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.
One may also ask, can I get 20 lakhs education loan without collateral?
Collateral Required for Education Loan
20 lakhs. Guidelines show that loan taken up to Rs. 4 lakhs does not require collateral security. It is only when the loan exceeds a specified amount as set by the bank that collateral will be required as well as third-party guarantee.
Similarly, do Marks matter for education loan?
Factors taken into account: When banks receive an educational loan application, the main factors they would consider are: Academic background of the student: The bank study through the track record of marks, credits, and achievements of the applicant.
Does 12th marks matter for education loan?
There is no percentage ban in the case of 10th & 12th. As per education loan is concern the admission in the course is required. … There is no percentage ban in the case of 10th & 12th. As per education loan is concern the admission in the course is required.
How much loan can a MBBS student get?
Yes, you can get an educational loan of up to
| Bank Name | Loan Amount |
|---|---|
| IDBI Bank | Up To Rs.30 Lakhs |
| SBI | Up To Rs.30 Lakhs |
| Axis Bank | Up To Rs.75 Lakhs |
| Bank Of Baroda | Up To Rs.80 Lakhs |
Is education loan required for cibil?
provide secured education loans to loan applicants who have a CIBIL score of 650 and above. To get an abroad education loan from SBI which is one of the most prominent government banks functioning in India, it is mandatory for loan applicants as well as their co-applicants to have a CIBIL score of 650 and above.
Is ITR required for education loan?
Also required are the income documents such as salary slips or income-tax returns (ITR) of the co-applicant. The banks can finance up to 100% of the loan depending on the amount. … For loans above Rs 4 lakh up to Rs 7.5 lakh, a third-party guarantee is required.
What are the conditions for education loan?
The student is required to be a citizen of India. The loan applicant must have attained the age of 18 else his/her parents will have to avail the loan. The candidate must possess a good academic background. The aspirant must have secured admission to a recognized foreign university/institution/college.
What happens if education loan is not paid?
If you are unable to make repayment on your education loan, then you will receive notices and warnings from the lender. If you fail to comply with the same, then the lender is legally entitled to the assets you mortgaged. Your property or asset can be auctioned or used by the lender.
What is HDFC Credila interest rate?
The rate of interest is floating rate of interest linked to HDFC Credila’s Benchmark Lending Rate (CBLR). The current CBLR is 11.80% p.a.. The interest will be calculated using simple interest rate.
What is the cibil score?
CIBIL Score is a 3-digit numeric summary of your credit history, rating and report, and ranges from 300 to 900. The closer your score is to 900, the better your credit rating is.
What is the minimum percentage required for education loan?
Student Loan Eligibility
| Age | 18 to 35 Years |
|---|---|
| Source of Income | Parents or Guardians |
| College or University | Recognised in India or Abroad with Confirmed Admission Status |
| Collateral or Guarantor | Depends on the loan amount or income |
| Lowest Interest Rate | 8.40% |
Which bank is good for education loan?
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 |