How to Take an Education Loan in 2024: Eligibility, Interest Rates, Benefits

How to take an education loan:- Hello friends, today we will talk about our new article, so friends, today our new article is “Education Loan”. Yes friends, today we will discuss this article. Many students want to study, but they are not able to study due to lack of money. For them, this education loan is available at their convenience with the help of which they will be able to pursue their studies further.

Today we will tell you about Education Loan in this article, so you have to read this article till the end.

How to Take an Education Loan

Before taking an education loan, you should know what is an education loan. Talking in simple language, when a student takes a loan from any bank or finance company for his higher education, then this loan is called an education loan or student loan. Students take this loan to pursue higher education.

After completing 12th, every student has only one dream to complete his studies in a good college or abroad, but despite having talent, this dream of some students is not fulfilled due to studies becoming expensive. Can happen.

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If you also have a similar dream, then you do not need to be sad, because in such a situation, an education loan can become your support. Nowadays all government and private banks give education loans.

While getting an Education Loan is not so easy, if you have proper documents and you work hard then you will get the Education Loan easily.

  • Applicant must be a citizen of India
  • The age of the applicant should be between 16 years to 35 years
  • The applicant must be registered in any recognized school or college in India
  • A guarantor is required for large loan amounts.

Banks complete the recovery check before giving any loan, hence the loan is given to such people who will be able to complete its repayment or not. Repayment of education loans can also be done by student guardian and after completion of studies, students can also do it. Is.

Now let us talk about how much a loan can get in Education Loan, you can get a loan of up to Rs 10 lakh to study in India, but if you want to study abroad then you will have to get a loan of Rs 20 to 25 lakh. You can get a loan of Rs. 500, along with the fees, other expenses like hostel rent, paper fees, and books will also be included in this.

Regarding the interest charged on Education Loan, the interest on Education Loan is generally between 11% to 14%, but some banks charge even higher interest. Many banks keep low-interest rates for girls. SBI Bank charges 11% to 13.75% interest per year on Education Loan.

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Now let us talk about which documents you need to take an education loan. Before taking an education loan, you must prepare the documents required for taking the loan. To take an education loan, you have to fill out a form from the bank and submit it along with some documents.

  • passport size photo
  • age certificate
  • bank passbook
  • identity certificate
  • mark sheets
  • Course details
  • PAN card and Aadhar card of student and parent
  • Income proof of guardian

There are many benefits of Education Loan which are as follows:

  • The most important thing about education loans is that it is easily available without any fuss.
  • By taking an education loan, any student can fulfill his dream of pursuing higher education.
  • Generally, education loans are available for a long period, hence there is plenty of time to repay them.
  • Very low-interest rates have to be paid on education loans.

You must have understood from its name that this loan is taken for a graduation course. This loan is taken after completing school studies.

This education loan is taken for any career-oriented course. This loan is taken for a particular course in a government college or institute.

After graduating from college, this loan is taken for a postgraduate or PG diploma or higher education.

This loan is for those parents who cannot afford the education of their children.

There are many government and private banks in India which provide education loans. All these banks in India are the best and most reliable from which you can take a loan. These banks are given below:

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Name of bankRate of interestloan amount
Education Loan HDFC9.50% OnwardsRs 5 lakh to Rs 10 lakh/ Rs 50 lakh in special cases
Education Loan SBI11.15%Up to a maximum of Rs 1.50 crore
Education Loan PNB8.20% से 11.75% p.aUp to Rs 7.50 lakh
Education Loan Axis Bank11.25%Rs 50,000 to Rs 7.5 lakh
Education Loan IDBI Bank9.40% p.a. up to Rs 30 lakh
Union Bank Of India Education Loan11.30%Maximum amount Rs.20 lakh
Education Loan Avanse1% pm.Maximum up to Rs 15 lakh
Education Loan ICICI9.85%Rs 20 lakh (for UG courses) and Rs 40 lakh (for PG courses)
Education Loan South Indian Bank9.75%
Education Loan Canara Bank9.25% से 11.35%Rs 40 lakh +
How to take an education loan
  • First of all, you have to choose the bank or institution from where you want to take an education loan.
  • After this, you will have to go to that bank or institution and get complete information about that education loan.
  • You can take an education loan by keeping in mind all the things told by the bank.

To obtain an education loan, it is important to plan and conduct thorough research. This article provides a detailed guide that will help you successfully navigate the process of acquiring an education loan. Before making a decision, make sure to evaluate your financial requirements, explore different loan options, meet the eligibility criteria, gather all necessary documents, and carefully assess interest rates and terms. By planning effectively, you can turn your aspirations for higher education into a tangible reality.

How to get an Education Loan?

The age of the applicant should be between 18 to 30 years. The applicant must be an Indian citizen. Must have been admitted to a professional or technical course through an entrance examination or selection process. This scheme is only for recognized technical and professional courses in the country and abroad. The applicant should not have any outstanding loan from any other bank or bank.

What is the interest rate for education loans?

SBI issues loan amount up to Rs 1.5 crore to its customers for education. The interest rate on this loan can range from 6.85 percent to 8.65 percent. The loan tenure can be up to 15 years and collateral can be up to Rs 7.5 lakh.

How many types of education loans are there?

1. Undergraduate Loan
2. Career Education Loan
3. Professional Graduate Student Loan
4. Loan for Parents

What are the interest rates for education loans?

Interest on Education Loan is between 11% to 14% on common terms, but some banks take even more interest.

Explain the education loan rate of interest HDFC.

HDFC Bank takes a very low-interest rate on the Education loan from you. You can take an education loan from this bank. HDFC Bank’s interest rate of 9.50% P.A. Started from

Explain the education loan Union Bank of India.

Union Bank of India is a government bank with various characteristics of education loans. It provides loans for various types of education courses to provide students students. If you want to get more information about the facilities of Union Bank of India for education loans, you can visit its official website or you can cover our article well.

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