Which bank is good for education loan?

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Compare Top Education Loan Offers 2021

Name of Bank Interest Rate (p.a.) Processing Fees
SBI 6.85% to 8.65% Rs.10,000 + tax
Axis 13.70% to 15.20% Nil to Rs.15,000 + tax
Bank of Baroda 7.85% to 9.85% 1% of loan amount up to Rs.10,000
HDFC 9.55% to 13.25% Up to 1.5% of loan amount + tax

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Also, how can I apply for education loan?

Steps to Apply for Education Loan on Property

  1. Step 1 – Apply Online. Go to the Student Loan application page for the online application form. …
  2. Step 2 – Respond To Our Representative. …
  3. Step 3 – Receive Loan Approval Confirmation. …
  4. Step 4 – Furnish The Necessary Documents.
Likewise, people ask, how do I get an interest free education loan? 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.

Similarly, is education loan a good idea?

They are most useful when it comes to courses at premier institutions that cost a lot. Parents can afford to send their children for higher education and students can also pay for their own education. These loans can be funded by jobs that they get after completing the course.

Is Form 16 mandatory for education loan?

In case you wish to file your income tax returns without Form 16, you will have to refer to your bank statements, payslips, home loan or education loan certificates, tax-saving investment proofs, Form 26AS, etc. … 1,600 per month is allowed, no tax will need to be paid on the allowance.

6 Related Question Answers Found

Is it easy to get education loan?

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.

What documents are needed for education loan?

Documents required for Education Loan

  • KYC documents.
  • Bank Statement / Pass Book of last 6 months.
  • Optional – Guarantor Form.
  • Copy of admission letter of the Institute along with fees schedule.
  • Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses.

What is education loan process?

To apply for the loan, one must be an Indian citizen, having secured an admission into a college/university recognised by a competent authority in India or abroad. The applicant must have completed his higher secondary level schooling. Some banks offer the loan even before one has secured admission into the university.

What is the current student loan interest rate?

6.5% to 9.55% p.a. 8.50% to 9.00% p.a. 7.25% to 9.25% p.a.

What is Vidya Laxmi scheme?

Vidya Lakshmi Yojna is an education loan scheme launched by the Indian Government whereby students can avail loans through an online portal. The Vidya Lakshmi portal has been developed by the NSDL e-Governance Infrastructure Limited with the aim to make education loans easily accessible for the students.

Which courses are eligible for education loan?

Some of the courses include:

  • Computer certificate course.
  • Engineering diploma.
  • Certificate courses from ITI.
  • Data entry operator course.
  • Nursing/Teacher Training certificate courses and B. Ed.
  • Agri diploma.
  • Veterinary diploma.
  • Any job-oriented diploma or certificate course.

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