Nainital Bank Education Loan Summary Table
| Nainital Bank Education Loan Limit | For India – INR 35 Lakhs
For Abroad – 70 Lakhs |
| Nainital Bank Education Loan Interest Rate | 9.5% per annum |
| Nainital Bank Education Loan Margin | For loan up to INR 4 Lakhs: 5%
For loan above INR 4 Lakhs: 15% |
| Nainital Bank Education Loan Processing Fee | Up to INR 10 Lakhs: Nil |
| Nainital Bank Education Loan Security | Up to 7.50 Lacs: Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee.Above INR 7.50 Lacs: Tangible security along with parents as co-borrower |
| Nainital Bank Education Loan Repayment | Starts After 1 year of course completion or 6 months after getting a job |
Nainital Bank Education Loan Features
- Collateral security for availing an education loan
- HDFC Education Loans are available up to a tenure of 15 years, including a moratorium period
- Repayment starts either 1 year after course completion or 6 months after obtaining employment (whichever is earlier)
- HDFC education loans are available for short duration/ job oriented courses.
- You can also avail the tax rebate offered under section 80-E of the Income Tax Act 1961 for the entire interest amount paid towards your education loan.
- No processing fee is charged for loans up to 10 lakhs.
Nainital Bank Education Loan Eligibility
| Parameters | Eligibility Criteria |
| Applicant’s Age |
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| Who Can Apply? |
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| Maximum Loan Amount |
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| Frequency Of Repayment |
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| Repayment Period |
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Nainital Bank Education Loan Interest Rate
Nainital Bank Education loan interest rates range from 8.85% and 10.75%.
| Loan Amount Range | Courses in India | Courses Abroad | IIT, IIM, ISB Courses |
|---|---|---|---|
| Loans up to Rs. 4 lakh | 9.75% | 9.75% | 9.75% |
| Loans > Rs. 4 lakh | 9.75% | 9.75% | 9.75% |
Nainital Bank Education Loan Schemes with detailed features, documents, max loan, courses
| Schemes | Maximum Loan Amount | Interest Rates |
| Education loan in India | Rs. 35 Lakhs | 9.75% |
| Education loan in Abroad | Rs. 70 Lakhs | 9.75% |
| Education loan(MBBS & MD/MS) in India | Rs. 75 Lakhs | 9.75% |
Nainital Bank Education Loan Documents Required
Under Know Your Customer Policy (KYC), the bank requires certain documents. These documents are required from both the student and co-borrower:
| Identity Proof |
One of any mentioned documents for Identity proof:
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| Residence Proof |
One of the following documents for Residence proof (It should not be more than 3 months old):
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| Income Proof in case of salaried co-borrower |
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| Income proof for self-employed co-applicant |
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Additional documents: Aside from KYC documents:
| Student Applicant | Mandatory Passport submission |
| Academic Records: X, XII grade results. Graduation results semester wise. Entrance Exam results that formed the basis of admission | |
| Proof of admission: A conditional application letter may be considered | |
| Cost of education, schedule of expenses. | |
| 2-passport size photographs | |
| If the loan was taken out before then, loan account statement for the last 1 year. | |
| Co-applicant | 2-passport size photographs |
| If the loan was taken out before then, loan account statement for the last 1 year. |
Nainital Bank Education Loan Offered Courses
The Education Loan covers courses that are only regular full-time Degree or Diploma courses that the student secured through selection or merit. Nainital Bank Education Loan also considers Full-time Executive Management Courses like PGPX.
EMI Calculator
You can check the EMI Calculator for Nanital Bank education loans by clicking on EMI Calculator.
Nainital Bank: Takeover of Education Loan
An Education Loan is Transferable, it is basically a process of transferring high-interest debt from one to a lender and with a lower interest rate and better repayment policies.
The Nainital Bank Takeover Of Collateralised Education Loans Scheme can be availed at an interest rate of 1Year MCLR + 1.50% spread. Nainital Bank also gives a 0.50% concession in the interest rate for girls.
How To Apply For Nainital Bank Education Loan
- Visit Dialabank for an education loan.
- Go to the Nainital Bank Education Loan page.
- Check out all the eligibility and documents criteria for an education loan.
- Fill out all the details required in the Education Loan application form.
- Once done, our representative will soon contact you for a further stress-free process.
List of Approved Institutes
- Architecture college
- Law college
- Medical college
- Pharmacy college
- Engineering college
- Bio-technology
- college
- Management college
- Science, Commerce, and Arts college
- Physical education college
- B.ED college
FAQs For Nainital Bank Education Loan
✅ How long does it take for an education loan to be sanctioned?
It takes 15 days for an education loan to be sanctioned.
✅Will the education loan interest be the same throughout the entire course?
The education loans are offered at a floating rate of interest, so the rate of interest may increase or decrease depending upon the external economic conditions and internal company policies.
✅Does an education loan cover all the expenses even if I decide to study in India?
Yes, an education loan covers tuition fees, living expenses, travelling and other additional expenses even in India.
