Our students have got loans from almost all major Banks like State Bank of India,
State bank of Bikaner and jaipur, IDBI bank, Federal Bank, , Indian Overseas Bank,
Indian Bank, Punjab National Bank, Corporation Bank, , , HDFC Bank, , Union Bank
of India, ICICI Bank, Bank of India etc
Banks offer up to 85% of the course fee for overseas education against security.
Tips to note in applying for an education loan
Ideally, take a loan from a bank located at your place of study than one located where you reside, unless it concerns overseas studies. This is because you will have better access to funds if you take a loan from the place of your study. Secondly, Make sure the repayment period starts only after six to twelve months after you begin your working life. And thirdly, Banks typically prefer to finance students who opt for traditional courses.
How much Loan you can get?
Loan for Studies in India Most of the Public Sector Banks in India have categorized Student Loans in two categories. For Studies in India , Students can borrow up to Rs 4 lakh without providing any security or margin. A loan amount of Rs 4 lakhs to Rs 7.5 lakhs can be availed against a third-party guarantee. This loan comes with a five percent margin (what this means is that you will get five percent less the amount sanctioned as loan; you will have to put together the rest of the money). The third-party guarantee can come from an uncle, neighbor or friend standing guarantee for fullamount. the
Overseas study loans : Amounts worth Rs 7 lakhs and above are usually
sanctioned against fixed deposits, NSC certificates, property worth the loan amount
and a margin amount of 15 percent (what this means, again, is that you will get
15 percent less the amount sanctioned as loan; you will have to put together the
rest of the money). Also, if a loan below Rs 4 lakhs comes at x rate of interest,
the loan over Rs 4 lakhs is usually charged one percent higher interest. The Reserve
Bank of India prescribes the specifics (amount, rate, repayment period) of education
loans and the government provides a two per cent subsidy on these loans to the banks
Repayment - Course period + 1 year or 6 months after getting job,
whichever is earlier.