What is the time period for education loan?
Repayment: The loan is to be repaid in 5-7 years, after commencement of repayment. If the student is not able to complete the course within the scheduled time, extension of time for completion of course may be permitted for a maximum period of 2 years.
What are the rules for education loan?
To apply for the loan, one must be an Indian citizen, having secured an admission into a college/university recognised by a competent authority in India or abroad. The tentative cost of an MBA is up from Rs 2.5 lakh to Rs 20 lakh in 15 years. Quality education is a must for a complete and successful life.
Which bank is best for education loan?
Compare Top Education Loan Offers 2021
| Education Loan Schemes | Interest Rate (p.a.) | Loan Amount |
|---|---|---|
| Bank of Baroda | 6.75% to 9.85% | Up to 4 Lakh and above |
| HDFC | 9.45% to 13.34% | Max Apr |
| Tata Capital | 10.99% onwards | Up to 30 Lakh |
| Union Bank of India | 8.80% to 10.05% | Need-based finance |
Is education loan easily available?
Easily available: Education loans are widely and easily available. In fact, they are a priority product in all banks as per the RBI’s guidelines. Varied loan amounts: Banks can offer loans anywhere between Rs. 2 lakhs and Rs.
Can I get 20 lakhs education loan?
Collateral Required for Education Loan According to RBI, the maximum amount eligible for a study loan for courses in India is Rs. 10 lakhs while for studying abroad, it is Rs. 20 lakhs.
Can I get 50 lakhs education loan?
7.5 lakh, you will be required to have a third-party guarantor. Educational loans in India can vary between Rs. 1 lakh to upwards of Rs. 30-50 lakh.
Is education loan is good or bad?
Some students take an education loan for graduation and then avail of the top-up facility to complete their post-graduation. “Taking a top up on education loan is bad, because it will increase the liability further. It is better to finish the first education loan before taking the second one,” says C. S.
What is the EMI for education loan?
So, if you take an education loan of Rs 10 lakh with an average interest rate of 12%, for 2 years the EMI will be: P = 10 lakh, R = 12/100/12 (You convert to months), N = 2 years or 24 months EMI = [10,00,000 x 12/100/12 x (1+12/100/12)^24] / [(1+12/100/12)^24-1] EMI = Rs 47,073.
What is the EMI for 40 lakhs loan?
EMI Calculations for a Home Loan of Rs. 40 Lakh with varying Tenors
| Loan Details | Monthly Instalment |
|---|---|
| 40 lakh home loan EMI for 30 years | Rs. 35,103 |
| 40 lakh home loan EMI for 20 years | Rs. 38,601 |
| 40 lakh home loan EMI for 15 years | Rs. 42,984 |
| 40 lakh home loan EMI for 10 years | Rs. 52,860 |
Which is the first education loan portal in India?
Vidya Lakshmi is a first of its kind portal for students seeking Education Loan. This portal has been developed under the guidance of Department of Financial Services (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development) and Indian Banks Association (IBA).
Which is the best portal for education loan application?
The portal has been developed and being maintained by NSDL e-Governance Infrastructure Limited. Students can view, apply and track the education loan applications to banks anytime, anywhere by accessing the portal. Forgot Password? I found the portal of Vidya Lakshmi really helpful. This saved me a lot of time and money. Thank you!
How to contact Vidya Lakshmi for education loan?
You may contact us on email [email protected]. Inconvenience regretted. Vidya Lakshmi is a first of its kind portal for students seeking Education Loan.
Which is the best loan waiver scheme in Maharashtra?
Mahatma Jyotirao Phule Shetkari Loan Waiver Scheme for farmers is announced by Maharashtra Vikas Aghadi (MVA) govt. led by CM Uddhav Thackeray. The state govt. has waived off loans upto Rs. 2 lakh under Mahatma […] Maharashtra government is going to launch Maha E-Skill 2020 Mission for youths.
