LOANSWALE

Education loan

Education loan is the best way to pursue higher education without getting your finances disturbed. You can take education loan for courses in India or abroad. For unemployed students, their guardian or parents need to be guarantors.

Using an Education Loan EMI Calculator, you can check the EMI amount that you would have to pay every month. You can check this as many times as you want so you can enter the interest rates offered by different banks to find out which best suits your budget. Hence, an EMI calculator is quite helpful in choosing the right lender.

Education Loan Interest Rate:

Education loan is available with or without processing fee and repayment period of up to 15 years after Course Period. It offers loan of up to Rs 75 Lakhs and loan for numerous courses and universities.
Loan Amount Rate of Interest*
Interest Rate for Education Loan Starts from 8.5%

0.50% concession in interest for girl student
0.50% concession for students availing of SBI Rinn Raksha or any other existing policy assigned in favour of SBI
1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration

Documents Required from Student :

1. Application form (fully completed and signed)
2. Two passport size photos (both Applicant and Co-Applicant)
3. Letter of admission from the Institute (on its letterhead with the address of the Institute)
4. Cost break-up of the educational program from the Institute (specifying the tuition fees- term-wise, year-wise and any other expenses involved)
Academic record of the student:
1. 12th board mark sheet
2. Certificates of subsequent years of education- graduation and post-graduation (if any)
3. Mark sheet of any entrance exam taken by the student (if applicable)
Scholarship documents (if any)
1. Affidavit or Declaration that confirms that no loan has been availed from another bank or financial institution
2. ID Proof (any one of the following) : Passport, PAN card, Voter’s ID card, Driving License, Aadhaar card, etc.
3. Address Proof (any one of the following) : Driving license, Ration card, Voter’s ID card, Passport, Aadhaar card, etc.
4. Age proof (any one of the following) : Birth certificate or Class 10th certificate

Documents Required from Co-applicant (if salaried):

1. Address proof
2. Identity proof
3. Last 3 months salary slips or salary certificate on employer’s letterhead
4. Last 2 years Form 16 from employer or last 2 years Income Tax returns
5. Any other income proof that is not reflected in the above-mentioned documents

Documents Required from Co-Applicant if Self-employed (Professionals/Individual):

1. Address proof
2. Identity proof
3. Last 6 months bank statement
4. Last 2 years Income Tax Returns
5. Proof of office (any one of the following: lease deed, utility bill, title deed)
6. Any other income proof that is not reflected in the above-mentioned document