Question: Is any property required for education loan?

Do we need property for education loan?

Generally, education loans are unsecured in nature.It means you do not have to pledge any asset as collateral. However, education loans with loan amount of Rs. 7.5 lakh or higher, may require collateral. … The repayment period for education loans are shorter compared to loans against property.

How much education loan can I get without any security?

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.

What are the property documents required for education loan?

What are the collateral documents required for an education loan?

  • Property Title Deed.
  • Registered Sale Agreement.
  • Original registration receipt for the above agreement.
  • Allotment Letter By Municipal Corporation / Authorised Govt. …
  • Previous chain of sale deed establishing title.

Can I get 15 lakhs education loan without collateral?

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. … If the loan is above 7.5 lakhs, you will have to furnish the bank with collateral documents.

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Is salary slip required for education loan?

Applicants who are working at any private/public concern or an MNC need to submit their latest salary slips as income proof. You can provide Aadhaar card, PAN card, Voter ID, etc. as your proof of identity to process the Study Loan. Address proof may include Passport, Driving License, PAN card, Aadhaar card, etc.

Is ITR mandatory for education loan?

Also required are the income documents such as salary slips or income-tax returns (ITR) of the co-applicant. The banks can finance up to 100% of the loan depending on the amount. … For loans above Rs 4 lakh up to Rs 7.5 lakh, a third-party guarantee is required.

Is education loan free of interest?

No, education loan is not interest-free in India. However, student loan without interest is a possibility in India with scholarships and subsidies. You can negate the effect of interest on your education loan by availing 0% interest scholarships or subsidies with Government subsidy schemes.

Can banks reject education loans?

Yes, an education loan request can be rejected if the borrower doesn’t satisfy the conditions put forth by the lender. The conditions can be academic, economic or any other. If the institute in which you want to get admission doesn’t have a good placement record, banks won’t show interest in lending you.

Can I get 40 lakhs education loan in India?

Overview : Axis Bank Education Loan Online

Established in 1994 as UTI Bank, Axis bank provides education loans to students who want to study in India or abroad. … The quantum of education loan ranges from Rs. 50,000 to Rs. 40 lakhs.

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Which bank is good for education loan?

Compare Top Education Loan Offers 2021

Name of Bank Interest Rate (p.a.) Processing Fees
Axis 13.70% to 15.20% Nil to Rs.15,000 + tax
Bank of Baroda 6.75% to 9.85% 1% of loan amount up to Rs.10,000
HDFC 9.45% to 13.34% Up to 1.5% of loan amount + tax
Tata Capital 10.99% onwards Up to 2.75% of loan amount + tax

What is proof of admission for education loan?

Proof of admission: conditional offer letter/letter of admission/permanent admission letter/counselling seat allocation certificate/bonafide certificate. Records/documents of academic fees breakup. College/University/Institution placement records (not mandatory for all banks)

How much percentage is required for education loan?

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The bank filed the present appeal saying candidates who have secured 60% marks and above alone are eligible to get education loan as they alone can be treated as meritorious candidates.