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Education loan

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    Education loan Processings

    All you need to know

    Education is expensive, when students aim to have reputed institution or a foreign degree. Education loan bring light on to build skills and career. Education loan has provided a hope for many students to learn the subject of their interest and Education loan has become a good support for students. In this era, organization and industries looking for technically and professionally skilled students in large numbers. Education loan assist the students to grab this opportunity and go for learning by utilizing this loan. Education loans playing a priority in loan lending category. Governments also supports by offering facility that education loan should not be denied, if students meets the parameters.

    Why should we go for Education loan?

    In order to get the quality education, at higher level of studies. Especially for the professional courses like medicine, engineering, management, etc. either at graduation or post-graduation level. Education loan offers repayment flexibility to the students and ease in getting a loan for eligible students. Education loan provides right support at right time. No students have to waste their talent because of lack of money. Education loan was aimed at providing assist to students in getting quality education and no students should will suffer or waste their talent because of money issue.

    Education loan Eligibility

    • Indian nationality students, who are aged between 16-35 years wants to pursue graduate/post-graduation in professional fields such as – Engineering, medicine, MCA, Management, MBA, MS, etc.
    • If students wants to borrow a loan more than Rs. 7.5 Lakh, an ancillary security will be needed.
    • Guarantee admission in a Universities/College affiliated to Govt. /UGC/AICTE etc., such as Engineering, Medicine, Management, Hotels and Hospitality, Agriculture, Pure science, Fine arts and design, Diploma or vocational technical courses such as air hostess, aviation are something like that.
    • Co-applicant is compulsory for every full time programs. Co-applicant includes- Parent, Guardian, Spouse, and Parent in law (if married).

    Education loan covers:

    • Accommodation charges
    • Books and equipment’s including computer system or Laptop
    • Exam and library fees
    • 100% College Tuition Fees payable
    • Travelling expenses abroad
    • Additional reasonable expenses needed to complete course

    Documents required for education loan

    • KYC documents
    • Letter of admission
    • Complete break up costs of the course
    • Academic certificates from schooling till your higher studies
    • Every Loan application form and photographs
    • PAN and Aadhar card of students and Parents /Guardian
    • Proof of identity ( Passport/ Driving Licence/ Any photo identity/ Aadhar)
    • Proof of residence ( Passport/ Driving License/ Telephone bill, Electricity bill)
    • Proof of income ( Salary Slips/ Form 16) Co borrower/ Parent/Guardian)
    • Guarantee Bank account statement for last 6 months of students/ Co- borrower
    • Detailed statement of assets & liabilities of parent/ Guardian/ Co –borrower
    • It return/IT assessment order of 2 years of Co-borrower/ Parent/Guardian. In case of IT payee.

    Benefits of Education Loan:

    • Makes education accessible
    • Easily available
    • Specialized loan schemes
    • Repayment moratorium
    • Interest rate benefits
    • Independence of student
    • Tax exemptions
    • Parent rescued from recurring burden
    • People of different classes can get a loan
    • Best way to pursue higher education

    Our Loan Partners

    HDFC Bank
    Axis Bank
    ICICI Bank
    SBI Bank
    Tata Capital Bank
    kotak Bank
    Standard Chartered Bank
    Bajaj Finserv Bank
    YES Bank
    Indusind Bank
    IDFC First Bank
    Punjab National Bank
    Fullerton India Bank
    Bank Of Baroda Bank
    TVS Capital Bank
    HDFC Home Loans Bank
    Aditya Birla Finane
    bandhan bank limited
    catholic syrian bank limited
    city union bank
    DCB bank
    dhanlaxmi bank limited
    jammu kashmir bank limited
    karnataka bank
    karur vysya bank limited
    lakshmi vilas bank limited
    nainital bank limited
    south indian bank limited
    tamilnad mercantile bank limited
    the federal bank limited


