Here in this article read these topics – Education loan interest rate, student loan interest rates, study loan interest rate of All banks. How to get the loan.
If you are applying for education loan of any bank, then it is important to know about the interest rate of education loan of that bank so that you do not face any kind of problem at the time of loan repayment education loan One unsecured loan comes under the category of You can apply for education loan by visiting any bank .
In this article, we will get information about the education loan interest rate of all banks, so read this article till the end .
Types of Educational Loan
Types of loan Many different types of education loans are provided by Indian banks, which are given for different types of education programs. Based on your course, student loans for diploma and certificate courses, student loans for skill-based courses, student loans for studying abroad are given.
Location-based education loans
- Domestic Education Loan – This loan is given only for studying in a college or university located within the geographical limits of the country.
- Study Abroad Education Loan – It is given for studying abroad.
Course based education loans
- Higher Education Loan
- Diploma Studies Loan
- Loans for Professional Courses
Educational loan based on security of collaterals and/or guarantee
- Secured Loans
- Unsecured Loans
Education Loan Interest Rate 2024
as we Personal Loan before taking Personal Loan Interest Rate 2024 In the same way, before taking education loan, we need to know about education loan interest rate . Any student of India whether he is studying in India or wants to study outside India can apply for student loan .
You can take this loan for any course or degree . You have to first apply for it by going to the bank from which you want to take education loan . If you are found eligible for the loan then your loan will be approved . Before applying for an education loan , you must CIBIL Score should pay attention to
Loan EMI (Equated Monthly Installment) Depends a lot on the interest rate . if your loan Education Loan Interest Rate If it is less then your EMI will also be less . EMI is the installment that you have to pay every month . You can calculate the EMI of your loan by visiting the official website of the bank for which you are applying for Education Loan EMI Calculator . The student who is unemployed, if he wants to take this loan, then he will have to give the guardian or parents as a guarantor .
All Student Loan Interest Rates
Here below are the education loan interest rates of top banks . You can compare these and apply for the loan whose interest rate is less for you:
| banks‘ name | interest rate in india | interest rate abroad |
| Avance DHFL | 12.65% | 12.65% |
| Axis Bank | 13.70% | 13.70% |
| Bank of Baroda | 7.70% | 8.35% |
| Bank of India | 8.95% | 8.95 % |
| Bank of Maharashtra | 8.55% | 8.55% |
| Canara Bank | 8.50% | 8.50% |
| Central Bank of India | 8.50% | 8.50% |
| Corporation Bank | 8.80% | 8.80% |
| Federal Bank | 10.05% | 10.05% |
| IDBI Bank | 6.90% | 8.40% |
| Indian Bank | 7.15% | 7.15% |
| Indian Overseas Bank | 9.05 % | 9.05 % |
| Karnataka Bank | 9.85% | 9.98% |
| Karur Vysya Bank | 10.60% | 10.60% |
| OBC | 7.05 % | 10.65% |
| PNB | 7.55 % | 10.65% |
| SBI | 7.00 % | 8.80% |
| UCO Bank | 9.30% | 9.30% |
| Union Bank of India | 8.40% | 8.05% |
| United Bank of India | 10.65% | 10.65% |
Documents for Education Loan
The documents to apply for the loan in different banks can be different . You can go to your nearest bank and get information about the documents , but some common documents are as follows ;
- admit card from educational institution
- Marksheet (Previous Education – School/College)
- age proof
- ID proof
- address proof
- signature proof
- Salary slip
- Recent Bank Account Details
- recent bank details
- Proof of Turnover (Service Tax Return / Sales Receipt)
- filled application form with signature
- ITR with Income Calculation
- audited balance sheet
- latest passport size photograph
- Suitable visa for study abroad
How to apply for education loan ?
You can apply for this loan by visiting any bank near you . Or you can apply online by visiting the official website of the bank . To apply online , follow the steps given below :
- First of all, you have to go to the official website of the bank in which you want to apply for education loan .
- On the home page of the website, you will see the option of Education loan , click on it .
- On the next page, all the information related to student loan will come in front of you .
- You have to read this information correctly .
- To apply, you have to click on the option of Apply now .
- The loan application form will open in front of you .
- Enter the requested information in the form and submit the form .
- After that the bank employees will contact you and the loan process will be issued further .
Conclusion:
In this article we have you provided complete information about Education Loan Interest Rate 2024, Any student who wants to take loan to fulfill his education related needs can apply for education loan . For more information about the interest rate of education loan, you can contact your nearest bank . Hope you friends have found this article informative . If you liked this article then please share it with your friends .
FAQs
Q. What is education loan interest rate ?
Ans. After taking a loan from any bank, on repayment of the loan, you have to pay some different amount as interest, which is called interest rate . If you are paying this interest rate for education loan then it is education loan interest rate .
Q. Is education loan interest free ?
Ans. No , you have to pay interest .
Q. What are the benefits of education loan ?
Ans. You can take education loan for any expenses related to your education .
Q. How to get education loan ?
Ans. For this you have to apply . You can apply online or offline .
Q. What are the documents required for education loan ?
Ans. The list of documents is given in this article . you can see it .