Which bank is best for education loan in India?
Compare Top Education Loan Offers 2021
| Name of Bank | Interest Rate (p.a.) | Processing Fees |
|---|---|---|
| Bank of India | 8.95% to 9.75% | Nil for courses in India Rs.5,000 + other fees for study abroad |
| Kotak Mahindra Bank | Up to 16% | Contact the bank |
| ICICI Bank | 10.50% onwards | Contact the bank |
| Federal Bank | 10.05% onwards | Contact the bank |
Is getting education loan easy in India?
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.
Do education loans get 100%?
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. Under the CGFEL scheme you can get a loan up to Rs 10 lakh for study in India and up to Rs 20 lakh for studying abroad.
Is there any interest on education loan in India?
– No, education loan is not interest-free in India. However, student loan without interest is a possibility in India with scholarships and subsidies.
What are the disadvantages of a student loan?
Cons of Student Loans
- Student loans can be expensive.
- Student loans mean you start out life with debt.
- Paying off student loans means putting off other life goals.
- It’s almost impossible to get rid of student loans if you can’t pay.
- Defaulting on your student loans can tank your credit score.
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.
Can I take personal loan after education loan?
The answer to the question, ‘can students get Personal Loan’ is yes, you can. You can apply for a personal loan and use the money to finance your education.
Can I get education loan 1 crore?
ICICI bank has launched a new scheme where customers will get instant approval of education loans up to Rs 1 crore. The most important thing is to know that the loan would be disbursed only to those who have FDs with the bank. And it would be amounting to a maximum 90 per cent of the value of the FD.
Does credila give loan without collateral?
As per the IBA guidelines, the banks offer up to Rs. 4 Lakhs and Rs. 7.5 Lakhs without collateral security for studies in India and Abroad respectively. 20 Lakhs without surety for talented and deserving applicants.
Is education loan is good or bad?
Some students take an education loan for graduation and then avail of the top-up facility to complete their post-graduation. “Taking a top up on education loan is bad, because it will increase the liability further. It is better to finish the first education loan before taking the second one,” says C. S.
What happens if I don’t pay my education loan in India?
– If you do not pay your education loan in India, the lender will start sending notices to you and your guarantor, if there is one. If you fail to comply with the warnings, you will default on your loan, and your credit score will take a huge hit. You would not be able to secure any loan in the future for a long time.
Is it safe to take education loan?
Students should decide the institute and course based on their appetite and ability. Some students take an education loan for graduation and then avail of the top-up facility to complete their post-graduation. “Taking a top up on education loan is bad, because it will increase the liability further.