An insight into education loan schemes
Planning for higher studies at a prestigious college? Education loan in India is the solution for you, when money becomes a hurdle in your educational journey. An education loan covers all the expenses for your education. A Patiala education loan is available for every individual who wants to pursue their higher education but are looking for a support. There are various education loan schemes available in India that can help you focus on your studies without any financial worries. In case you are looking for an education loan but have confusion about your eligibility, then you can use our free online tool – Education Loan Eligibility Calculator on our Paisabazaar.com website.
How can this loan scheme improve your budget
Pursuing your higher education with an Education loan scheme is the most convenient way. It basically reduces your financial worries so that you can think of other aspects better. Some benefits of a Patiala education loan are as below:
- Instant Money: All your financial worries about studying further come to an end with a car loan. Your bank pays for your studies while you build your career.
- Worry free education: You do not have to worry about paying your tuition fees or hostel fees as your bank acts as your guardian and pays for your maintenance.
- Tax Savings: Education loan can be claimed for tax deductions under section 80E of Income Tax Act, 1961.
Details to have in mind before applying for this loan
Applying for this loan is different in each bank in India. The whole process is not complicated, and you only need to submit various documents. However, the list of these documents varies. The best way to get informed is to visit the website of your bank or to visit their nearest branch. The employees will provide you with the needed information.
Education loan applicants have to submit the documents as below:
- Address Proof
- Your personal details
- Income Proof
- Education Proof
Another thing that you should know about education loan is that it will improve your credit history. The banks appreciate people that invest in their education and manage to repay the loan within the deadline. This will easily provide you with low Interest Rates for your new loan.
Education loan Interest Rates in Patiala
The education loan Interest Rates are always between 12.00% and 16.00%. This is adjusted to the possibilities of the students because they can’t bear the higher rates.
There is a great variety of Interest Rates in Patiala banks:
- Central Bank of India: Interest Rate goes up to 11.7%
- Bank of Maharashtra: Interest Rate is 11.60% onwards
- HDFC: Interest Rate starts from 9.50%
Banks in Patiala where you can apply for education loan scheme
Different banks offer education loan schemes in Patiala:
1. Punjab National Bank:
- Interest Rate 12.50% onwards
- Base Rate is 10%
- Maximum loan tenure is 15 years
2. Bank of India:
- Maximum loan eligible is 10 lakhs
- Women beneficiaries on the education loan scheme 0.5% annually
- Interest rate above 7.50 lakhs is 2.50% above the base rate
3. Oriental Bank of Commerce:
- Maximum loan amount is 20 lakhs (TnCs Apply)
- Interest Rate is 10.25% onwards
- Margin for loan amount above 4 lakh is 5%
4. AXIS Bank:
- Interest Rate is 9.95% onwards
- No processing fee
- Margin of 5% on loan amount above Rs 4 lakh
You can apply for a car loan in Patiala in less than a minute at our Paisabazaar.com website. Simply visit our Education loan page and enter your required details. The website shall show you a list of loan schemes. Choose the ideal education loan and click ‘Apply’.