Education Loan: How to Get Education Loan?

So friends, Today’s blog post we are going to talk about How to Get Education Loan, what is education loan, to whom this loan is given, what is needed for education loan, how much interest has to be paid on education loan. Well, today we are going to talk about all these things, so let’s start.

 How to Get Education Loan
How to Get Education Loan

 

How to Get Education Loan?

After doing 12th every student has only one dream that he should complete his studies by going to a good college or abroad. But even after having talent, this dream of some students is not fulfilled due to the education becoming expensive.

If you also have a similar dream, then you do not need to be sad, because in such a situation, education loan can become your support. Nowadays all government and private banks give education loan.

Although getting education loan is not so easy, but if you have proper documents and you work hard, then you will get education loan easily.

First of all we talk about what is necessary to take education loan, to take education loan you have to complete four things.

Types Of Bank Loans In India

What is necessary to take Education Loan

  • Must be a citizen of India.
  • Age should be 16 to 35 years.
  • The admission should be in any recognized college or school in India.
  • A guarantor will be required for large loan amounts.

Banks complete recovery checks before giving any loan. Therefore, the loan is given to such people who will be able to complete its repayment. The repayment of education loan can also be done by the students guardian, and after the completion of studies, also students can do it.

Let us now talk about how much loan amount you can get in Education Loan. You can get loan up to 10 lakhs to study in India itself.

But if you want to study abroad then you can get a loan of 20 to 25 lakhs. Along with your fees, other expenses such as: hostel rent, paper fees, book expenses will also be included in this.

If you want to take loan up to 4 lakhs, then you do not need to spend even 1 rupee, the total amount will be given to you by the bank, but if you want to take a loan of more than 4 lakhs, then the bank will give you only up to 80% loan. You will have to invest the remaining 20% by yourself.

Let us now talk about which documents do you need to take an education loan? Before taking an education loan, it is important that you prepare the documents which are necessary for you to take the loan.

To take an education loan, you have to take a form from the bank and fill it and submit it by attaching some documents with it.

To take education loan, students have to provide documents like identity proof, age proof etc. It is not necessary to have an account with the bank from which you want to take the loan. But if you have an account with that bank, then it is very easy for you to get the loan.

Let us now talk about the interest on Education Loan.

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Interest Rate on Education Loan

The interest rate on education loan is generally between 11% to 14% but some banks charge even more interest.

Many banks keep low interest rates for girls. SBI Bank charges interest on Education Loan from 11% to 13.75% per year.

So friends, in today’s post, you have learned what is education loan, How to Get Education Loan, what are the documents required to take education loan and what is the interest to be paid on education loan.

If you liked this post, then share it with your friends and if you have any question in your mind then you can comment us, thank you very much for giving such valuable time.

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FAQ For Education Loan

How to get loan for studies?

Education loan for government recognized institute or college is not a problem. Whether you want to study in India or abroad, but only after selection, the loan is allowed. If you want to study in India, you can get a loan of up to Rs 10 lakh and a loan of up to Rs 20 lakh is available for studying abroad.

How to get education loan?

  • Applicant’s age should be between 18 to 30 years.
  • Applicant must be an Indian citizen.
  • Having taken admission in a professional or technical course through an entrance test or selection process.
  • This scheme is only for recognized technical and vocational courses in the country and abroad.
  • The applicant should not have any outstanding loan from any other bank or banks.

What is education loan?

All public and private sector banks in India have taken the initiative to provide financial assistance in the form of education loans to needy students so that they can complete technical and vocational courses.

What is the interest rate of education loan?

The interest rate will remain the same throughout the tenure of the loan.
 
SBI Student Loan Scheme
Credit limit 3 years MCLR Spread Effective interest rate Rate Type
Up to Rs.7.5 Lakh 6.65% 2.00% 8.65% unstable
Concession 0.50% concession in interest for students
Above Rs.7.5 Lakh 6.65% 2.00% 8.65% unstable
Concession 0.50% concession in interest for students
0.50% concession to students on taking SBI Loan Raksha or any other existing policy assigned in favor of our bank.

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