7.5 lakh for studies in India and up to Rs. 15 lakh for studies abroad. For loans up to Rs. 4 lakh no collateral or margin is required and the interest rate is not to exceed the Prime Lending Rates (PLR).
Regarding this, can I get 20 lakhs education loan without collateral?
However, you can get an education loan without pledging any security. … Under the CGFEL scheme you can get a loan up to Rs 10 lakh for study in India and up to Rs 20 lakh for studying abroad. But, if you take a loan of more than Rs 7.5 lakh, the bank may ask for collateral for the loan amount.
Simply so, can I take home loan and education loan?
Aspirants can apply at both private and nationalized banks to avail secured education loan on a home loan property. … Hence, they divert for unsecured education loan and end up paying a higher rate of interest to the bank.
Can students get loans after 12th?
The age of the candidate must fall within the bracket of 18 to 35 years during loan application. … He/she must be undergoing a graduate/postgraduate degree or a PG diploma. The applicant should have a secured admission in a college or university affiliated by UGC/AICTE/Govt.
Is cibil score required for education loan?
One of the most prominent factors considered by NBFCs and private banks before approving any education loan application is an applicant and their co-applicants CIBIL score. Most of the NBFCs which function in India require loan applicants as well as their co-applicants to have a CIBIL score to be above 700.
Is education loan free of interest?
However, can education loans in India be actually interest-free? The answer is no. Or at least, technically, you cannot avail of an interest-free education loan unless you have availed some economic benefits or academic subsidies from either the government or your institution.
Is getting education loan easy?
Easily available: Education loans are widely and easily available. In fact, they are a priority product in all banks as per the RBI’s guidelines. Varied loan amounts: Banks can offer loans anywhere between Rs. 2 lakhs and Rs.
Is property needed for education loan?
To get a loan from a lender, you generally have to pledge security such as house property, fixed deposits, shares, bond, etc., to take the loan. … There is no margin requirement if you apply for a loan within this limit through a scheduled commercial bank under the CGFSEL scheme.
Is student loan a good idea in India?
In either case, an education loan is a good idea and a commonly sought after resort. Pursuing higher studies usually involves high fees and an education loan comes in handy at this point. … Such loan is offered to students who want to study in India or pursue higher education overseas.
What is the minimum amount of education loan?
Education Loan Interest Rate in 2021
| Interest Rate | 8.40% onwards |
|---|---|
| Minimum Tenure (excluding grace period) | 5 years |
| Moratorium Period (after course completion) | 1 years |
| Minimum Loan amount | ₹ 50,000 |
| Maximum Loan without collateral | ₹ 4,00,000 |
What is the subsidy amount for education loan?
Subsidy for loan amount up to Rs. 7.50 Lakhs (even if loan is more than Rs. 7.50 Lakhs). Student to submit proof of income from the competent authority appointed by the state government.
Which bank provide education loan easily?
Banks offering Education Loans and Collaterals Required
| Bank | Loan Amount and Collateral Required |
|---|---|
| HSBC | Loan up to Rs.5 lakhs do not require collateral |
| State Bank of India (SBI) | Domestic Education – Up to Rs.15 lakhs Foreign Education – Up to Rs.20 lakhs For loans up to Rs.7.5 lakhs no collateral is required |