Education Loan Eligibility Tabular representation
| Particulars | Eligibility |
|---|---|
| Age | Minimum- 18 years Maximum- 35 years |
| Academic record | Proven- good |
| Qualification | Pursuing graduate/postgraduate degree or a PG diploma. |
| Income source | Parents/Guardians |
Furthermore, what are the 4 types of student loans?
There are four main types of loans available to undergraduate students: Subsidized, Unsubsidized, Parent PLUS, and Private. We will review all them here, and help you understand your ideal choices for Student Loans, and types to avoid if possible.
| 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 |
Likewise, how much percentage is required for education loan?
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.
Which bank provide education loan easily?
IDBI bank
Can I get 50 lakhs education loan?
The monthly installments on an education loan of 50 lakhs works out at least to 50,000-60,000. But,Most banks dont offer more than 7 lakh to 10 lakh rupees without collateral. … Generally taking loan more than 7-8 lakhs the bank asks for a collateral for the loan amount.
Which type of student loan is best?
subsidized loan
What is the maximum student loan?
What are the minimum and maximum Maintenance Loans in England? … The maximum Maintenance Loan is £12,382 and is paid to students who will be living away from home and in London, and whose annual household income is £25,000 or less. And for more info on Student Loans in England, check out this guide.
Can anyone get a student loan?
Almost everyone qualifies for student loans, though students with the greatest financial need can generally borrow under the best terms. The first step in applying for a student loan is figuring out whether you will be considered an independent student or one who is dependent on your parents.
Can I get 20 lakhs education loan?
The Credit Guarantee Fund for Education Loans (CGFEL) Scheme provides a guarantee for education loan dispersed by banks under the Model Education Loan Scheme of Indian Banks’ Association (IBA). … 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 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.
Can I get education loan without security?
You need not pledge collateral to any Govt. bank if you are availing a loan up to INR 4 lakhs. According to guidelines set by RBI, all banks have provision to provide education loan without collateral up to INR 7.5 lakhs when certain criteria are met.
What is the education loan process?
A collateral is asked for loan exceeding Rs 7.5 lakh. Once the loan application is accepted, the banks disburse the amount directly to the college/university as per the given fees structure. The banks uses the Marginal Cost of Funds based Lending Rate (MCLR), plus an additional spread to set an interest rate.
Which bank has lowest interest for education loan?
Compare Top Education Loan Offers 2020
| Education Loan Schemes | Interest Rate | Processing Fees |
|---|---|---|
| PNB | 7.30% onwards | 1% of loan amount |
| SBI | 7.97% p.a. – 10.05% p.a. | Rs.10,000 + tax |
| Axis | 13.70% to 15.20% | Nil to Rs.15,000 + tax |
| Bank of Baroda | 8.25% to 10%* | 1% of loan amount up to Rs.10,000 |
What are the documents required for Vidyalakshmi education loan?
Mark sheet of last qualifying examination • Proof of admission to the course • Schedule of expenses for the course, from the Institution • Passport size photographs of the applicant / parent / Co-obligant / Guarantor (2 copies each) • Proof of income / assets (if any) • Latest salary certificate and form No.