- Basic facts about education loans
Ready with your GMAT/GRE score? But is money a hurdle in your educational career? An education loan in India is the best financial solution that covers all your educational expenses. With an education loan scheme, then bank pays for your entire course which includes tuition fees, hostel fees, library fees, security, etc. The education loan applicants can apply for a loan in less than a minute at our Paisabazaar.com website. To know about the education eligibility, you can use our free tools- Education Loan Eligibility Calculator.
- How can an education loan improve your financial situation?
A Ranchi education loan will reduce your worries of being financially dependent on your family. It gives you financial support so that you can complete your education without any worries. Below are some of the benefits of an education loan:
- Financially Independent: With an education you are more financially independent as your bank pays for all your fees during your educational course.
- Quick Money: You get money to continue your studies immediately when you apply for the loan, this reduces the burden of arranging the amount in a short notice.
- Tax Savings: An education loan gives the benefits of saving tax under section 80E of Income Tax Act 1961.
- Things to consider when applying for this loan
Ranchi education loan is the loan that can improve your credit record. A good credit record is very important because it shows if you are a reliable borrower. The application process shouldn’t worry you at all. It is simple. All you have to do is to gather the documents and submit them. However, you will have to check the list of documents that your bank is demanding.
The documents are different for each bank, but some of them are common. Below are few documents required to apply for an education loan in Ranchi:
- Address proof
- ID proofs, like, ration card, driving license, Voter ID card etc
- Bank statement
- Passport-sized photographs
- Income Proof
- Interest Rates that banks of Ranchi can offer
There are several bank to offer education loan in Ranchi, some of them are as belows:
- Indian Overseas Bank: Interest Rates starts from12.25%
- Central Bank of India: Interest Rate is 11.20% onwards
- ICICI Bank: 11% onwards
- Ranchi banks that can offer you a good education loan scheme
Many banks in Ranchi are offering interesting loan schemes:
1. Federal Bank:
- Interest Rate is 10.2% onwards
- Margin is 5% on the loan amount
- Security is required
2. Bank of India:
- Interest rate is 10.45% onwards
- There is a 5% margin
- Concession of 0.5% for women beneficiaries
3. State Bank of India:
- Interest rate is 10.80% onwards
- 0.50% concession for women beneficiaries
- Maximum loan tenure is 12 years
4. Allahabad Bank:
- Interest Rate starts from 11.2%
- Maximum loan tenure is 15 years
- Margin of 5% for Indian colleges and 15% for studying abroad