    Business Loan Personal Loan Mortagage Loan Home Loans
    BankInterest RatesProcessing FeesTenureFore ClosureProcess Time
    HDFC Bank16% onwardsUpto 2.50% of loan amount (Min. Rs. 2,359 – Max. Rs. 88,500)12 months – 48 monthsNo pre-payment permitted until repayment of 6 EMIs2 DAYS
    ICICI Bank18% p.a. onwardsUp to 2% (plus applicable taxes) of the loan amount7 yearsTo be charged as per the termed and conditions mentioned in the sanction letter2 DAYS
    Axis Bank15% onwardsUp to 1.75% of loan amount + applicable taxes Nil3 DAYS
    Indus Ind Bank12% to 23%0.5%- 2%5 Years4% post 12 EMI clearance3-4 working Days
    Standard Chartered17.25% p.a. onwards2% of the amount disbursed60 months5% of outstanding Principal2 DAYS
    Yes Bank13.25% to 19.99% (Fixed Rate)Up to 2.50% of the loan amount, min. of Rs. 99912 months to 60 monthsNil, Until 6 months2DAYS
    Kotak Mahindra Bank15% onwards2% of the loan amount + GSTUp to 48 monthsNot available for business loans3 DAYS
    IDFC First20% onwardsUp to 3.5% of the loan amountMin. 12 months – Max. 5 years5% of Principal loan outstanding, at the time of loan closure for Simple Business Loan4 DAYS
    Citibank8% onwardsUp to 2% of the sanctioned loan amount5 YEARSUp to 2% of the outstanding amount 
    SBI11.20%From 2% to 3%From 12 months to 48 monthsAllowed after 6 EMI's, 3%3 DAYS
    Tata Capital18% onwardsUp to 3.5% of the loan amountMin. 12 months & Max. 36 months4.5% of the principal outstanding on the ongoing business loan3 DAYS
    Fullerton India17% onwards6.5% of the loan amountFrom 12 months to 60 months0 to 6 EMIs fully paid- Not allowed
    7 to 17 EMIs fully paid – 7%
    18 to 23 EMIs fully paid – 5%
    24 to 35 EMIs fully paid – 3%
    36 or more EMIs fully paid – 0%
    3 DAYS
    Bajaj Finserv18.00%Upto 2% of loan amountFrom 12 months to 48 monthsAllowed after 1 EMI's, 4%4 DAYS
    Bank NameInterest RateProcessing FeesTenurePartial PaymentFore ClosureProcess Time
    HDFC Bank10.25% – 13.45%Rs.999/- on entire Loan amount to 1.5%12 to 72 monthsNo PartPayment charge, only for 10 Lakhs aboveNil charges for above 10 lakh, Otherwise 4.00%24 Hrs
    ICICI Bank10.5% – 17.50%0.99% – 2.25%12 to 72 monthsNo PartPayment charge, only for 10 Lakhs aboveZero above 10 lakh & 12 EMI Paid, Otherwise 5.00%48 Hrs
    Axis Bank10.25% – 21.00%0.5% – 2%12 to 60 monthsOption available from 1st month with 4% chargesN.A for above 10 Lakhs60 Hrs
    Indus Ind Bank12.99% – 20.00%2%12 to 60 monthsNo option 60 Hrs
    Standard Chartered13.00% – 21.00%2.00% for salaried, 2.50% for self employed12 to 60 monthsNo optionUp to 5.00%3-4 Working Days
    Yes Bank10.25% – 16.99%Upto 2%12 to 72 monthsNo optionNil Above 7.5Lacs48 Hrs
    Kotak Mahindra Bank10.50% – 16.99%Rs.999 – 2%12 to 60 monthsNo optionZero above 10 lakhs loan amount, Else 5.00%60 Hrs
    IDFC First10.99% – 21.00%Upto Rs.999913 to 60 monthsNo optionupto 5%60 Hrs
    Citibank11.49% – 16.50% 14 to 60 monthsNo optionUp to 3%72 Hrs
    SBI Personal Loan11.95% – 16.55%2.00% – 3.00%15 to 60 monthsNo optionNIL72 Hrs
    Tata Capital11.99% – 17.00%1.25% – 2.50%16 to 60 monthsNo optionNIL Foreclosure charges after 12 EMI72 Hrs
    Fullerton India11.99% – 26.00%2.00%17 to 60 monthsNo optionUpto 7.00%, 0% after 3 years48 Hrs
    Bajaj Finserv11.99% – 16.00%Upto 2.00%18 to 60 monthsNo optionUpto 4% post 1st EMI clearance48 Hrs
    BankInterest RatesProcessing FeesTenureFore ClosureProcess Time
