Studying abroad can be a life-changing result, however, it is not easy. Those who want to pursue higher studies abroad, but it is difficult to arrange money, now have the option to make arrangements to finance their education. In this article, we will cover every detail related to top education loan letter in India, this is the process of applying for a loan, eligibility or documents required for it.
Eligibility criteria for education loan for qualification studies
- Applicant must be a citizen of India.
- Candidates have to attain the age of 18 otherwise their parents will have to take loan.
- Candidates should have a good supernatural background.
- And should have admission in a recognized foreign university / institute / college.
- The desired course the applicant is going to study must be a technical or professional one, as banks prefer job oriented courses.
Documents required to apply for education loan for studies
- Filled application form
- Photo: Size photo with applicant and co-applicant.
- Photo ID: Photo ID of the applicant and co-applicant. It can be PAN card, driving license, voter ID card, Aadhaar card or pass.
- Residence proof: Residence proof of applicant and co-applicant
- Applicant’s mark sheet and certificate
- Income proof of co-applicant
- Last six months bank statement of co-applicant
- Admit card shared by university or college.
- Building Approved Scheme
- NOC for a host from builder or society
List of Provider Education Loans for Study Abroad
Axis bank
- Maxi. Loan amount – Rs. 2 million
- Small Loan Amount – Rs. 50,000
- Rate of interest – 16.5% to about 17.5% with special rates for women
HDFC bank
- Maximum loan amount – Rs. Up to 20 million
- Processing fees – Loan amount up to 1.5%
Punjab National Bank
Loan growth for loans above Rs. 15%. 4 lakhs for loan amount below Rs. 4 lakhs, loan margin is not required. Assistants and scholars may be added to the loan margin. PNB offers base rate
- Interest Rate – Aadhaar pass to pursue education in top 200 universities around the world
- Period of freeze – up to one year with prepayment fee levied by the bank
- Fee Fee – 1%
Canara Bank
- Maximum loan amount – Rs. Up to 20 lakhs
- Loan margin – Rs. 15% for loans above Rs. 4 million
- Repayment period – The loan can be up to 10 years for loans below Rs. 7.5 lakhs for loans above Rs and up to 15 years. 7.5 lakhs.
Bank of baroda
- Maximum loan amount – up to Rs. 2 million
- Loan margin requirement – 15%
Avanse Financial Services
- Minimum Loan Amount – Rs. With 1, 00,000
- Maximum loan limit – customized as per the borrower’s requirement
- The loan period can be from 12 months to 120 months.
State Bank of India
- Maxi. Loan amount – Rs. 30 million
- Require collateral security – for loans above Rs. 7.5 lakhs
- Loan Margin – 15% for SBI Education Loan Borrowers
- Rate of interest – up to 2% on the current base rate of SBI
- Repayment period – 1 year to 15 years
SBI Education Loan – Apply for a loan here