% |
| Indian Overseas Bank | 10.65% | 10.65% |
| Karnataka Bank | 9.85% | 9.83% |
| Karur Vysya Bank | 10.75% | 10.75% |
| OBC | 7.05% | 10.65% |
| PNB | 7.05% | 10.65% |
| SBI | 7.00% | 8.80% |
| UCO Bank | 9.30% | 9.30% |
| Union Bank of India | 8.40% | 8.05% |
| United Bank of India | 10.65% | 10.65% |
Eligibility Guidelines For Education Loan
It is important for applicants to understand the eligibility guidelines and qualify the same, to be able to apply to their preferred money lending institution/bank for their Education Loan. The eligibility criteria important for different banks. However, some basic factors that are taken into account by all money lending institutions (banks) include:
- The applicant is required to be a citizen of India.
- The loan student must have attained the age of 18 else his/her parents will have to avail of the loan.
- The aspirant must possess a good academic background.
- The candidate must have secured admission to a recognized foreign university/institution/college.
- The desired course which the student is going to undertake must be a technical or professional one, as banks give preference to job oriented courses
Education Loan documents required for Applicant
- Proof of Identity (either): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (either): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card
- Valid Indian Passport
- Academic Records: 10th Result and 12th Results
- Graduation Result: Semester-wise (if applicable)
- Entrance Test Result through which admission has been secured including GMAT, GRE, TOEFL, IELTS scores
- Proof of admission: Offer Letter or Admit Card from the Institution. A conditional admit card may be considered in the case of studying abroad.
- Statement of cost of study/ Schedule of expenses
- Two passport-size photographs
- If any previous credit from other Banks/Lenders, then the Loan A/C statement for the last 1 year
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Documents Required for Education Loan
Applicant need to have a lot of documents if you want an education credit. These documents will proof your conditions and your qualifications till now.
- Applicant need to carry a 2 passport size photograph or scanned image of your photograph.
- Applicant need to have a photo identity proof.
- A residence proof is also very required.
- Student academic record over the course of time and her current status.
- College permission letter or admission proof form the University.
- Income proof of your guardian, who is playing the role of co-student.
- Bank statement of the last eight months is also needed of co-applicant.
- Applicant need provide all the relevant information about collateral and immovable property.
Documents required for Income Proof for Salaried Co-applicant Guarantor
- Salary Slip or Salary Certificate of last three months?
- Copy of Form 16 for the last two years or a copy of IT Returns for the last 2 Economic years, acknowledged by IT Dept.
- Bank account statement for the last six months (of Salary Account)
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How To Apply Application process for Education Loan?
The application process for an education credit is very simple. You can avail the education credit without any trouble only if they possess the required documents and if you are eligible for it. Applicant must have more than 60percent marks and you should also carry your permission letter or proof of admission from the university or college. You must not be a foreigner if you want to avail the benefits of an education credit. Though Non Residential Indians can now take education credit in India.
Now we will discuss the application process of education loans in steps:
- First of all, visit the official website of Education Loan click here
- first of all, the application process is both online and offline, so you don’t have to worry even a bit.
- Either applicant can reach directly to the bank or to the lender or you can visit the official website to know the details
- After getting the application form, applicant need to fill it with utmost care. In case of online, applicant can easily download the application form and can fill it.
- later, applicant have to add your mark sheet, your admission proof, and other relevant documents.
- Applicant also have to give an interview with the officials.
- this step includes documentation and validation of all the information which you had provided in the earlier steps.
- your loan will be approved in this step and in few days of time, the credit will be disbursed is well.
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