Basic information about education loan
Education loan is a special type of loan that is made to cover all education expenses. This is the best way for a student to deal with the lack of money that is stopping him or her from getting a higher education. Every citizen of India can apply for this loan. This means that both students and their parents can be the borrowers. The education loan in India is available for every college and study program.
Each student can become an education loan applicant. That’s because eligibility of education loan covers every university in India. People who wish to study abroad can also apply for education loan to study at foreign colleges.
Reasons to get an education loan
An education loan scheme provides several benefits, some of them are as follows:
- Tax Savings: A car loan in Patna can be claimed for tax savings under section 80E of Income Tax Act, 1961.
- Financial Independence: With a Patna education loan, you can complete your higher education without any financial dependency.
Application for Education loan
Application for education loan in Patna is very simple. You just need to log in to our education loan page on our Paisabazaar.com website and enter your required details. The website will show you various education loan schemes, select the best one based on your loan requirements.
Interest Rates that you can find in Patna banks
The education loan Interest Rates are adjusted to the budget and possibilities of Indian students. Check the following Interest Rates in Patna banks:
- State Bank of Indore: Interest Rate is 9.15% onwards
- IDBI Bank: Interest Rates starts from 11.25%
- Punjab National Bank: 10% onwards
Below are some of the banks providing education loan schemes with their interest rates and the applicable charges:
1. Corporation Bank:
- Processing fee of Rs 2000 for studying abroad
- Maximum loan amount eligible:
- Rs 10 lakh for studying in India
- Rs 20 lakh for studying abroad
- Interest Rate starts from 12.10%
2. Vijaya Bank:
- Interest Rate starts from 9.60%
3. Canara Bank:
- Interest rates start from 11.35%
- Margin of 5% for loans higher than Rs 4lakhs
- Maximum loan amount eligible is Rs 20,00,000 (TnCs Apply)
4. State Bank of Hyderabad:
- Interest Rate is 11.50% onwards
- Margin of 5% for loans above Rs 4 lakh
Documentation for an education loan
To proceed with your education loan application you have to submit the following documents:
- Income proof
- Age proof
- ID proof, such as passport, ration card, Voter ID card, driving licence
- Address proof, such as bank statement, utility bills
- Passport-sized photographs