There are numerous options to choose from in case one is looking for education loans. However, there are few parameters that one should consider whilst choosing an education loan. Here are few names of Banks which are the most popular and well known banks for Education loans.
We would like to give you the deep information on the bank, procedure, financial support and what students personally say about that bank.
HDFC BANK : With over 2544 branches across India, it is a popular education loan provider. Its interest rate presently ranges between 12 to 13% per annum. A rate of 24% per annum is due on late repayments. It has a strong financial support for candidates looking to study in India. A loan can be granted for up-to Rs.15 lakhs. Foreign education loans are also possible here up-to Rs.20 lakhs with no collateral required if the amount is less than 7.5 lakhs.
Students Speak : An MBA student of IIM-A says that "The reason I opted for HDFC Education loan is for the simple fact that you don't have to start repayment until one year after you graduate or 6 months after you get a Job".
Procedure : In order to be eligible for a loan the applicant must be an Indian citizen and aged between 16-35 years old. A loan amount for more academic records, identity proof, income documents, relevant stamp duty and a completed application form must be provided. Please note that an appointment letter from he institute with joining date mentioned is mandatory. APPLY NOW in HDFC Bank...
AXIS BANK : This bank aims in funding aspiring students applying for career-oriented courses such as medicine, engineering and management. Interested rates range from 15.50 to 18%. Girls can avail lower interest rates. Financially it supports the quantum of finance under the scheme is capped at Rs.10 lakhs for studies in India and Rs.20 lakhs for studies in abroad to cover tuition fees and expenses. The minimum loan amount available is Rs. 50,000.
Student speak : A film graduate from NYU said "My sister had taken a loan from AXIS bank for her MBA in India. I decided to do the same as the disbursements of funds is excellent. Money is credited on time with zero hassles".
Procedure : Applicants need to submit proof of identity income and residence along with a copy of the original admission letter with fees and joining date clearly mentioned. All relevant academic documents like mark sheets and pass certificates also need to be produced. In order to apply, aspiring students can check their eligibility online, through the banks call centre or by visiting any branch of AXIS bank. APPLY NOW in AXIS Bank .
State Bank Of India & HSBC also Helps In Education Loan. Click here to read more in detail.