Education Loan:Many Indian Banks Provides Ecucational Loan In India



Many Banks Provides Education Loan In India. Indian Nationals for pursuing higher education in India or abroad where admission has been secured.The educational loan schemes of various nationalised banks, are the humble contributions in building a self-reliant country, where the educated youth will be its most valuable asset. Students with certain academic brilliance, studying at recognised colleges/universities in India and abroad, can avail finance to meet the expenses on tuition fee/ maintenance cost/books and other equipment.
ANDHRA BANK STUDENT LOAN Schemes
Dr Pattabhi Vidya Jyothi Scheme(Educational loan for study in india and abroad )

Eligibility: Age : + 12-30 years for studies in India. + 18 to 35 years for study in other countries

Qualifying Marks Exempted
Quantum of Loan:
Maximum - Rs.7.50 Lacs for studies in India.
Rs. 15.00 Lacs for Studies Abroad
Purpose of Loan :To meet cost of Tution fee, Hostel fee,Examination fee, Books, Project work, Study tours, and Refundable deposits.
PLUS
AIR PASSAGE AND MAINTENANCE, FOR ABROAD STUDIES.
Margin :- Upto Rs.4.00 Lacs Exempted- Above Rs.4.00 Lacs 5% In India 15% for Abroad Studies. Security:- Upto Rs.4.00 Lacs--Exempted- Above Rs.4.00 Lacs--Collateral Security of suitable valueInterest:Upto Rs.4.00 Lacs--@PLRAbove Rs.4.00 Lacs--@PLR+1%(PLR at present:12%)
INTEREST WILL BE CHARGED ON SIMPLE BASIS DURING STUDY PERIOD.
AB-CALS (AB – CAREER ADVANCEMENT LOAN SCHEME) EDUCATIONAL LOANS TO EMPLOYEES FOR HIGHER STUDIESCRITERIA
GUIDELINESQuantum of loan Actual fees payable subject to a maximum of Rs.7.50 lacsComputer Computer can be given for all the courses with a maximum of Rs. 50,000/- including printer, within the over al limit.Margin 10%Rate of Interest upto Rs.2.00 lacs at PLR/PTLR 11.50/11.75%w.e.f 11.11.2002Exceeding Rs.2.00 PLR/PTLR + 1.00% 12.50/12.75%w.e.f 11.11.2002Repayment No change. Repayable in 60 monthly instalments commencing after one month from the date of advanceSecurity
Security of value equal to the loan amount, in the form of:# NSCs , KVP - face value# LIC Policy - surrender value# Govt. securities, Debentures# Gold# Bank deposit# Building / flat - standing in the name of applicant or 3rd party. In case the property belongs to 3rd party, he should stand as coobligant.
Coobligation NOT REQUIREDEmployment & balance of service No change.Applicant should be permanent employee of Government / Public Sector Companies / Corporations / reputed private Companies with 10 years of Balance of serviceAcceptance of employer No objection certificate from the employer for prosecuting higher studies and to avail loan from the BankUndertaking from employer No change. However, in the cases where salary is being routed through the branch, undertaking from the employer may be waived, subject to Employer not to permit shifting of salary account without Bank's consent.Undertaking from the employer No change.Employer should also undertake to adjust the dues to the Bank from out of terminal benefits of the employee, in the event of his/her resignation/ retirement/ discharge from service.Prevailing Interest rates applyLoan for educated youth for taking up employment abroad
* Maximum loan amount is Rs.1,00,000/- to meet Air passage and initial expenses as per Foreign Exchange rules.* Applicant should be a Indian National* Applicant should be a Graduate/Post Graduate* Should be below 30 years of age* Should hold a letter of offer from the overseas employer, valid Passport & Visa* security as applicable to AB-CALS Schemes. * Prevailing Interest rates applyInterest Rates for the above scheme.Quantum of finance Interest rateRs.25,000 to Rs.2.00 lacs PLRAbove Rs.2.00 lacs PLR + 2.75%Current PLR is 12.00 %
Link : http://www.andhrabank-india.com

ICICI Bank
ICICI Bank Provides Educational loan In India. Minimal documentation Required Added With Your Percentage. Icici Banks Provides Loan upto 7.5 lacs. Flexible Repayment Options, repayment period starts after the course is completed and +6 months as the grace period. ICICI Bank Did Not Take Processing Charges. No PenaltyClick for your loan, NOW!

