Sunday, 21 August 2016

How To Apply For Education Loan- Banks List With Minimum Interest Rate

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How To Apply For Education Loan

If we talk about education these days it’s quite costly and those students who willng to study but are not financially strong must read here How to Apply for Education Loan and also check the Banks List With Minimum Interest Rate.  Candidates who acquires talent and skills to make a mark in future but don’t have enough money for higher education, for them there’s a great solution to make their dream of studying true. Yes! Education Loan provides financial assistance to such needy and talent people… Candidates in need of this financial help from the bank they can check How to Apply for Education Loan from this page easily. 

How To Apply For Education Loan
Education Loan covers different expenses including tuition fees and other expenses and the repayment of it starts only after one year of the completion of the programme OR six months after getting a job, whichever is earlier. The period of repayment can continue for about 5-7 years. Only the interest has to be paid during the tenure of the programme.

Step By Step Procedure: How To Get Education Loan From Bank

Required Documents for the Application:
  • Attested copies of documents for proof of age/date of birth and proof of residential address
  • Passport size photo of the applicant, co-obligants and guarantors
  • Copy of mark sheets / degree certificates of previous academic qualifications
  • Income proof/latest income tax return of parents/co-obligants, guarantors
  • Details of collateral security along with valuation certificate of Govt. approved value
  • Details / statements of Bank accounts held by the student applicant / co-obligate (s) / guarantors (if any) for the last six months.
  • Copy of Passport / Visa, cost of air fare (documentary detail) in case of studies abroad

How To Apply For Education Loan

Features & Benefits of Education Loans:
  • When it comes to a complete education loan, Banks individually offers exclusive features and benefits.  Commonly, the following are offered -
  • Anyone with a will to study can apply as it is universally available.
  • Education loans are provided to pursue all types of academic courses (graduation, post-graduation, other certificate courses) in India and abroad.
  • Loan amounts can vary from a minimum of Rs.10 lakhs to a maximum of Rs.15 lakhs.
  • For education abroad, bank provides loans to the quantum of Rs.20 lakhs.
  • Usually, female students are offered discounts and/or lower interest rates when it comes to education loans.
  • Government sponsored subsidy schemes, such as ‘Central Scheme to provide Interest subsidy (CSIS)’ help students from the economically backward sections of society avail the benefits of a robust loan for education.
  • The applicant need not repay the borrowed amount immediately. Post the completion of the course, the repayment tenure can stretch upto 5-7 years.
  • Generally, loans below Rs.4 lakhs do not require a security or guarantor.

List of the Education Loan system of all Banks


Bank
1 Year to
< 2 years
2 Years to
< 3 years
3 Years to
< 5 years
More than 5
Allahabad Bank
8.75%
8.50%
8.50%
8.00%
Andhra Bank
9.25%
8.50%
8.60%
8.00%
Axis Bank
9.25%
8.50%
8.50%
8.50%
Bank of Baroda
9.35%
9.00%
8.50%
8.50%
Bank of India
9.25%
8.25%
8.25%
7.00%
Bank of Maharashtra
8.30%
8.60%
8.60%
8.30%
Canara Bank
9.10%
9.25%
8.75%
8.75%
Central Bank of India
9.25%
8.75%
8.80%
8.80%
Dena Bank
9.00%
9.00%
9.00%
8.75%
HDFC Bank
8.50%
9.25%
8.25%
8.25%
ICICI Bank
9.25%
9.25%
8.75%
8.75%
IDBI Bank
9.25%
9.25%
9.00%
9.00%
Indian Bank
9.50%
8.50%
8.50%
8.00%
Indian Overseas Bank
9.25%
8.75%
9.00%
9.00%
Indus Ind Bank
9.00%
8.75%
9.50%
8.75%
J&K Bank
9.50%
8.75%
8.50%
8.50%
Karnataka Bank
9.75%
9.50%
9.25%
8.75%
Karur Vysya Bank
10.25%
9.75%
9.00%
9.00%
Kotak Bank
9.25%
9.40%
9.25%
9.25%
Punjab and Sind Bank
9.55%
9.60%
9.05%
8.75%
South Indian Bank
9.75%
8.75%
8.75%
8.25%
State Bank of India
8.75%
9.25%
8.25%
8.50%

Procedure to Get Student Loan Easily: How To Apply For Student Visa

Banks List With Minimum Interest Rate

Personal Loan Interest Rates Comparison, Lowest EMI Sep 2016, Best rates;

Bank, Click for More Details
Interest Rates*
Lowest EMI per Rs. one lakh
HDFC Bank
11.49% - 20.00%
Rs. 2,199
SBI
13.00% - 17.65%
Rs. 2,683
ICICI Bank
11.49% - 22.00%
Rs. 2,199
Axis Bank
15.50% - 24.00%
Rs. 2,405
Citibank
11.75% - 15.75%
Rs. 2,212
Bajaj Finserv
14.25% - 16.75%
Rs. 2,340
Standard Chartered Bank
11.99% - 15.50%
Rs. 2,224
Fullerton India
17.25% - 35.00%
Rs. 2,898
Capital First
16.00% - 24.00%
Rs. 3,516
Andhra Bank
13.95% - 16.00%
Rs. 2,324
Bank of Maharashtra
14.20% - 15.15%
Rs. 3,427
Canara Bank
13.65% - 13.65%
Rs. 2,715
Dena Bank
13.00% - 14.00%
Rs. 3,369
Union Bank of India
11.65% - 14.40%
Rs. 2,207
Vijaya Bank
12.70% - 13.70%
Rs. 2,260
Tata Capital
13.50% - 17.50%
Rs. 1,846
Allahabad Bank
13.55% - 13.55%
Rs. 2,304
Federal Bank
13.44% - 15.24%
Rs. 2,705
IndusInd Bank
11.49% - 22.00%
Rs. 2,199
Yes Bank
12.50% - 16.00%
Rs. 2,250
Bank of Baroda
14.15% - 14.15%
Rs. 3,425
Corporation Bank
13.50% - 14.50%
Rs. 3,394
IDBI Bank
13.20% - 13.75%
Rs. 2,286
Indian Bank
14.50% - 17.00%
Rs. 3,442
Indian Overseas Bank
12.70% - 15.25%
Rs. 2,260
PNB
12.45% - 15.45%
Rs. 2,247
Karur Vysya Bank
13.90% - 16.40%
Rs. 3,413
Syndicate Bank
14.30% - 14.30%
Rs. 2,342
Kotak Bank
11.50% - 24.00%
Rs. 2,199

Candidates who want to apply for the education load in any bank they may fill the application form for the load through the bank main branch or any other branch. Applicants must bring all type of educational credentials and other documents as provided above.

Have a Look On Below Links

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