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EDUCATION LOANS

Financial Assistance for your Education...

Education loan is a financial support students who wish to pursue higher education .You need to be an Indian resident having secured admission in any of the bank’s list of approved course or universities. 100% loan is available for select courses. Repayment holiday/ moratorium would be for the course period + 1 year or 6 months after the student gets a job/start earning whichever is earlier A co-applicant may be required for all Full-Time courses.

Age Limit
16-35 years of age can apply take this loan. 

Documents to be submitted:
1. Marks sheet of qualifying examination. 
2. Proof of admission from the educational institution. 
3. Schedule of expenses issued by the educational institution. 
4. passport size photograph (2 copies) 
5. Proof of residence ( voters ID Card, passport, Driving License. Etc) 
6. Proof of income (Parent / Guardian) 
7. Mortgage documents wherever required.

Loan Amount
Studying in India - Max Rs. 10 Lakhs / Studying abroad - Max Rs. 20 Lakhs

Tax Benefit
Repayment of an education loan is deductible under section 80E of the Income Tax Act.

Purpose: Expenses covered in loan
Loan covers Tuition Fees, Exam Fees & Purchase essentials like Books, uniforms, Computers etc.

Security
Up to 4.00 - No security
Above Rs. 4.00 lacs and up to 7.50 lacs - Third party guarantee.
Above – 7.50 lacs - Collateral security equal up to 100% of the loan amount. The acceptable collaterals are: (a) Fixed deposits
(b) Property (Residential)

Rate of Interest
Varies from Banks to bank

Repayment
Repayment Starts one year after completion of the courses or six months after getting own employment. Loan to be cleared within 5 to 7 years.

List of Banks Providing Educational Loans :

ALLAHABAD BANK

CATHOLIC SYRIAN BANK

PUNJAB NATIONAL BANK

ANDHRA BANK

CENTRAL BANK OF INDIA

STATE BANK OF HYDERABAD

AXIS BANK

CENTURION BANK OF INDIA

STATE BANK OF MYSORE

BANK OF BARODA

DENA BANK

STATE BANK OF INDIA

BANK OF INDIA

FEDERAL BANK

SYNDICATE BANK

BANK OF MAHARASHTRA

HDFC BANK

UCO BANK

BANK OF PUNJAB

HSBC BANK

UNION BANK OF INDIA

BHARATH OVERSEAS BANK

IDBI BANK

VIJAYA BANK

CANARA BANK

INDIAN BANK