What are the expenses of students in the field of education under education loan?

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#Kolkata: Students need advanced undergraduate, postgraduate as well as advanced and advanced degrees to enrich their future. It takes a lot of money to get all these professional degrees seen in most cases. When it comes to studying abroad, the amount of money increases several times more. Almost all banks offer student loans for use in education, which are called student loans. Whether it is a major educational institution in the country or studying abroad – this facility is available for both types of studies. Banks provide education loans to fulfill the dreams of bright future of the students. Usually the interest rate for repaying this loan starts from 7.75% per annum and the repayment period is up to 15 years.

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Apart from higher education, this loan is also available for schooling. Apart from this, education loan is also available for part time course. Whether or not a student is eligible for a loan is determined by the lender’s criteria.

What is included in the list of education loan expenses?

  • Tuition fees of educational institutions
  • Examination Fee / Library Fee / Laboratory Fee
  • Hostel fees
  • The cost of travel to study abroad
  • Student Insurance Premium (if applicable)
  • Caution Deposit / Institution Fund / Institution Bill / Refundable Other Fund Expenses (All these expenses cannot exceed 10% of the total loan amount)
  • Books / Furniture / Educational Equipment / Uniforms (All these costs cannot exceed 20% of the total loan amount).
  • The cost of purchasing a computer, if required for the course (this cost cannot exceed 20% of the total loan).
  • All other costs for completing a degree, including project work, thesis or study tour (all of these costs cannot exceed 20% of the total loan amount).

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Advantages and features of education loan:

  • Education loan has the facility of loan up to 1 crore.
  • The loan repayment period is up to 15 years.
  • There are student loan services for studying at home and abroad.
  • Some lenders offer loans before applying for a visa.
  • The lender sends staff to the student’s door to collect the necessary documents.
  • Children of various bank employees get attractive discounts on interest rates on education loans.
  • Several banks offer discounted interest rates on student loans.
  • There is a benefit of refraining from repaying the loan for one year after completion of the course.
  • Tax benefits can be availed up to 6 years on the interest paid.

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Interest rates on education loans from leading banks in the country:

Name of Bank / Lender Annual interest rate The amount of the loan Processing fee
Punjab National Bank 8.90% to 9.55% Up to 15 lakh rupees 1% of total loan amount
State Bank of India 6.75% to 7.75% Up to Rs 1.5 crore 10,000 + tax
Axis Bank 13.60% to 15.20% Up to 75 lakh rupees Starting from 0 to 15,000 rupees + tax
Bank of Baroda 6.75% to 9.75% Above 4 lakh rupees 1% of the total loan amount, Rs
HDFC Bank 9.45% to 13.34% You have to contact the bank 1.5% of total loan amount
Tata Capital Starting from 10.99% Up to 30 lakh rupees 2.75% of total loan amount + tax
Union Bank of India 6.80% to 10.05% Need based loans

3 Free for Indian students
3 0.50% of total loan + GST ​​for non-resident students

Bank of India 6.75% to 9.35%

3 To study in India: Up to Rs. 10 lakhs
3 For study abroad: up to 20 lakh rupees

3 Free to study in India
3 5,000 + other fees for studying abroad

Kotak Mahindra Bank Up to 16.00%

3 To study in India: Up to Rs. 10 lakhs
3 For study abroad: up to 20 lakh rupees

You have to contact the bank
ICICI Bank Starting at 10.50%

3 To study in India: up to Rs 50 lakh
3 For study abroad: up to 1 crore rupees

You have to contact the bank
Federal Bank Starting from 10.05%

3 To study in India: Up to Rs. 10 lakhs
3 For study abroad: up to 20 lakh rupees

You have to contact the bank

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