- A short depiction of education loans
An education loan schemes to help students in their education to financially support them so that they can pursue their education without any hassle. This loan is available to every person in India and both students and their parents can apply. It covers all education expenses, including books, accommodation, college tuition, and others. The banks have various loan structures for different institutions, for instance, if you wish to study abroad, you can apply for a higher loan amount. The education loan schemes in India have lower interest rates for women borrowers.
- Why you should think about an education loan
Vishakhapatnam education loan has various advantages. When you get this loan, you will be able to manage the money in the best way possible. An education loan brings a lot more convenience to us as, you can study without having to pay a fortune at once.
Repayment process is surely one of the best things about education loan. When you get the loan, you won’t have to repay it until you are done with your education. This is because Vishakhapatnam education loan is adjusted to student’s possibilities. Many banks will give you moratorium period to find a proper job or to gather the money in some other way.
Another interesting thing about education loan is Interest Rates. Every bank in India that has education loan scheme will offer you low Interest Rates.
- Education loan details that you should be aware of
Education loan applicant must find a trustful bank. Various banks in India are offering education loan schemes. For each of the scheme, you will have to submit different documents.
Education loan will improve your credit history after you repay it. This means that you can get various benefits and lower Interest Rates for the next loan that you take.
If you repay your education loan on-time, then you will have a higher credit score. The credit history makes you a more reliable borrower and that you can get your loan approved easily.
- Education loan Interest Rates that you can get in Vishakhapatnam
The interest rates for education loans in India are very low as the government supports education and students. Some examples of Interest Rates that you can find in Vishakhapatnam banks are:
- State Bank of India: Interest Rate starts from 10.80%
- Axis Bank: Interest Rate is 15.45% onwards
- Punjab National Bank: Interest Rate is 12.00% onwards
- ICICI Bank: Interest rate starts from 11%
- Vishakhapatnam banks and their education loan schemes
Various banks offer an education loan scheme in Vishakhapatnam:
1. HDFC Bank:
- There are two options for loan amount:
The unsecured one goes up to Rs 7.5 lakh
The secured one can go up to Rs 10 lakh
- Interest Rate goes up to 15.50%
- Maximum loan tenure is 15 years
2. Andhra Bank:
- Interest Rate starts from 10.25%
- Loan margin of 5%
3. Allahabad Bank:
- Margin is 5%
- Interest Rate is 11.20% onwards
- The biggest possible amount:
For students in India – Rs 20 lakh
For students abroad – Rs 50 lakh
4. AXIS Bank:
- Interest Rate starts from 15.45%
- Processing fee Rs 1000
Apply for education loan in Vishakhapatnam in less than a minute at our Paisabazaar.com website:
- Choose your institute
- Know your eligibility using our free online tools- Education Loan Eligibility Calculator
- Fill in the required details on our Education Loan page
- Select the best loan schemes as per your requirements
- Click ‘Apply’