A definition of education loan
Education loans are the best solution for students finding it difficult to fund their program of study. With this loan, they will be able to cover all educational expenses. However, this is an important part of one’s life, and it should be done properly. That’s why education loans are the solution for all financial problems.
A good majority of banks in India are offering education loan schemes. Each one of them is different, and each one requires different documents to be submitted. However, all of these schemes don’t make the difference between colleges and study programs. This means that education loan eligibility covers whole India, and every student can become an education loan applicant.
This loan will support any under-graduate or post-graduate program, or any verified course. There is also a possibility to apply for it if you are studying abroad, and some banks are even offering special schemes for female students.
The advantages of education loans
Education loan is created to cover all your education expenses. We all know that good budget must support college years. There are different charges to be paid, books, accommodations and various other things. This loan will solve all these issues, and you can peacefully concentrate on your studies.
The repayment process is the most interesting thing about education loan in India. This process will begin only after the user completes the education. He or she will have enough time to think of the way to repay the loan. Education loan Interest Rates come along with this because they are very low in Indian banks.
However, many people still choose personal loans for these purposes. It is a wrong move because personal loans are not designed for students. This means that the interest rates can get very high, and repayment process is not suitable for students. Personal loans can only make the situation more complicated. The most difficult option is to work and study at the same time, and education loan can prevent this situation.
Education loan details
As you already know, education loan application requires different documents. Banks in India have different loan schemes so it is natural that there is a slight difference between the documents required. However, all of them will ask you to submit two types of documents. The first one concerns your education success. The other must include information about your annual income.
The amount of money that you will get depends on these documents. You can also make a list of all your expenses. This will be useful to you because you can easily manage with the amount that you will get. Most of the banks have an online application option, so you can check this, too.
In short, if you follow these easy steps and if you are a hard-working individual, you won’t have any problems with this loan.
Education loan Interest Rates in Cochin banks
The Interest Rate for education loan in Cochin is always somewhere between 12.00% and 16.00%. That’s because the government of India wants to support the students.
Some good education loans in Cochin can be found in following banks:
- Kotak Bank: Interest Rate can be from11.50% to 24%.
- Union Bank of India: Interest Rates is from 11.15% to 12.15%
- HDFC Bank: Interest Rates is between 10.10% and 15.50%
Banks in Cochin with good education loan schemes
Some of the banks with good education loan offer in Cochin are:
1. Dena Bank:
- Interest Rate is always 11.80%
- For students in India, there is no procession fee. For abroad students it amounts Rs 1000
- 15 years is the longest duration of tenure
2. IDBI Bank:
- Interest Rate is between 11% and 12%
- Third party security needed for loans over Rs 4 Lakh
- The longest tenure period is 15 years
3. Allahabad Bank:
- Margin can go from 5% to 15%
- Interest Rate is always between 11.20% and 11.70%
- The biggest loan amount that you can take is Rs 20 Lac. This amounts numbers Rs 50 Lakh for students abroad
4. Federal Bank:
- Interest Rate is from12.93% to16.38%
- No processing fees for students in India. Students abroad have to pay Rs 500
- You can take up to Rs 10 Lakh. If you study abroad your loan can number Rs.20 Lakh
You should also visit other banks that we didn’t mention here. They may have some interesting options for you. If you don’t want to lose time on the live application, you can do it online. Paisabazaar.com has a great application option. The best thing is that you can also apply for other loans in India.
This option is completely safe, and it will take only 10 to 15 minutes from your precious time. Just enter your personal details and information about your education. The system will then show you a list of loans that you can take in Cochin. Choose the best one and be free to apply.