Education loan – Basic details
We all know that education plays a key role in one’s life. That’s why it is important to help the students of India. Banks offer a number of education loan schemes. These schemes will cover all your expenses and improve education. This means that with this amount of money, a student can pay for books, accommodation, and all other college charges.
The loan is available to every citizen of India. The college or study program of the student is immaterial for the loan. Education loan in India is available to students pursuing any type course. Education loan eligibility criteria cover every university of India.
The banks in India are offering various loan schemes, and all these schemes are supporting students of India. Some banks are even offering special discounts and benefits to females, which makes the offer even better.
How can this loan help you?
Education loan scheme has many advantages. This loan can provide you with the required money to cover all your educational expenses. It is specially designed for students so you don’t have to worry about high interest rates or severe repayment pace.
If you are thinking about education loan scheme and other loans, it’s better to choose the first option. People tend to apply for a personal loan instead of education loan, which is a big mistake. Personal loans don’t consider any difference between a student and a working man. This means that interest rates can be really high, and repayment is usually organized in monthly rates.
The same goes for a loan against property. High rates and regular repayment will not improve the education of the student. That’s why education loans are the best choice.
This loan has relatively lower interest rates and repayment that begins after the completion of education. This makes it very efficient and useful for student purpose.
Additional details about education loan at Chandigarh
When you decide to take an education loan in India, the first thing to think about is documents. You will have to submit various documents with your application.
However, every bank in India has its own education loan scheme, which means that documents required are also different for each bank. When you choose your bank, visit their website and check for documents list.
Some documents are same for every education loan in Chandigarh. These documents include important information about:
- Your parent’s or guardian’s income in case of under graduate students or your income in case of graduate students
- Your education
It is also recommended that you make a list of your expenses. This will help you with money organization, and it will be useful for your loan application.
Interest Rates in banks of Chandigarh
The education loan interest rates are always between 9.40% and 16.00%. This is because the banks want every student in India to be a potential education loan applicant.
The examples of Interest Loans that you can find in Chandigarh are the following:
- HDFC Bank: Minimum Interest Rate is 9.50% while the maximum goes up to 15.25%
- State Bank of Patiala: Interest Rates range from 10.80% to 12.85%.
Andhra Bank: Interest Rate is between 11% and 12.45%
Where to apply for an education loan in Chandigarh?
Various banks can provide you with an education loan in Chandigarh:
1. AXIS Bank:
- Axis bank offers interest rate up to 16%
- Rs. 1000 for processing fees
There is a margin of 5% for amounts over Rs 4 lakhs
2. Federal Bank:
- Interest Rate ranges from 10.72% to 14.62%
- The margin amounts to 5% if your loan amount is over Rs 4 lakh
Third party security required for amounts up to Rs 7.50 lakhs
3. ICICI Bank:
- Interest Rate is 11%
- Loans above Rs 4 lakh have a margin of 5%
Third party security is required for loans over Rs 4 lakh
4. State Bank of Bikaner and Jaipur:
- You can take maximum of Rs 10 lakhs if you study in India. For abroad students, the amount is Rs 20 lakhs
- Interest Rate is 11.10%
Third party security is required for loans over Rs 4 lakh, and mortgage for loans above Rs 7 lakh
These are only a couple of banks that you can check with. Apart from them, there are a good number of education loan schemes in Chandigarh offered by other banks. The best way to see which program fits you the best is to check each one of them. However, if you can’t find the time to do this, Paisabazaar.com is at your service.
You can use this website to apply for any possible loan in India. It is completely fast and safe. All your information will be safe within the website’s database. When you decide to apply you will have to enter this information.
Paisabazaar.com will require you to insert:
- Information about yourself – name and surname, place of residence, etc.
- Your education details that show your academic progress
- Income proof, which shows your financial conditions
Once everything is submitted, the system of Paisabaaar will display a list of available options. Each one of them will fit in your search query.