Can I take loan for studies?
Can I take loan for studies?
Applicable for all: Any student who wants to study can apply for an education loan. Even the economically backward sections of the society can take education loans under the government-sponsored subsidy schemes such as ‘Central Scheme to provide Interest subsidy’ (CSIS). To study abroad, the loan amount goes up to Rs.
Which bank is best for education loan without collateral?
Banks offering Education Loans and Collaterals Required
| Bank | Loan Amount and Collateral Required |
|---|---|
| HDFC Bank | Domestic Education – Up to Rs.15 lakhs Foreign Education – Up to Rs.20 lakhs For loans up to Rs.7.5 lakhs no collateral is required |
| HSBC | Loan up to Rs.5 lakhs do not require collateral |
Which bank gives education loan on diploma?
Some of the banks which offer Education loans for the diploma courses include: State Bank of India (https://www.credenc.com/sbi-education-loan) Bank of Baroda (https://www.credenc.com/bank-of-baroda-education-loan) Bank of India (https://www.credenc.com/bank-of-india-education-loan)
What is the minimum amount of education loan?
Education Loan Interest Rate in 2021
| Interest Rate | 8.40% onwards |
|---|---|
| Minimum Tenure (excluding grace period) | 5 years |
| Moratorium Period (after course completion) | 1 years |
| Minimum Loan amount | ₹ 50,000 |
| Maximum Loan without collateral | ₹ 4,00,000 |
How much loan can I get for education?
In general, you can get up to 4 lakhs of educational loan for higher studies without any collateral. Under education loan scheme, you can get a maximum of 15 lakhs for studies in India and more 25 lakhs for abroad studies.
What are education loans?
Education loans are basically a form of monetary assistance availed by students to meet the expenses associated with their studies. Education loans can be taken by means of funding, scholarships, financing and rewards, and are granted in cash, which has to be repaid to the lender along with a rate of interest.
Can a student get education loan without collateral?
Lenders you can approach for an education loan without collateral. Public banks – Public banks like SBI, BOB, etc according to their policies can only provide up to 7.5 lakhs student loan without collateral irrespective of the course and country.
Is education loan a good idea?
They are most useful when it comes to courses at premier institutions that cost a lot. Parents can afford to send their children for higher education and students can also pay for their own education. These loans can be funded by jobs that they get after completing the course.
How do I repay my education loan?
How to repay your education loan with limited income
- Choose a higher loan tenure, pre-pay if you have funds. If you opt for a secured education loan, you can avail a tenure of 10 years and above.
- Start a side hustle or work part-time.
- Live frugally.
- Future income.
