Best Education Loan In India With Lowest Interest Rate
Hey are you looking for best education loan in india then you are right place. Today in this article we are going to share best bank for education loan, interest rate, features, benefits and eligibility criteria.
In india the importance of higher education and professional degree from reputed educational institute is growing from past few years. But the problem is the cost for higher education for student is also increasing along with the awareness of education and mostly parents are still ready to pay higher fees for their children higher education and secure future.
The best way to get rid from this situation for parents is to take education loan for future learning. Mostly banks in india are provide education loan to students who are looking for higher education and carrier oriented course like engineering, medicine, management, etc.
Best Bank For Education Loan In India
- State Bank of India
- Axis Bank
- HDFC Bank
- Punjab National Bank
- Canara Bank
- Vijaya Bank
- IDBI Bank
Before taking load from any bank in india you must need to consider below factors.
1. Interest Rate: As you know interest rate is play very crucial role in any bank loan. This rate is vary from bank to bank and the final rate is depends on amount of loan and realistic requirements.
Generally the education loan interest rate is 11.25% and the best part is girl student are eligible for additional 0.5% off. However you also need to consider floating interest rate ranging from 12.00% to 16.00%.
2. Fees & Other Costs: Must check loan processing fees, documentation cost and administrative fees.
3. Collateral and Security: The guarantees and security is vary from bank to bank so don’t forget to consider this factor.
4. Down Payment: It ranging between 5% to 20% of your loan amount based on your bank.
What Is Eligibility
To avail education loan you must need to follow rules and complete requirements to eligible. The eligibility is vary from bank to bank but some basic requirements is given below.
- Age between 18 to 35 years to avail loan for higher study at any approved university abroad
- You should be indian citizen
- Non Resident Indian (NRI) must need a valid indian passport
- A confirmed admission offer from college or institute
- Apply with co-applicant who has a regular source of income
- Must have good credit history of the co-borrower
- Confirmed letter of admission from college or institute
- Mark sheet of SSC/HSC and degree courses certificate
- Loan application form with photographs
- KYC (Know Your Customer) documents
- Student or co-borrower last six month bank statement
- IT return of last 2 years (If IT Payee)
- Aadhar card and pan card of student and parent
- Proof of Identity (Passport/Driving License or any other government issued photo id)
- Proof of Residence (Passport/Driving License/Electricity Bill)
- Proof of Income
- Passport size photos
How Much Education Loan You Get
Study In India
- With collateral to study in india: INR 10 Lakhs
- Without collateral to study in india: INR 7.5 Lakhs
Study Outside India
- With collateral to study outside india: INR 10 Lakhs
- Without collateral to study outside india: INR 7.5 Lakhs