A short introduction into education loans
Education is a crucial period in one’s life. During this period, we decide what our vocation is and where is our path. Education also requires financial support, and the lack of one can be a big problem. That’s why banks in India have made education loan schemes. These schemes are designed especially for students who need money for higher education.
There are various banks in India that offer education loans. Schemes are a bit different, but they all support the education of the Indian youth. Everyone can apply, but the only condition is that an applicant must be an Indian citizen, due to safety reasons.
This loan covers all colleges and all study programs in India. Students studying in abroad can also apply, some banks even offer special discounts and interest rates to female students. When you apply, you must submit required documents.
Reasons to apply for education loan
Education loan can bring you many benefits. The first one surely includes the possibility to cover all your expenses. The loan money will be covering the expenses of your books, college charges, accommodations, etc. With this loan, you will be able to concentrate on what matters the most, and that is your studies.
Friends or mutual acquaintances would advise on taking out a personal loan. But personal loans are not made for students as they possess high interest rates and that’s why education loan scheme is a better choice.
The repayment pace is also complicated. If you want to be an education loan applicant, you don’t have to think about repayment until you finish your studies. On the other hand, the personal loan requires monthly rates that a student won’t be able to cover. This is the main reason why an education loan in India is the only right solution for a student who needs some extra money.
Further education loan information
You can choose between various banks if you want to apply for the loan. You can find truly interesting loan schemes in Indian banks. The process is a bit different for each one of them, and you should check the details on the internet. Along with the application, you must submit some documents.
Documents will also vary from bank to bank, but some of them are common for every bank. These documents include information about your education progress and income. The documents with this information will be used with the loan amount calculation.
Some of the banks will require you to write down your expenses. This will be used with the amount determination, and you can also use the list to control your money and expenses.
Interest Rates that you can find in Coimbatore
Education loan Interest Rates are within the range from 12.00% to 16.00%. Examples of Interest Rates that you can find in education loan offers in Coimbatore banks are:
- Axis Bank: Interest Rates are within a range from 14.75% up to 17.25%.
- Bank of Baroda: Interest Rate can be from 9.85% to 12.60%
- Punjab National Bank: Interest Rates is between 9.40% and 11.90%
Coimbatore banks providing interesting education loan schemes
You can get a good education loan in Coimbatore:
1. ICICI Bank:
- Interest Rate is just 11% of the loan amount
- Biggest possible loan amount is Rs.10 lakh or Rs.20 lakh for students in other countries
- Margin exist only for loans above Rs.4 lakh
2. Allahabad Bank:
- Interest Rate is always in range between 11.05% and 13.55%
- Maximum tenure duration is 15 years
- If you study in India margin is 5%, and if you study abroad it is 15%. This is only for loans above Rs 4 lakh
3. Kotak Bank:
- Interest Rate is always between 11.5% and 24%
- You can take up to Rs.10 lakh if you are in India. For students abroad the biggest amount is Rs 20 lakh
- Processing charge amounts 2%
4. Canara Bank:
- You can take up to Rs.10 lakh
- The margin is 5% for loans over Rs.4 lakh
- No Interest Rate for loans under Rs.4 lakh
When you decide to apply for an education loan in Coimbatore you can check these banks. However, don’t forget that there are other banks with interesting offers, too. If you decide to stay at home and apply online, Paisabazaar.com is the right website for you.
Your security is guaranteed when you work with Paisabazaar. The whole process will just take a few minutes of your time. Paisabazaar.com will ask you to enter your personal and educational details. The system will then show you a list of possible education loans in Coimbatore. Feel free to read the offers and pick the one that can serve you well.