Education loan: Introduction
It is a known fact that education is one of the most important phases of our lives. Without education, we will not be able to find a proper place in the society. However these days, education is also expensive, so money can be an issue at times. That’s when you can apply for an education loan.
This loan is designed for situations where students need a financial boost to finish their education. Both students and parents can apply for the loan. Banks in India are offering these schemes for every Indian student regardless of the college or study program is not important here. You can even apply for the loan if you are an Indian citizen studying abroad.
Many banks in India offer special loan schemes for supporting female education. These schemes include various benefits and discounts for female students. It is surely the best option for students who need some extra money.
Advantages of education loan schemes
Education loan scheme is specially made for students. This means that the money will cover all expenses ranging from books, accommodation to other college charges. However, some people are considering personal loans a better option.
A personal loan is not the preferable option for this situation. It is not designed for students and has interest rates that are too high for a student’s wallet. The repayment is also complicated. In most cases, the repayment will begin soon after the user gets the loan amount. This can make the situation even more difficult for the student.
On the other hand, education loans work differently. Education loan Interest Rates are low and designed to support the education of the youth. The greatest advantage is that you don’t have any obligation to repay the money before your education is complete. Many banks will give you extra time to find a job, so you can easily repay the loan. Another advantage is education loan eligibility. Any student can easily become an education loan applicant.
All these things are only proofs for the fact that Jamshedpur education loans surely are one of the best options for college expenses.
Education loan details that you need to keep in mind
If you want to apply for this loan, keep in mind that the application process is very easy. You just have to deliver required documents and that’s it. However, different banks will ask you for different documents. You can get detailed information on the website of the chosen bank.
The most important documents are usually common for all banks. These are the documents that contain information about your annual income and your academic success. Without them, loan experts will not be able to sanction your loan. It is also advisable to create a detailed list of all your expenses. This list can be used to keep all your costs organized. When you are done with the repayment of this loan, your credit history will be improved. If you decide to take another loan, you will be able to get low interest rates. Why is this? Well, your bank will have confidence in you. They will see you as a serious and reliable person, ready to work hard and to invest in good things.
Jamshedpur education loan interest rates
The Interest Rates for this type of loan usually vary. Each bank has its own loan program, so it is natural that interest rates too differ. However, you will find that they are usually between 9.40% and 16%. This is a range that usually all banks follow and you can see it in the following examples of Jamshedpur education loans:
- Bank of Baroda: Interest rate is within the range of 9.85% to 12.60%
- Central Bank of India: Interest Rate ranges from 10.85% to 11.35%
- State Bank of Hyderabad: Interest rate starts from 10.75% and is up to 12.75%
Banks in Jamshedpur that can provide you with a good education loan
Many banks can offer you a good education loan scheme in Jamshedpur:
1. Vijaya Bank:
- Rs 10 lakh is maximum loan amount for domestic students, and Rs 20 lakhs for students studying abroad
- 5% margin for loans over Rs 4 lakh for students in India
- 15% margin for loans over Rs 4 lakh for students abroad
- Interest Rate ranges between 9.65% and 12.20%
2. Bank of Maharashtra:
- Interest Rate goes between 10.85% and 12.10%
- 5% margin for loans over Rs 4 lakhs
- The maximum loan amount for students in India is Rs 10 lakhs. For students abroad it can go up to Rs 20 lakhs
3. Canara Bank:
- Rs. 10 lakhs is the maximum amount offered
- No margin for loans below Rs. 4 lakhs
- The margin exists only for amounts over Rs 4 lakhs, and it amounts to 5%
4. State Bank of India:
- Minimum interest rate is 9.40% while the maximum is 11.10%
- Rs 30 lakhs is the maximum possible amount to take
- Tenure goes up to 12 years
Another way to apply for Jamshedpur education loan is to visit Paisabazaar.com. This is an online way of applying, and it can serve you well if you find it difficult to find time to visit the bank. The process is fast, simple and safe. You will have to submit some information – personal, educational, and income details. According to these details, the website will show you a list of available loan options. The best thing is that you can use Paisabazaar.com to apply for other loans, too.