HDFC Bank
HDFC Bank provides Educational Loan Minimum Papar Works, Loans upto Rs.15 Lacs, Flexible repayment options and Period 12-60 months, Lower Interest Rate. So No Hassle Quick Apply And Fullfill Your Dreams
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State Bank of India
State Bank of India provides Educational Loan Graduation courses/ Post graduation courses/ Professional courses Other courses approved by UGC/Government/AICTE etc. State Bank Of India Gave You Loan For Fees payable to college/school/hostel, Examination/Library/Laboratory fees, Purchase of Books/Equipment/Instruments/Uniforms, Travel Expenses/Passage money for studies abroad, Purchase of computers considered necessary for completion of course, Cost of a Two-wheeler upto Rs. 50,000/-.
Loan Of Amount For studies in India, maximum Rs. 10 lacsStudies abroad, maximum Rs. 20 lacs.
Interest Of RateFor loans upto Rs.4 lacs - 12.75% p.a.
FloatingFor loans above Rs.4 lacs - 13.75% p.a.
FloatingProcessing FeesNo processing fee/ upfront charges Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin moneyRepayment TenureIn India Up to Rs. 7.5 lacs, Tenure 5-7 Year.Abroad Up to Rs. 15 lacs, Tenure 5-7 YearDocumentation RequiredCompleted Education Loan Application Form.Mark sheets of last qualifying examinationProof of admission scholarship, studentship etcSchedule of expenses for the specified course2 passport size photographsBorrower's Bank account statement for the last six monthsIncome tax assessment order, of last 2 yearsBrief statement of assets and liabilities, of the Co-borrowerProof of Income (i.e. Salary slips/ Form 16 etc)
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Bank Of Baroda
Bank Of Baroda provides Educational Loan school education (nursery to standard XII) of your child, pursuing a graduate or post-graduate degree, the Bank of Baroda Education Loans, can help finance your ambitions and goals.Following are the loan options availableBaroda VidyaThese loans are available for studies between Nursery and Standard XII.
Zero processing & documentation charges.
Zero Margin
No security required.
You can repay the loan after moratorium by way of EMI.Eligibility
Should be an Indian national residing in India.
Student should have secured admission to a recognized school / Highschool / Jr. College (including CBSE / ICSE / State Board)
for any of the following courses.
No minimum qualifying marks required.Coverage of expenses for
Fee payable to college / school.
Examination / Library / Laboratory Fee.
Fee and other charges payable to hostel.
Purchase of books / equipments / instruments / uniforms.
Personal Computers / Laptops wherever required.
Caution deposit / building fund / refundable deposit supported by instituion bills / receipts.Maximum Loan Amount Rs.4.00 LacsRate of Interest
1% concession in rate of interest to loans for girl students.
Simple interest during repayment holiday/moratorium period.
Penal Interest @ 2% on overdue amount if the loan amount exceeds Rs. 2/- lacs. Repayment Period
Loan for each yearly sub limit is repayble in 12 equal monthly instalments. First instalment to be due 12 months after first
disbursement of each years's loan component.Baroda Gyan
product specially designed for students pursuing Graduation, Post - Graduation, Professional & Other courses in India. Bank of Baroda extends a helping hand to energize your studies and promote education of the youth.
Zero processing & documentation charges.
Zero Margin on loan upto 4 lacs.
Free Debit Card.
Drafts required in favour of the school or student will be issued free.

