All About Education Loan
Private Banks offer Education Loans up to Rs 40 lakhs for study outside India. Student Loans are available to pursue courses like MBA, MS, CPA, CIMA etc offered by different universities and institutes in abroad.
When one applies for higher studies, one main thing you consider is the funding. If money is not factor of tension, then students can easily achieve all of their dreams by studying wherever they want whether it is united Kingdom, United states etc.
Features of student loan:
- Interest Rates: Ranges from 9.25 % to 13 % (deposing upon the loan ticket and collateral provided).
- Processing Charges: 1.5 % of the overseas Education Loan amount.
- Margin: 15 % of the loan amount (in case loan amount is above Rs 4 lakhs).
- Repayment of the Loan: It starts as soon as a student gets a job or after six months after the completion of the course.
- Repayment tenure varies between 5 to 7 years.
- A person can claim a tax deduction on the interest paid Under Section 80 C.
- Student loans are paid on a semester basis.
Leading Education Loan Providers
- SBI Education Loan
- HDFC Education Loan
- CREDILA Education Loan
- AXIS Bank Education Loan
- ICICI Bank Education Loan
- IDBI Education Loan
- Bank Of India Star Education Loan
- Punjab National Bank Education Loan
- Canara Bank Education Loan
- Bank Of Baroda Education Loan
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