Education loan: A short description
Education is an important phase of everyone’s life. Education determines where and how shall we position ourselves in the society. However, this is not an easy task and various factors have an influence on one’s education. One of them surely is money.
We all know some or the other talented individual who can’t afford a proper education. There is a solution to this problem. Various banks in India are offering education loans. These are loans designed for students and will surely make the whole education process easier.
The amount for this loan is determined according to one’s academic success and annual income of the student or guardian. However, the cost of education also plays a key role. The student does not have any obligation to repay the loan before he or she completes his/her studies. This is a great advantage, which fetches him/her more time for planning and gathering the money.
Reasons to apply for this loan
Education loan scheme will help you keep a track of all your education related expenses. With the amount of money offered, you will be able to cover the costs of accommodation, books, instruments and other things that you need to finish your education. Only after you are done with your education or have a job, you need to start the repayment process.
However, many students don’t opt for this solution. They opt for personal loans, which by all means is a wrong choice. Personal loans are not designed for students. They don’t consider any difference between a working professional or a student. This means that you will have a tenure period, but a short one. After that, you will have to start with repayment. This may create a very unpleasant situation that can even be fatal for your education.
Interest rate is another thing that matters. With personal loans, interest rates can be high, which is not a favorable situation for a student at all. On the other hand, Kolkata education loan have low interest rates that any student can afford.
Additional details of education loan
Education loan schemes in India can cover all your expenses. It is therefore advisable to make a list of all your educational needs. This will be useful when the bank officials are determining the amount of the loan.
You don’t have to worry about getting the loan. A majority of banks in India are offering schemes that will support all study programs. You just need to be a hard working student, interested in education and you can easily get a loan. You can also ask your parents to be co-applicants. Their clean credit history can be useful in this situation.
The eligibility of education loan covers every university of India. This means that any student can become an education loan applicant.
Kolkata Interest Rate for education loans
Education loan has different interest rates. Each bank has its own loan program, so you will have to check and see which one suits you the best. Education loan Interest Rates that you can find in Kolkata includes the following:
- Punjab National Bank: Interest rates range from 9.40% to 11.90%
- Federal Bank: Interest rate ranges from 10.72% to 15.32%
Indian Overseas Bank: Interest Rate starts from 11% and is up to 12.25%
Where can you apply for this loan in Kolkata?
Various banks can give you an education loan offer in Kolkata:
1. Allahabad Bank:
- Interest Rate ranges from 11.05% to 13.55%
- The maximum tenure that you can opt for is 15 years
Margin is 5% for domestic students, and for students abroad it is 15%
2. State Bank of Bikaner and Jaipur:
- For domestic students, the maximum amount is Rs 10 lakhs. For students abroad, this amount can go up to Rs 20 lakhs
- Interest rate is in the range of 10.05% to 12.55%.
Third party security is required for amounts over Rs 4 lakh, and mortgage for amounts above Rs 7 lakhs
3. IDBI Bank:
- Interest Rate goes from 9.45% to 12.35%
- Maximum tenure can be of 15 years
Third party security is required for amounts over Rs 4 lakhs
4. Canara Bank:
- The maximum possible loan amount is Rs. 10 lakhs.
- For amounts less than Rs. 4 lakhs there is no margin.
- For loans over Rs. 4 lakhs, the margin is 5%.
If you are willing to apply online for an education loan in Kolkata, Paisabazaar.com is the right solution for you. This website will provide you an opportunity to apply for the loan online. This will save your time and energy
The best thing is that this website can help you with other types of loan, too. If you are planning any type of loan, you know where you should search.
While applying, you will have to submit some information. You will have to put your personal details, mostly pertaining to your education. The system will require you to enter the amount that you need, tenure period and to choose the program of study. After this is done, the website will display a list of possible loan options. You should check all of them and then choose the one which suits you the best.