Question: What is the minimum percentage for education loan?

What is the minimum loan amount for 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

What is the percentage required for education loan?

0.9% – 1% of the total loan amount. When a student applies for an education loan without collateral with InCred, the terms and conditions applicable to their loans vary depending on the student’s profile. Let’s take a look at some of the education loan eligibility criteria set by InCred for students and co-applicants.

Is there any limit for education loan?

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.

Can I get 100 percent education loan?

However, you can get an education loan without pledging any security. … There is no margin requirement if you apply for a loan within this limit through a scheduled commercial bank under the CGFSEL scheme. It means that the bank can finance up to 100 percent of the loan, if the loan is up to the limit of Rs 7.5 lakh.

IT IS INTERESTING:  Can a loan be approved before appraisal?

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.

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

Is 60 required for education loan?

Banks can’t insist on minimum 60% marks to extend educational loans: Madras high court. … 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.

Can students get loans after 12th?

Eligibility to Get an Education Loan

at either postgraduate level or graduate level. Students who wish to obtain an education loan must submit the admission letter or offer letter or conditional offer letter to the bank. Without admission letter, it is difficult to obtain an education loan.

What are the rules for education loan?

The applicant should have a secured admission in a college or university affiliated by UGC/AICTE/Govt. etc. Students pursuing full-time courses need to have a co-applicant who can be either parent/guardian or spouse/parent-in-law (in case of married candidates).

IT IS INTERESTING:  Can I get a loan with just rental income?

Is it good to take education loan?

In either case, an education loan is a good idea and a commonly sought after resort. Pursuing higher studies usually involves high fees and an education loan comes in handy at this point. Banks provide education loans for graduation/PG, diploma or professional courses, at attractive interest rates.

Is getting education loan easy?

Easily available: Education loans are widely and easily available. In fact, they are a priority product in all banks as per the RBI’s guidelines. Varied loan amounts: Banks can offer loans anywhere between Rs. 2 lakhs and Rs.

What is the EMI for education loan?

Ans: EMI is the acronym for Equated Monthly Installment, an EMI amount is the agreed upon fixed amount for monthly repayments that the borrower of the education loan must pay to the lender in order to pay out the money borrowed. The EMI consists of two parts – the applicable interest and the principle amount.