Karnataka Bank Education Loan Summary Table
|Karnataka Bank Education Loan Amount||For India – INR 10 Lacs
For Abroad – 20 Lacs
(Up to ₹ 7.5 lakh without collateral)
|Karnataka Bank Education Loan Interest Rate||9.65% per annum|
|Karnataka Bank Education Loan Margin||For loan above INR 4 Lacs
In India: 5%
In abroad: 15%
|Karnataka Bank Education Loan Processing Fee||Up to INR 4 Lacs: Nil
Above INR 4 Lacs: INR 5000
|Karnataka 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|
|Karnataka Bank Education Loan Repayment||It starts After 1 year of course completion or 6 months after getting the job|
*Rates and schemes are subject to change
Karnataka Bank Education Loan Features
Looking for the best banks for education loans? Need money to fulfil your dreams?
As Education is becoming expensive, pursuing your educational goals is one of the most difficult things to face right now. At Dialabank, we offer you different options of banks that you can use for educational loans.
Karnataka Bank Education Loan aims to provide financial assistance at the best affordable interest rates to students. With a good amount of loan, you can either stay in India to pursue your course or go to a different country for the best education.
Karnataka Bank Education Loan Eligibility Criteria
|Applicant’s Age||Not required|
|Who Can Apply?||Any Indian national who has secured admission to any renowned Indian or Foreign University|
|Maximum Loan Amount||In India – a maximum of ₹10 lakh is required
Abroad – a maximum of ₹20 lakh is required
|Frequency Of Repayment||Quarterly or monthly rests. It starts 1 year after completing the course of six months after getting a job, whichever is first. Loan interest re‐payment will start immediately after disbursement of the first instalment of the loan.|
|Repayment Period||Up to 15 years with affordable EMIs.|
Karnataka Bank Education Loan Interest Rates
|Scheme||Maximum Loan Amount||Interest rate (p.a.)|
|Karnataka Bank’s Education Loan for Indian||Up to Rs.20 lakh||9.55% – 13.25%|
|Education loan for Foreign Education||No Upper limit||9.55% – 13.25%|
Karnataka Bank Education Loan Schemes with detailed features, docs, max loan, courses
Karnataka Bank Loan Vidyanidhi Scheme
An exclusive education loan named KBL Vidyanidhi is a broad-based scheme that comprises a wide range of Undergraduate and Postgraduate courses. Master’s Professional courses, and a whole lot more in both domestic, foreign institutions and universities. The financial support for education is equipped with benefits and affordable ROI. The loan amount varies depending on the place.
Karnataka Bank Education Loan Documents Required
Under Know Your Customer Policy (KYC), the bank requires certain documents. These documents might be required from both the student and co-borrower:
|Identity Proof||One of any mentioned documents for Identity proof: Passport, PAN Card, Aadhaar Card, Voter’s ID Card, Driving License, Photo Credit Card, Central and State Govt. issued Photo ID Proof, Defense ID Card.|
|Residence Proof||One of the following documents for Residence proof (It should not be more than 3 months old): Aadhaar Card, Ration Card, Passport, Bank Account Statement, Voter’s ID Card, Letter from any recognized public authority, Telephone Bill, Electricity Bill, Water Bill.|
|Income Proof in case of salaried co-borrower||Salary Slips (not more than 3 months old), Bank Statements (not more than 3 months old), ITR Form-16 (for the last 2 years), bank account statement(for the last 6 months of salary account).|
|Income proof for self-employed co-applicant||Business address proof returns for the last two years (If IT payee), TDS certificate form 16A if an applicable certificate of qualification (for CA, doctor, and other professions), Bank account statement for the last 6 months.|
Additional documents: Aside from KYC documents
Karnataka Bank Education Loan Courses Eligible
|Under Graduate Courses||B.Com, B.A, B.Sc, Diploma, B.B.M & B.C.A and others|
|Professional Degrees||Engineering, Medical, Agriculture, Nursing, Veterinary, Law, Dental, Management, Computer, Pharmacy, Physiotherapy, Hotel Management, ICWA, CA, CFA, and other professional courses.|
|Professional Courses from Reputed Institutions||IIT, IIM, XLRI, NIFT, well-reputed foreign universities offering courses in India.|
|Programs offered by Private Universities||All courses/degrees recognized by UGC / GOVT. / AICTE /AIBMS / ICMR|
|Graduation||Technical/professional courses by renowned universities|
|Post-Graduation||Special courses like MBA, MS, MCA & Courses by CIMA & CPA|
EMI Calculator for Karnataka Bank Education Loan
Karnataka Bank: Takeover of Education Loan
An Education Loan is Transferable; it is basically a process of transferring high-interest debt from one another lender and with a lower interest rate and better repayment policies.