Courses Eligible
All Graduation courses.
All Post Graduation courses & Doctorate courses.
Professional Courses viz. Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, Ayurved, Homeopathy, Physiotherapy, Hotel Management, Hospital Management, Interior Designing, Architecture, Event Management, Mass Communication, Fashion Technology, etc.
Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to Universities.
Courses like C.A, ICWA, CFA, CS, etc.
Courses offered in India by reputed foreign Universities.
Evening courses of institutes approved by State/Central/Govt./UGC/AICTE/AIBMS/ICMR/ICAR.
Courses offered by National Institutes and other reputed private institutions.
The College/Institute must have been approved by the State/Central Govt./UGC/AICTE,etc.Eligiblity
Should be Resident Indian.
Secured admission to either of above courses
No minimum qualifying marks.Coverage of expenses
Fee payable to college / Institution / University.
Examination / Library / Laboratory Fee.
Fee and other charges payable to hostel.
Purchase of books / equipments / instruments / uniforms.
Personal Computers / Laptops wherever required.Caution deposit / building fund / refundable deposit supported by instituion bills / receipts.
Any other expenses required to complete the course - like study tours, project works, thesis.Maximum Loan Amount : Rs.7.50 Lacs.Margin
Upto Rs. 4.00 lacs :- NIL
Above Rs. 4.00 lacs :- 5%
Scholarship/assistantship if any received to be included in the margin.
Margin may be broad on year to year basis as and when disbursements are made on a pro rata basis.Rate of Interest
Up to Rs.4.00 lacs - 12% p.a.
Above Rs. 4.00 lacs - BPLR + 0.75.
Penal interest @ 2% p.a. on overdue amount, if the loan amount exceeds Rs.4.00 lacs.
1% interest concession be provided if interest debited during repayment holiday is serviced.
1% Concession in rate of interest to loans for girl student.Repayment Holiday
Course period + 1 year.
6 months after getting job, whichever is earlier.Baroda ScholarBank of Baroda presents financial assistance to students going abroad for Professional/Technical studies. The loan
offering is designed to empower you with the financial capability to realise your dreams... Achieve your goals... Reach out to
the maximum limits.
Zero processing & documentation charges.
Drafts in foriegn currencies drawn on our branches/subsidiaries required in favour of College/University/Student will be issued
free of exchange/commission.
Eligiblity of Courses.
Graduate/Post Graduate/Doctorate/Job Oriented Professional/Technical Courses offered by reputed Universities overseas.Student Eligiblity
Should be an Indian National.
Secured admission to Professional/Technical Courses at foriegn Universities/Institutions.
No minimum qualifying marks required.Coverage of expenses
Admission/Tuition fees to College/University.
Hostel/Mess charges.
Examination/Library/Laboratory fee.
Purchase of books/equipments/instruments/uniforms.
Caution deposit/building fund/refundable deposit supported by institution bills/reciepts.
One way travel expenses/Passage money.
Purchase of computers if essential for completion of the course.
Any other expense required to complete the course e.g. study tour, project work, thesis etc.Maximum amount of loan
Graduation & Other Courses up to 3 years duration : Rs.10 Lacs.
Post graduation and other advanced studies : Rs.15 Lacs.Margin : 15% Rate of Interest
Up to Rs.4.00 lacs - 12% p.a.
Above Rs. 4.00 lacs - BPLR + 0.75 (ie 14%) p.a.
Penal interest @ 2% p.a. on overdue amount if loan exceeds Rs.4/- lacs.
1% interest concession to be provided if the interest debited during the repayment holiday is serviced.
1% Concession in rate of interest to loans for girl student.Repayment Period
Course period + 1 year.
6 months after getting job, whichever is earlier.
If the student is not able to complete the course for reasons beyond his control, Bank may at its discretion consider such extensions as may be deemed necessary to complete the course.Security
Upto Rs.4.00/- lacs : No security
Above Rs. 4.00/- lacs upto Rs. 7.5 lacs : Collateral in the form of a suitable third party guarantee.
Above Rs. 7.5 lacs : Collateral security equal to 100% of loan amount.Baroda Loan For Executive Development
help the future management leaders acquire higher specialized managerial skills and dominate the global arena, Bank of Baroda brings to you Baroda Loan for Executive Development, a unique loan facility for a niche community of working executives.To facilitate bright, enthusiastic and high potential working executives to undergo a specialized course to develop them into management leaders and change agents in the global arena.Eligiblity of Courses
