EDUCATION LOAN IN INDIA

Student Education Loans
Joe Andrews
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Student Education Loan

Student education loans are funds offered by financial institutions to meritorious and/or deserving students for their education.

Student Education Loans providing organisations.
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Student educational loan are offered loan division of  almost all banks. There are some private agencies also doing students loan business. In some cases bank branches consider a regional boundary to give education loans.

Procedure for Students Education Loan

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Steps
  1. Identify your local branch through direct enquiry at any Bank`s Student Education Loan section of your region.

  2. Make required documents for student education loan.

                a.Personal Documents

                b.Documents from Colleges.

   3.Submission of student education loan application to banks

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   4.Receiving DD/Cheque in the name of College.

Please Note:

Enquiry about Students Education Loans and making ready of required documents can be done much earlier. But processing of application for education loan will be done only after the passing of eligible course and other required exams.

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Documents required for student education loan.

           a.  Personal Documents for Education Loan

From Parents

  1. Proof of Identity
  2. Proof of Income [From Authorities]
  3. Proof of Residence
  4. Proof of Asset such as Land/other [only in some cases]
From Students
  1. Attested copies of all mark list and certificates from Matriculation onwards
  2. Attested copy of eligible Entrance results if any [eg.GMAT,GATE, Engg, Medi, MAT,CMAT etc.]B

                   b Documents from College for Education Loan

[Collect and submit]

  1. Fees Structure in prescribed formats

  2. Proof of merit selection [rank list or any such documents]

  3. Copy of Admission confirmation letter form the college

Banks or Funding agencies may ask some other documents in the same line depending on the discretion of agencies.

Interest on students education loan calculator

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Interest on student education loan may vary from 9% to 14% depends on the amount applied as education loan

Education Loan Repayment Period

Education loan repayment period is between 5 and  7 years and it starts from one year after the course completion or six months after securing a job, whichever is earlier normally.

Education Loan Repayment EMI

EMIs are calculated based on

Total Loan Amount =  Loan Amount  + Education loan  Interest [till repayment start}

Some wise parents clear interest during study period so that EMI or repayment period id low will be low

Banks division offering Students Education Loans
List of Banks in offering student educational loans

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State Bank and its associate

1.      State Bank of India /education loan

2.      State Bank of Bikaner & Jaipur/education loan

3.      State Bank of Hyderabad/education loan

4.      State Bank of Patiala/education loan

5.      State Bank of Mysore/education loan

6.      State Bank of Travancore/education loan

 

Nationalised banks

7.      Allahabad Bank/education loan

8.      Andhra Bank/education loan

9.      Bank of Baroda/education loan

10.  Bank of India/education loan

11.  Bank of Maharashtra/education loan

12.  Canara Bank/education loan

13.  Central Bank of India/education loan

14.  Corporation Bank/education loan

15.  Dena Bank/education loan

16.  Indian Bank/education loan

17.  Indian Overseas Bank/education loan

18.  Oriental Bank of Commerce/education loan

19.  Punjab & Sind Bank/education loan

20.  Punjab National Bank PNB/education loan

21.  Syndicate Bank/education loan

22.  UCO Bank/education loan

23.  Union Bank of India/education loan

24.  United Bank of India/education loan

25.  Vijaya Bank/education loan

 

Other public sector banks

26.  IDBI Bank/education loan

27.  Bharatiya Mahila Bank/education loan

 

 

 

Private-sector banks

28.  Axis Bank/education loan

29.  Bandhan Bank/education loan

30.  Catholic Syrian Bank/education loan

31.  City Union Bank/education loan

32.  Development Credit Bank/education loan

33.  Dhanlaxmi Bank/education loan

34.  Federal Bank/education loan

35.  HDFC Bank/education loan

36.  ICICI Bank/education loan

37.  IDFC Bank/education loan

38.  IndusInd Bank/education loan

39.  ING Vysya Bank (merged with Kotak Mahindra Bank in April 2015)

40.  Jammu and Kashmir Bank/education loan

41.  Karnataka Bank/education loan

42.  Karur Vysya Bank/education loan

43.  Kotak Mahindra Bank/education loan

44.  Lakshmi Vilas Bank/education loan

45.  Nainital Bank/education loan

46.  RBL Bank/education loan

47.  South Indian Bank/education loan

48.  Tamilnad Mercantile Bank/education loan

49.  Yes Bank /education loan

 

Cooperative Banks /education loan

50.   Regional ,Rural & Urban cooperative banks of individual places

 

 

 

Please do remember

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Enquiry about Students Education Loans and making ready of required documents can be done much earlier. But processing of application for education loan will be done only after the passing of eligible course and other required exams.

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