The Karnataka Bank Takeover Of Collateralised Education Loans Scheme can be availed at an interest rate of 1Year MCLR + 1.50% spread. Karnataka Bank also gives a 0.50% concession in the interest rate for girls.
How To Apply For Karnataka Bank Education Loan
Karnataka Bank Education loan aims to provide financial help to the students who are planning to pursue their graduation, post-graduation, or specialization in any professional or technical courses. To avail of the Karnataka Bank Education Loan, given below are the steps that you need to follow:
- Visit Dialabank for an education loan then you can go to Karnataka Bank Education Loan Page.
- After going on the page, you can fill in your personal and employment details.
- Once you submit that form, our customer relationship manager will get in touch with you.
- They will further assist you in the loan approval process.
- You can get your education loan approved within no time.
- To know more, you can give a call on 9878981166.
List of Approved Institutes
- Architecture college
- Law college
- Medical college
- Pharmacy college
- Engineering college
- Management college
- Science, Commerce, and Arts college
- Physical education college
- B.ED college
FAQs For Karnataka Bank Education Loan
✅ What is the Karnataka Bank’s procedure for obtaining an education loan?
To apply for a Karnataka Bank education loan, simply go to the local Karnataka Bank branch, fill out the application form, and submit the needed papers. You may also apply for an education loan via the Karnataka Bank’s official website.
✅ Is it possible to receive a student loan without putting up any collateral?
You need to offer co-borrower security to your parents or husband to receive an education loan up to Rs. 4 lakh, and no third-party guarantee or tangible security is required.
✅ Is a piece of real estate necessary for a student loan?
You must furnish co-borrower security and physical security equal to 100-133 per cent of the loan amount as collateral to receive an education loan beyond 7.50 lakh. Property, shares and fixed deposits are all examples of tangible security.
News For Karnataka Bank Education Loan
In FY22, Karnataka Bank aims for a growth of 12%.
Karnataka Bank has indicated that it expects to increase its business by 12% this fiscal year, reaching around Rs 1.42 lakh crore. The Bank intends to progressively grow its retail loan portfolio, which includes home, personal, LAP, two-wheeler, automobile, education, and doctor loans.
Karnataka Bank’s net profit for the third quarter increased to Rs 135 crore. Karnataka Bank reported a net profit of Rs 135 crore in the current financial year’s December quarter, an increase of 10%. In addition, net interest income increased by 21% to 614 crores from 508 crores in Q3FY20.
Table of Contents
- 1 Karnataka Bank Education Loan Summary Table
- 2 Karnataka Bank Education Loan Features
- 3 Karnataka Bank Education Loan Eligibility Criteria
- 4 Karnataka Bank Education Loan Interest Rates
- 5 Karnataka Bank Education Loan Schemes with detailed features, docs, max loan, courses
- 6 EMI Calculator for Karnataka Bank Education Loan
- 7 Karnataka Bank: Takeover of Education Loan
- 8 How To Apply For Karnataka Bank Education Loan
- 9 List of Approved Institutes
- 10 FAQs For Karnataka Bank Education Loan
- 11 News For Karnataka Bank Education Loan