Full time Management courses including financial management conducted by IIMs.Student Eligiblity
Should be an Indian National.
possess bachelor's degree or higher education in any discipline.
Gainfully employed in executive cadre atleast for 3 years.
If self-employed, must be associated in the business in managerial capacity for last 3 years.
Present gross annual emoluments / income of the applicant should not be less than Rs. 2.00lacs.Age
Minimum - 25 years.
Maximum : As prescribed by the Institute imparting the course.Quantum of Loan
Maximum : Rs. 8.00 Lacs.
Need based finance subject to repaying capacity of applicant, based on present / expected income after completion of the course.Coverage of expenses
Fee payable to Institution
Fee payable to Institution
Purchase of computers if essential for completion of the course.
Project related expenses.
Hostel expenses.
Reasonable family expenses for the course period in case of married executives, subject to maximum of Rs. 1.20 lac
Travel expenses for going abroad for the project assigned to the applicant relating to the programme.Margin15% (Any scholarship / assistantship, if received, to be reduced from the total expenses of the course.)Rate of Interest
Rates of interest charged will be as per Bank's policy on the date of disbursement.Repayment Period
Course period + 3 months or 1 month after getting new job or resuming job, whichever is earlier.
Maximum - 5 - years after the moratorium period in EMI.
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Bank of India
Bank of India Providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. The main emphasis is that every meritorious student is provided with an opportunity to pursue education with the financial support on affordable terms and conditions. No deserving student is denied an opportunity to pursue higher education for want of financial support.STAR EDUCATIONAL LOANSStudies in India
Computer certificate courses of reputed institutes accredited to Department of Electronics or institutes affiliated to university.
Courses like ICWA, CA, CFA, etc.
Courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc.
Courses offered in India by reputed foreign universities with prior approval of Head Office.
Evening courses of approved institutes.
Other courses leading to diploma/degree, etc. conducted by colleges/universities approved by UGC/Govt./AICTE/AIBMS/ ICMR, etc.
Courses offered by National Institutes and other reputed private institutions with prior approval of Head Office.Studies abroad
Graduation : For job oriented professional/technical courses offered by reputed universities.
Post Graduation : MCA, MBA, MS, etc.
Courses conducted by CIMA - London, CPA in USA, etc.Eligibility For Loan
Should be an Indian NationalSecured admission to professional/technical courses in India or Abroad through Entrance Test/Merit based selection process.Expenses Considered for Loan
Fee payable to college/school/hostel.
Examination/Library/Laboratory fee.
Purchase of books/equipments/instruments/uniforms.
Caution deposit/building fund/refundable deposit supported by Institution bills/receipts.
Travel expenses/passage money for studies abroad.
Purchase of computers - essential for completion of the course.
Any other expense required to complete the course - like study tours, project work, thesis, etc.Quantum Of FinanceNeedbased finance subject to repaying capacity of the parents/students with margin and the following ceilings
Studies in India - Maximum Rs.7.50 lakh
Studies abroad - Maximum Rs.15.00 lakh.Margin
Upto Rs.4 lakh : Nil
Above Rs.4 lakh - Studies in India : 5%
Studies Abroad : 15%Security
Upto Rs. 4 lakh : No security
Above Rs.4 lakh & upto Rs.7.5 lakh : Collateral security in the form of a suitable third party guarantee. Above Rs.7.5 lakh : Collateral security of suitable value or suitable third party guarantee alongwith the assignment of future income of the student for payment of instalments.Rate Of Interest
Upto Rs.15 lakh : @0.75% below BPLR,presently applicable Rate 12.50% p.a.
Simple interest during the repayment holiday/moratorium period.
Penal interest @2% for loans above Rs.4 lakh for the overdue amount and overdue period.Int. Concession of 0.50%p.a. for woman beneficiaries
1% int. concession if interest is serviced during moratorium period, where repayment holiday is specified for interest/repayment under the scheme (concession available for moratorium period).Repayment
Repayment holiday/Moratorium : Course period + 1 year or 6 months after
