More About Education Loan

Education Loan Overview

The most important dream of all parents is that their children get a quality education so that they can lead a bright and successful life. Parents are finding it very difficult to self-finance their children's education due to the increasing cost of higher education. For example, for engineering courses, the fees is around Rs 5-10 lakh, for any medical course at a private college, the fees is appox. in the range of Rs. 40 lakh and Rs. 50 lakh and for professional courses like MBA etc, fees could be around Rs 4-5 lakh. Here comes into picture the importance of Education Loan to cover these education expenses.

Students from various disciplines can now take their first step on the path to success and fuel their dreams for professional or technical education in India or abroad with financial assistance in the form of Education Loan offered by banks so that nothing can hinder their progress.

Education Loan provides financial aid to deserving and meritorious students to pursue higher studies in India and abroad. It helps students to pay their tuition fees, examination, library, books, laboratory and hostel while studying. It also covers travel expenses for studying abroad, study tours, project work, refundable deposit, etc.

Almost all banks in India offer education loans on attractive interest rate and easy repayment options and hence there is a huge demand for loans to cover education expenses.

Benefits of Education Loan

  1. Provides financial assistance to fulfil the dream of higher education of deserving and meritorious students.
  2. Loans for a variety of courses are available on attractive rates of interest.
  3. Female students are often offered discounts or lower interest rates when it comes to education loans.
  4. Government sponsors subsidy schemes to help students from the economically backward sections of society avail the benefits of education loan.
  5. Education loans below Rs.4 lakh usually are offered by banks without any security or guarantor.
  6. The interest paid on the education loan can be claimed as deduction without any upper limit under Section 80E of the Income Tax Act of India, 1961.

Eligibility

  • Student must be a Resident Indian. If the applicant is a Non-Resident Indian (NRI), he/she must hold a valid Indian Passport
  • Student should be in the age bracket defined by the respective bank
  • All education loans must have a co-applicant, usually student's parents or guardian, and the co-applicant must have a regular income to repay the loan.
  • Student must have a confirmed admission to the Academic Institution
  • A good credit history of the co-applicant or guarantor helps in availing loan easily
  • Insurance is compulsory for foreign courses

Loan Amount

Banks offer loans of up to Rs 10 lakh for courses in Indian colleges and up to Rs 20 lakh for studies abroad as per Indian Banks' Association norms. The quantum of a loan depends upon the course and the institution offering this course.

Margin

  • Up to Rs.4 lakhs - Nil.
  • Above Rs. 4 lakhs 5% for Studies in India and 15% for Studies abroad.

