PURPOSE – To nurture ambitions & aspirations for higher education needs in India or abroad
ELIGIBILITY – Any student who is a major representing himself or a minor student represented by parent or guardian of Indian nationality; must have secured admission on the basis of merit to professional or technical or other courses through entrance test or selection process; must have secured admission to foreign university or institution for studies abroad;
QUANTUM OF LOAN – The maximum loan up to Rs.10.00 lakh for studies in India and Rs.20 lakh for studies abroad can be provided.
RATE OF INTEREST – for loan up to Rs. 4.00 lakh the interest rate is 10.75% per annum and for loans above Rs.4.00 lakh the interest rate is 11.50% per annum
MORATORIUM – Course period plus 1 year or 6 months after getting job or whichever is earlier
REPAYMENT – Maximum of 5-7 years after completion of repayment holiday
SECURITY – Nosecurity is required for loans up to Rs. 4, 00, 000/; for loans above Rs. 4, 00, 000, collateral in the form of satisfactory third party guarantee acceptable to the Bank.
The bank is also having a Tie-up arrangement with 166 Companies or Corporate providing personal loan, House Building Loans, Vehicle Loans & Educational Loans
How many intrest on education loan
Hi Shahid,
The interest rate on an Education Loan will differ from one bank to another. Contact your bank to find out their rates.
Cheers,
Team BankBazaar