Nainital Bank Education Loan

I have read the Privacy Policy & Agree to Terms & Conditions and authorize Dialabank & its partner institutions to Call or SMS me with reference to my application.

Why Us?

Rates as low as 9.33%
Pre-Admission Loans
Study in India / Abroad
Doorstep Service
Unsecured Loan Available

Nainital Bank Education Loan

Nainital Bank Education Loan Summary Table

Nainital Bank Education Loan Limit For India – INR 35 Lakhs 

For Abroad – 70 Lakhs
(Up to ₹ 7.5 lakh without collateral)

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

Nainital Bank Education Loan Features

  1. Collateral security for availing an education loan
  2. HDFC Education Loans are available up to a tenure of 15 years, including a moratorium period
  3. Repayment starts either 1 year after course completion or 6 months after obtaining employment (whichever is earlier)
  4. HDFC education loans are available for short duration/ job oriented courses.
  5. 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.
  6. No processing fee is charged for loans up to 10 lakhs.

Nainital Bank Education Loan Eligibility

Parameters  Eligibility Criteria
Applicant’s Age
  • Non-employed personnel: Up to 35 years
  • Working employees / Executives: Up to 45 years
Who Can Apply?
  • An Indian National: With secured admission to professional/technical courses in recognized institutions.
  • Permanent employees: Who are employed for not less than three years with any organization and have secured admissions in a reputed institute or who intend to acquire higher professional qualifications.
Maximum Loan Amount
  • For studies in India: Up to Rs. 3,500,000
  • For studies Abroad: Up to Rs. 7,000,000
Frequency Of Repayment
  • Quarterly or monthly.
  • 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
  • Tenure: Education Loan consists of Duration of Study, Grace Period after the Study, and Repayment Period.
  • For Indian courses: Repayment tenure is a maximum of 12 years after the commencement of repayment.
  • For Abroad courses: Repayment tenure is a maximum of 12 years after the commencement of repayment.

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: 

  • Passport
  • PAN Card
  • Aadhaar Card
  • Voter’s ID Card
  • Driving Licence
  • Photo Credit Card
  • Central and State Govt. issued Photo ID Proof
  • Defence 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
  • IT returns for the last two years (If IT payee)
  • TDS certificate
  • Form 16A, if applicable
  • Certificate of qualification (for CA, doctor, and other professions)
  • Bank account statement for the last 6 months.

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.