Free Educational Loan: At present admission is going on in engineering college and other professional courses to study. The economic crisis invites many students to higher levels of education. If you also want to take a particular loan for your studies, then it is necessary to get all the information regarding it. It is the desire of every parent that their children become capable of getting higher education.
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What is Education Loan and how can I get it?
Yes, a swing loan is taken from a bank or private institution for higher education. It is called a student loan or education loan. With its help, the bank helps you with any kind of financial problem at the time of your studies. You can take this loan from any bank or private institution. By getting any student can fulfill their dream of higher education if they want to study abroad. Even then, you can easily get a loan by following the terms and conditions of any bank.
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| Bank | Student Loan Interest for Indian Universities | Student Loan Interest for Studying Abroad |
| IDIB Bank | 6.90% | 8.40% |
| SBI | 7.00% | 8.80% |
| PNB | 7.05% | 10.65% |
| UCO Bank | 9.30% | 9.30% |
| Bank of India | 9.05% | 9.05% |
| Axis Bank | 13.70% | 13.70% |
What are the types of Student Loan 2023
Talking about India, there are four types of student loans in India:
Career Education Loan: When a student wants to make a career after studying in a government college or institute. and wants to achieve his goal. So this type of loan is called a career education loan.
2. Professional Graduate Student Loan: Professional graduate loan can be availed for pursuing further studies after completing graduation.
Parents Loan: When the guardian takes a loan from a bank or institution to complete the education of his child, it is called a parent loan. By which parents make their child’s future come true.
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4. Undergraduate Loan: After coming to school, an undergraduate loan is taken to pursue graduation in India and abroad, so that children go abroad to continue further studies before graduation and take admission to a good college.
List of documents required for availing of a Student loan?
- ✔️ Age Proof
- ✔️ Passport size photo
- ✔️ Marksheet
- ✔️ Bank Passbook
- ✔️ ID Proof
- ✔️ Address Proof
- ✔️ Course Details
- ✔️ PAN Card and Aadhaar Card of the parent and student
- ✔️ Income proof of the parent
What is the process for taking a student loan?
- ✔️ First select the bank or institution.
- ✔️ Get all the details about the three student loans.
- ✔️ Understand the interest rate being given by the bank very well.
- ✔️ Follow all the rules being told by the bank.
- ✔️ Apply for the loan when both the bank and you are sure.
SBI Loan For Student
SBI Bank offers Education loans in Hindi at both professional graduate and postgraduate levels for popular courses like MBA, MCA, and MS including regular technical and professional degree and diploma courses.
You can get free interest loans from banks in diploma courses like aeronautical, pilot training, and shipping. If you are applying for the Charter Institute of Management Accountants Course – CIMA London, the bank will facilitate your educational journey with a low-interest loan. If you are taking a loan up to Rs 7.50 lakh, you will have to pay an interest rate ranging from 7.97% to 10.20%. You can expect a total loan amount of INR 35 lakh from the bank.
Axis Bank Education Loan
Another best Education Loans in India is offered by Axis Bank. It also provides loan facilities to students for studying abroad as well as for studying in India. If you aim to pursue your studies within the country, you can look forward to a loan of Rs 10 lakh. However, you can avail up to Rs 20 lakh from the bank for studying abroad.
In addition, the bank has set a special interest rate ranging from 16.50% to 17.50% for women applicants. All students who have applied for career-focused courses including engineering, medicine, and management are eligible to apply for Axis Bank Loan. To avail of a loan through Axis Bank, it is necessary that you are an Indian citizen and must have scored at least 50% marks in your class 12th or graduation.
Bank Of India
Bank of India once again ranks among the best banks in terms of lending. It offers some of the best Education loans in India for various graduate and postgraduate courses. The bank provides loan facilities for many professional courses including engineering, medical, agriculture, veterinary, law, dental, management, computer, etc. You can have loan facilities to study in IIM, IIT, IISC, XLRI, NIFT, NID, etc.
If you are aiming for higher studies abroad, then you can pursue courses like CA, MBA, MS, etc. BOI also has two basic loan schemes including the Star Education Loan scheme of Rs 20 Lakh with an interest rate of 8.95% to 9.75%. Apart from this, it also has a scheme called BOI Star Vidya Loan. Under this scheme, an amount of 30 lacks is made available at an interest rate of 7.25%.