Friends, now we are going to discuss how to get Education Loan. All of this information is available to you, as we will explain in this post.
Recently, many students have been in desperate need of education loans, and the majority of people are unaware of what an education loan is or how to apply for one. In this article, we will explain all you need to know about education loans and how to apply for one. It will be extremely simple and you will be able to obtain a loan quickly; nevertheless, you should read our entire post attentively to learn more about it.
Who is eligible for a student loan?
Any bank that offers a loan to someone recently considers the loan’s return, so the bank likes to accept a loan from the same person, who must be able to repay the loan, and a guarantor must accompany the person obtaining the loan. Takes on the risk that if the borrower does not return the loan, the bank will be able to retrieve the loan amount from the guarantor, who can be anybody such as a family member, cousin, or acquaintance. You’ll also need a guarantor to get the loan. Furthermore, you must be able to repay the loan.
How to take an education loan
Before taking out an education loan, you need to understand what it is. If a student decides to pursue higher education, he must pay for college and other expenses, but many individuals are unable to do so. In such a case, the government and banks grant loans to assist them so that all students may continue their studies according to their abilities and establish the best possible future for themself.
Which documents are required to obtain an education loan?
If you want to take an education loan, you must have specific documentation. Only then can you take an education loan, and you must meet the following requirements.
- Latest passport size photo
- ID proof
- ID proof of age
- Address Proof
- Bank passbook
- School Marksheet
- Details of Course
- Parent and Student PAN card
- Parent and Student Aadhar card
- Parent’s income proof
Note:- You’ll need the following types of documents, and if you have all of them, you’ll be able to apply for and receive this loan.
What will the interest rate on an education loan be?
| S.no | Name of the bank | Interest rate offered | Maximum loan amount in India | Repayment tenure |
| 1. | Bank of Baroda | Upto 7.5 lakhs- 7.95% Above 7.5 lakhs-7.70% | Prime: Upto 80 Lakhs Non-Prime: Upto 60 Lakhs | Upto 15 years |
| 2. | State Bank of India | 8.80% for females, 9.30% for males | 1.5 Cr | Up to 15 years |
| 3. | Canara bank | Upto Rs 7.5 Lacs – 10.70% for males 10.20% for females Above 7.5 Lacs – 10.50 % for males 9.95% for females | Upto 10 Lacs- In India Upto 20 Lacs- In Abroad | Up to 15 years |
| 4. | Punjab National Bank | Upto 7.5 lakhs- 11.40% for males 10.90% for females Above 7.5 lakhs-11.15% for males 10.65% for females | Upto 10 Lacs- In India Upto 20 Lacs- In Abroad | Up to 15 years |
| 5. | Bank of Maharashtra | Upto Rs 7.5 Lacs 8.90 % Above 7.5 Lacs -8.55 % | Upto 10 Lacs- In India Upto 20 Lacs- In Abroad | Up to 7 years |
| 6. | Central bank of India | Upto Rs 7.5 Lacs – 9.00% for males 8.50% for females Above 7.5 Lacs – 9.00% for males 8.50% for females | Upto 10 Lacs- In India Upto 20 Lacs- In Abroad | Up to 15 years |
| 7. | UCO Bank | Upto Rs 7.5 Lacs- 9.10 % Above 7.5 Lacs – 9.50 % | Upto 10 Lacs- In IndiaUpto 20 Lacs- In Abroad | Up to 15 years |
| 8. | Bank of India | Upto Rs 7.5 Lacs- 10.35 % Above 7.5 Lacs -9.85 % | Upto 10 Lacs- In IndiaUpto 20 Lacs- In Abroad | Up to 15 years |
| 9. | United Bank of India | Upto Rs 7.5 Lacs- 11.40 % for males 10.90% for females Above 7.5 Lacs-11.15 % for males10.65% for females | Upto 10 Lacs- In IndiaUpto 20 Lacs- In Abroad | Up to 15 years |
| 10. | Indian Overseas Bank | Upto Rs 7.5 Lacs- 10.65 % Above 7.5 Lacs- 11.65 % | Upto 30 Lacs- In IndiaUpto 40 Lacs- In Abroad | Up to 7 years |
