Quick Answer: Is Surety Required For Education Loan?

Which bank gives the lowest interest for education loan?

Compare Top Education Loan Offers 2020Education Loan SchemesInterest RateProcessing FeesPNB7.30% onwards1% of loan amountSBI7.97% p.a.

– 10.05% p.a.Rs.10,000 + taxAxis13.70% to 15.20%Nil to Rs.15,000 + taxBank of Baroda8.25% to 10%*1% of loan amount up to Rs.10,0007 more rows.

How can I get a student loan without my parents?

You can get a private student loan without a parent, as well, but there’s a pretty big catch. Private student loans generally require a creditworthy cosigner, but the cosigner does not need to be your parents. The cosigner can be someone else with very good or excellent credit who is willing to cosign the loan.

What are the documents required for Vidyalakshmi education loan?

Mark sheet of last qualifying examination • Proof of admission to the course • Schedule of expenses for the course, from the Institution • Passport size photographs of the applicant / parent / Co-obligant / Guarantor (2 copies each) • Proof of income / assets (if any) • Latest salary certificate and form No.

Is education loan a term loan?

Term loan can be any loan that has a tenure defined to it and shall be repaid in a definite time frame. Term loans can be offered among various lending products that include business loan, personal loan, home loan, education loan, auto loan and gold loan.

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 is required for education loan?

Documents for Education Loan for salaried individuals: 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.

Can I get 20 lakhs education loan?

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.

Which bank provide education loan easily?

HDFCThe maximum loan amount by HDFC Bank is up to INR 20 lakhs. The processing fees for education loans is up to 1.5% of the loan amount with no fees levied for prepayment of the loan….HDFC education loan interest rates.Loan amount limitHDFC interest ratesHDFC education loan interest rate (average)11.88%2 more rows

What is the EMI for education loan?

EMI ResultLoan Amount:` 1,00,00,000Rate of Interest:11%Tenure:240 monthsEMI:` 1,03,218

Is mortgage required for education loan?

Currently, for loan up to Rs 4 lakh, there is no margin money required. … Presently, the banks do not ask for any collateral or third-party guarantee for loan up to Rs 4 lakh. For loans above Rs 4 lakh up to Rs 7.5 lakh, a third-party guarantee is required. A collateral is asked for loan exceeding Rs 7.5 lakh.

Can I get 50 lakhs education loan?

Educational loans in India can vary between Rs. 1 lakh to upwards of Rs. 30-50 lakh.

What is the minimum amount of education loan?

Education Loan Interest RateInterest Rate8.40% onwardsMinimum Tenure (excluding grace period)5 yearsMoratorium Period (after course completion)1 yearsMinimum Loan amountRs. 50,000Maximum Loan without collateralRs. 4,00,0001 more row

Is education loan free of interest?

The entire interest paid (without any limit) on the education loan is tax-deductible under Section 80E of the Income Tax Act. … Under this scheme, the Government of India shall provide full interest subsidy during the period of moratorium which is defined as Course Period plus one year or six months after getting job.

Can I take education loan from 2 banks?

No, it is not possible to get an education loan from two different banks to study for the same course in India. There are many banks that provide a large loan amount for domestic education. For example, ICICI Bank offers up to Rs. … Also, above a certain loan amount, collateral is required for an education loan.

Is security required for education loan?

No security is required if the loan amount is less than Rs 4 lakh. … For loans above Rs 7.5 lakh, the lenders will require an acceptable collateral security such as a residential house, jewellery, securities, etc.

How is education loan EMI calculated?

Follow these steps to calculate your EMI Amount:Use the slider for Selecting the Loan Amount.Select the Loan Tenure in Months using slider.Move the slider and select the Interest Rate.Recalculate your EMI anytime by changing the input sliders.EMI will be calculated instantaneously when you move the sliders.

How can I get 3 lakh loan?

3 lakh Personal Loan:Provide your personal, financial, and employment data.Choose the loan amount and repayment tenor to avail quick approval.Provide the required documents to our representative, who will come at your doorstep.Receive your personal loan in your bank account within 24 hours.