Find Banks Education Loan Interest Rates

Abhyudaya Cooperative Bank LimitedAhmedabad Mercantile Cooperative Bank
Airtel Payments Bank LimitedAkola Urban Coop Bank
Allahabad BankAllahabad Up Gramin Bank
Amanath Cooperative Bank Ltd. BangaloreAndhra Bank
Andhra Pradesh Grameena Vikas BankAndhra Pragathi Grameena Bank
Apna Sahakari Bank LimitedArunachal Pradesh Rural Bank
Assam Gramin Vikash BankAu Small Finance Bank Limited
Axis BankBandhan Bank Limited
Bangiya Gramin Vikash BankBank Of Baroda
Bank Of IndiaBank Of Maharashtra
Baroda Gujarat Gramin BankBaroda Rajasthan Kshetriya Gramin Bank
Baroda Up Gramin BankBassein Catholic Cooperative Bank Limited
Bharat Cooperative Bank (mumbai) Ltd., MumbaiBharati Sahakari Bank
Bharatiya Mahila Bank LimitedBihar Gramin Bank
Bombay Mercantile Co Op Bank LtdCanara Bank
Capital Small Finance Bank LimitedCatholic Syrian Bank Limited
Central Bank Of IndiaCentral Madhya Pradesh Gramin Bank
Chaitanya Godavari Grameena BankChhattisgarh Rajya Gramin Bank
Citizen Credit Cooperative Bank LimitedCity Union Bank Limited
Corporation BankDcb Bank Limited
Dena BankDena Gujarat Gramin Bank
Dhanalakshmi BankDombivli Nagari Sahakari Bank Limited
Ellaquai Dehati BankEquitas Small Finance Bank Limited
Esaf Small Finance Bank LimitedExport Import Bank Of India
Federal BankFincare Small Finance Bank Ltd
G P Parsik BankGramin Bank Of Aryavart
Hdfc BankHimachal Pradesh Gramin Bank
Icici Bank LimitedIdbi Bank
Idfc Bank LimitedIndian Bank
Indian Mercantile Cooperative Bank Ltd.Indian Overseas Bank
Indusind BankJalgaon Janata Sahakari Bank Limited
Jammu And Kashmir Bank LimitedJammu And Kashmir Grameen Bank
Janakalyan Sahakari Bank LimitedJanalaxmi Coop Bank
Janata Sahakari Bank LtdJharkhand Gramin Bank
Kallappanna Awade Ichalkaranji Janata Sahakari Bank LimitedKalupur Commercial Cooperative Bank
Kalyan Janata Sahakari BankKapol Cooperative Bank Limited
Karnataka Bank LimitedKarnataka Vikas Grameena Bank
Karur Vysya BankKashi Gomti Samyut Gramin Bank
Kaveri Grameena BankKerala Gramin Bank
Khamgaon Urban Co Op Bank LtdKotak Mahindra Bank Limited
Langpi Dehangi Rural BankLaxmi Vilas Bank
Madhya Bihar Gramin BankMadhyanchal Gramin Bank
Mahanagar Cooperative BankMaharashtra Gramin Bank
Malwa Gramin BankManipur Rural Bank
Meghalaya Rural BankMizoram Rural Bank
Nagaland Rural BankNagar Urban Co Operative Bank
Nagpur Nagarik Sahakari Bank LimitedNarmada Jhabua Gramin Bank
Nasik Merchants Cooperative Bank Ltd.New India Cooperative Bank Limited
Nkgsb Cooperative Bank LimitedNorth East Small Finance Bank Limited
Nutan Sahakari Bank LtdOdisha Gramya Bank
Oriental Bank Of CommercePallavan Grama Bank
Pandyan Grama BankPaschim Banga Gramin Bank
Pragathi Krishna Gramin BankPrathama Bank
Pravara Sahakari Bank LtdPuduvai Bharathiar Grama Bank
Punjab And Maharshtra Cooperative BankPunjab And Sind Bank
Punjab Gramin BankPunjab National Bank
Purvanchal Gramin BankRajarambapu Sahakari Bank Ltd
Rajasthan Marudhara Gramin BankRajkot Nagrik Sahakari Bank Limited
Rbl Bank LimitedRupee Cooperative Bank Ltd.
Sangli Urban Co Op Bank Ltd SangliSaptagiri Grameena Bank
Saraswat Cooperative Bank LimitedSardar Bhiladwala Pardi Pepls Co Bk
Sarva Haryana Gramin BankSarva Up Gramin Bank
Saurashtra Gramin BankShikshak Sahakari Bank Limited
Solapur Janata Sahakari Bank LimitedSouth Indian Bank
State Bank Of Bikaner And JaipurState Bank Of Hyderabad
State Bank Of IndiaState Bank Of Mysore
State Bank Of PatialaState Bank Of Travancore
Suryoday Small Finance BankSutlej Kshetriya Gramin Bank
Syndicate BankTamilnad Mercantile Bank Limited
Telangana Grameena BankThe A.p. Mahesh Cooperative Urban Bank Limited
The Akola Janata Commercial Cooperative Bank Ltd., Akola.The Cosmos Co Operative Bank Limited
The Goa Urban Co Op Bank LtdThe Greater Bombay Cooperative Bank Limited
The Jalgaon Peopels Cooperative Bank LimitedThe Kapol Cooperative Bank Limited
The Karad Urban Cooperative Bank LimitedThe Mapusa Urban Coop Bank Of Goa Ltd
The Mehsana Urban Cooperative BankThe Nainital Bank Limited
The Shamrao Vithal Cooperative BankThe Surath Peoples Cooperative Bank Limited
The Thane Bharat Sahakari Bank LimitedThe Zoroastrian Cooperative Bank Limited
Tjsb Sahakari Bank LtdTripura Gramin Bank
Uco BankUjjivan Small Finance Bank Limited
Union Bank Of IndiaUnited Bank Of India
Utkal Grameen BankUtkarsh Small Finance Bank
Uttar Banga Kshetriya Gramin BankUttar Bihar Gramin Bank
Uttarakhand Gramin BankVananchal Gramin Bank
Vidharbha Konkan Gramin BankVijaya Bank
Yes BankZila Sahakari Bank Ltd

Upcoming Bank Holidays

2018 October 18 is a bank holiday in Andaman And Nicobar Island due to Durga Puja/Ayudhapooja/Dussehra (Mahanavami/Vijaya Dashmi).
2018 October 19 is a bank holiday in Andaman And Nicobar Island due to Durga Puja/Dussehra (Vijaya Dashmi)/Kati Bihu.
2018 October 24 is a bank holiday in Andaman And Nicobar Island due to Lakshmi Puja/Maharshi Valmiki Jayanthi.
2018 October 27 is a bank holiday in Himachal Pradesh due to Karva Chauth.
2018 October 31 is a bank holiday in Sikkim due to Lhabab Duechen.
2018 November 01 is a bank holiday in Karnataka due to Kannada Rajyostsava/Kut.

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