    HDFC Bank8.25% onwardsUp to 1.50% of the loan amount or Rs. 4,500 whichever is higher, plus applicable taxes.Up to 15 yearsNA10 day
    ICICI Bank9% onwards (floating)1% of the loan amountUp to 15 years4% on the principal outstanding*10 days
    Axis Bank10.50% onwards (floating rate)1% of loan amount or Rs. 10,000 (whichever is higher)Upto 20 yearsNon-individuals – 3%, if the amount pre-paid exceeds 25% of the principal outstanding during a calendar quarter, else no prepayment penalty10 days
    Indus Ind Bank10.75% to 14%up to 3%15 yearsNA10 days
    Standard CharteredStarting from 7.99% p.a.up to 3%25 years.NA10 DAYS
    Yes Bank9.35% to 10.50% p.a.2% of the loan amount plus GST or Rs.10,000, whichever is higher25 years.NA10 DAYS
    Kotak Mahindra Bank6.65% onwards0.25%- 0.5% of loan amount and Statutory Dues + GSTUp to 20 yearsFor part prepayment made over 25% of the outstanding loan amt. – 4% of the excess prepayment amt. shall be charged10 DAYS
    IDFC First8.15%Up to 1% of the loan amountUp to 15 yearsPrepayment of more than 25%: 2%+ taxes and surcharge10 DAYS
    Citibankstarting from 8.70%*p.aUp to 0.75% of the sanctioned loan amountUp to 15 years4% for first 3 years and 2% thereafter10 DAYS
    SBI8.45% p.a. onwards1% of loan amount + GST (max. Rs. 50,000)5 – 15 yearsNil10 DAYS
    Tata Capital10.10% onwards1% of the loan amount + GST1 – 15 years4% of the outstanding principal10 DAYS
    Fullerton India7.99% onwardsUp to 3% of the loan amountUp to 30 yearsNo prepayment charges for partial/full prepayment10 DAYS
    Bajaj Finserv6.75% onwardsFor salaried individuals: Up to 0.80%
    For self-employed individuals: Up to 1.20%
    Up to 20 yearsNo foreclosure charges for floating rate loans availed by individuals10 DAYS
    BankInterest RatesProcessing FeesTenureFore ClosureProcess Time
    HDFC Bank6.75% p.a. onwards*0.5% – 1.5%Upto 30 Years0% – 2%4 days
    ICICI Bank6.90% – 7.60%0% – 0.50% (plus Applicable Taxes)Upto 30 yearsZero prepayment charges on floating rate loans7 days
    Axis Bank6.90%Up to 1% or min. Rs. 10,000/-30 Years0 – 2%7 days
    Indus Ind Bank6.70% onwardsUp to 0.5% of loan amount + GSTUp to 30 yearsNo prepayment charges for floating rates10 days
    Standard Chartered7.99% onwardsUp to 1% of the sanctioned amountUp to 25 years 2.5% of the principal outstanding7 days
    Yes Bank8.95% onwards2% or Rs. 10,000 (whichever is higher) + GSTUp to 35 yearsNil for floating rate loans, 2.5% on the principal outstanding for fixed-rate loans10 days
    Kotak Mahindra Bank6.65% – 7.10%Up to 0.50% of the approved amount + GST1 – 20 YearsZero charges on prepayment/foreclosure10 days
    IDFC First7.00% onwardsUp to Rs. 10,000 (additional premium is charged based on risk profile)30 yearsNA8 days
    Citibank6.75% p.a. – 7.44% p.a.Up to Rs. 5,000/-25 Years0 – 2%10 days
    SBI6.90% – 9.70%0.35% – 1% of loan amount1 – 30 YearsNil5 days
    Tata Capital8.50% p.a2.00%One time feeUp to 30 YearsNIL for own-source payments ,2% for non-individuals and balance transfer on fixed-rate7 days
    Fullerton India9.99% – 21.00%Upto 3% of the loan amount30 YearsNIL for individuals on floating rate loan. For non-individual borrowers, a charge of 5%-7% of the prepayment amount. However, there are charges in case of fixed rate of loan.15 days
    Bajaj Finserv6.75% onwardsUp to 1% of the loan amount + GST and other applicable statutory leviesUp to 20 yearsPre-payment and foreclosure allowed without any penalty.15 days
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