Compare Education Loan with other banks & check your loan eligibility

Education Loan Overview

Hassle Free Education Loans Online

The most important investment of our life is Education. The cost of higher/specialized education in India or foreign  universities is very high. Most banks offer student loans in India at very attractive interest rates and student friendly re-payment terms. 
Apply for an Education Loan Online at Bemybanker at attractive Interest Rates.

Easy Student Loans:

As a Parent you want your child to get a degree from IIM, London School of Economics or Harvard Business School. As a student you wanted to be a Pilot, Engineer, Doctor, etc and now you also have the admission letter from the best University in the world but don’t know to fund your degree? All you need is a few documents and a guarantor to get your academia funded through the Student Loan.

Education Loan FAQs

1.For What Professional Courses can I get an education loan?

You can get Student Loan for various higher education courses like, management, medical and engineering, etc.

2.How much loan I can get?

Depending on your course you can get more than 20 lakhs of student loan. The loan amount will depend on the course and the income of the loan guarantor.

3.When will the repayment of loan start?

Generally Repayment will start after the Course period + 1 year or 6 months after getting job, whichever is earlier.

4.What is the Interest rate charged for Student/education loan?

The interest rates vary from bank to bank for student loan.

5.Is it possible to get 100% Loan to cover all educational expenses?

Yes, most banks offer 100% loan to cover all educational expenses

Education Loan Eligibility & Documentation

Eligibility for getting a student loan:
  • The applicant should be an India National
  • The applicant must have secured admission to professional/ technical courses through Entrance Test/Selection process.
  • Secured admission to foreign university/Institution.
Document Required for Student Loans:
All students are required to submit mark sheets of last qualifying examination, poof of admission scholarship, schedule of expenses for the specified course, his/her bank account statement for the last six months, an income tax assessment order for the previous two years, a brief statement of assets and liabilities, of the co-borrower, which is usually the parent or guardian and proof of income, if any.
Details of Education Loan
Interest Rate (Monthly reducing balance) 10.15% to 12.00%
Processing Fees Rs.5000 to Rs.20000
Loan Tenure 1 Year to 30 Years
Partial pre-payment Charges Nil
Pre-closure Charges Nil

Articles

  • Options for financing education abroad
    Studying abroad is expensive and at times the cost can be as high as six times that of the cost in India and hence planning needs to be done to ensure that sufficient funds are at disposal when needed. This is essential because to apply for the student visa, you need to show proof of funds sufficient to cover at least the first year of education.
  • Some basic facts about educational loans
    A ray of hope is seen with the availability of educational loans from various banks, which can fund an individual’s higher education. As these loans are not one of the ‘mainstream’ loans such as home loans or personal loans, people are hesitant or mostly unaware of such options. Here are answers to some generic queries that rise in regards to educational loans.
  • Education loans set to become more attractive!
    Typically interest rate on the education loan starts accumulating as soon as the course is over. Since interest during the moratorium period will be paid by the government, EMI for the borrower is set to fall. This will reduce pressure on his/her cash flows.
  • Education loan amount is to be correlated to repayment capacity
    According to a recent press report the revised education loan scheme implemented on all banks will make disbursal based on the repayment potential of the borrower. The education loans are not going to be offered based on the parental income or family wealth of the borrower which will be the decisive factor.