In India Education in private institutions is a very expensive medium to get knowledge. Many middle-class families can’t afford all the costly fees for their son/daughter and the deserving student gets backed behind due to financial problem. So to help out those students Indian Banks have come up with various education loan schemes to provide financial support to students who can’t afford higher fees. In this article, we discuss some of the best education loan India you can avail for yourself to finance your studies.
Before applying for any education loans in India you must prepare a checklist of some basic mandatory requirements that are must for any candidate applying for a loan. Check out the requirements below:
- An applicant can only get a loan if the college or university he/she is looking to take the course should be accredited to professional, technical and UG/PG courses from recognized universities are only eligible.
- You must make sure that you are not only eligible for full payment of the fees structure, but the bank can also only provide you with half or partial amount
- An applicant must give a personal guarantee such as guardian as a joint borrower.
- There are two options for the repayment of the loan, one is after completion of the course and the other one is paying the interest during the course period and get a holiday period to pay the loan.
Let us check the top Banks that provide the best education loan India below:
HDFC bank is known as one of the leading Banks in India which provide amazing facilities to their customers. This bank provides Education loan to study in India and abroad, the maximum loan amount you can get in this bank is up to 10 Lakhs. The interest rate for Indian education is between 9.20 % to 13.64 % and for Foreign Education is 9.20 % to 13.64 %.
Axis bank is the only bank in India which has an only a single plan for Education loans in India. The loan amount varies from 50,000 to 75 Lakhs. For an applicant who wants a loan amount of 4 lakhs has to pay interest of up to 15.20% and if above 4 Lakhs the rate is 14.70 %.
Union Bank provides education loans in India under three different categories, for India, Abroad and premier Institutions. The maximum amount of loan you can avail in this bank is up to 20 Lakhs for within the country and 30 Lakhs for overseas education.
The above mentioned were the best education loan India, hope you liked the publication we have provided and gave you valid information.