getting job, whichever is earlier.
The loan is to be repaid in 5-7 years after commencement of repayment.Processing Charges
No processing/upfront charges.
Documents charges at actual.
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Allahabad Bank
Allahabad Bank Provides Educational loan for B.A., B.Com., B.Sc., Microbiology, Post Graduation Course, Masters Courses, Ph.D., Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management (including Hotel Management), Computer/ Information Technology, Journalism & Mass Communication, So Do Not Waste Your Time Apply Online Now.EligibilityStudies in India
School education including plus 2 stage.
Normal Graduation Courses - B.A., B.Com., B.Sc., Microbiology, etc.
Post Graduation Course: Masters Courses, Ph.D., etc.
Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management (including Hotel Management), Computer/ Information Technology, Journalism & Mass Communication, etc.
Courses like: ICWA, CA, CFA, etc.
Computer Certificate Courses of reputed Institutes accredited to Department of Electronics or Institutes affiliated to University.
Courses conducted in India by reputed Foreign Universities.
Evening courses of approved institutes.
Courses leading to diploma / degree etc. conducted by the Colleges/ Universities approved by UGC / Govt./ AICTE / AIBMS / ICMR etcStudies Abroad
Graduation: For job oriented professional / technical courses offered by reputed Universities.
Post Graduation: MCA, MBA, MS, etc.
Courses conducted by CIMA London, CPA in USA etcQuantum of LoanNeed based finance subject to repaying capacity of the parents/ students with following ceilings
Studies in India: Maximum Rs 7.50 lacs
Studies abroad: Maximum Rs.15.00 lacsMargin
For loan upto Rs 4.00 lacs: NIL
For loan above Rs 4.00 lacs:
Studies in India: 5%
Studies abroad: 15%
Scholarship / Assistantship to be included in Margin.
Margin Money to be brought on year to year basis as and disbursements are made on a pro-rata basis.Rate of Interest.Loans Upto Rs. 4.00 lacs
For students of IIT / IIM - PLR - 1.00%
Other Professional Courses - PLR - 0.50%
For Others - PLRGirls students may be provided a special relief of 1.00% in all cases as aboveApplication of Interest:
Simple rate of interest will be applied during course / moratorium period and thereafter the entire outstanding interest (if servicing of interest not done during moratorium period) will be added back to the principal account and compound interest (with monthly rest) will be applied in the account till liquidation of the entire loan0.5% rebate will be allowed during moratorium period in case interest is serviced regularly.Repayment:
Repayment Holiday / Moratorium is Course Period + 1 year (in case job is not obtained) or 6 months after getting job, whichever is earlier.
Loan to be repaid within a maximum period of 7 years after commencement of repayment.Security:
For loan upto Rs 4.00 lacs: No collateral security is required.
For loan above Rs 4.00 lacs and upto Rs 7.50 lacs: Satisfactory third party guarantee is required.For loan above Rs 7.50 lacs:Collateral security of suitable value.Co-obligation of parents / guardian / third party alongwith assignment of future income of the student for payment of instalmentsProcessing Fee:NilOthers
The parent / guardian would become co-borrower with the students and application for education loan will also be signed by the parent / guardian alongwith the student while availing loan under Educational Loan Scheme.
Education Loan should be sanctioned through the branch situated close to the permanent residence / place of domicile of the borrower student.Group Life Insurance coverUnder the plan a low cost group life insurance cover will be provided for the loan liability of Educational Loan borrowers.Capability CertificateSome of the foreign universities require the students to submit a certificate from their bankers about the sponsors’ solvency/financial capability , with a view to ensure that the sponsors of the students going abroad for higher studies are capable of meeting the expenses till completion of studies. Accordingly branches can also issue the capability certificate for students going abroad for higher studies. For this financial and other supporting documents may be obtained from applicant, if requiredOnline Application Form
The accuracy and applicability of this calculator is not guaranteed, actual values may vary slightly.

Source:
http://personalloan.swatiassociates.com/education-loan.shtml

  1. gravatar

    # by joji - February 19, 2010 at 5:31 AM

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