Advantages:
- Loan processing is much faster than Home loan
- No change of property title
- No penalty for partial prepayment of loan amount or fore-closure
- Long tenure up to 15 years- convenient repayment
- Top up can be avail if property value has increased
Dis-advantages:
- Processing charge is there
- Loan only given to the 50%-60% of the property value
- Valuation of property done by lender may be lower than market value
Documents Required for Education Loan :
|
Criteria
|
Documents
|
Student
|
Co-Applicant/Gurdian/Parent
|
|
Application Form
|
|
√
|
√
|
|
Photograph
|
|
√
|
√
|
|
Identity Proof
|
PAN Card/
Passport/
Driving License/
Aadhaar Card/
Voter's ID Card
|
√
|
√
|
|
Address Proof
|
Passport/
Driving License/
Aadhaar Card/
Voter's ID Card
|
√
|
√
|
|
Academic Proof
|
Marksheet/Certificate of BE, BCom, BSc, etc.
Marksheet of Any Entrance Exam Taken e.g. CAT, CET, etc. (If applicable)
GRE/GMAT/TOFEL/IELTS, etc. Marksheets (If applicable)
|
√
|
X
|
|
Admission Proof
|
|
√
|
X
|
|
Scholarship Proof
|
|
√
|
X
|
|
Bank Statement
|
|
√
|
√
|
|
Income Proof
|
|
X
|
A. In case of Salaried Employee :
1.Latest 3 Salary Slips or Salary Certificate on Employer's Letterhead
2.Last 2 year's Form 16 from Employer or Last 2 Year's Income Tax Returns
3.Any Other Income Proof That is Not Reflected in the Above Documents
B. In case of Self Employed or Professional :
1.Last 2 Year's Income Tax Returns
2.Last 2 Year's Certified Financial Statements or Provisional Financial Statements Duly Certified by CA
3.Proof Of Office (any one of the following, Lease Deed, Utility Bill, Title Deed, etc.)
4.Any Other Income Proof That is Not Reflected in the Above Documents .
|
|
Collateral
|
Immovable Asset
|
X
|
1.Property Title Deed
2.Registered Sale Agreement Along With Society Share Certificate
Original Registration receipt for the above agreement
3.Allotment Letter By Municipal Corporation / Authorized Govt. Authority
4.Parent Sale Deed establishing title
Latest Maintenance bill along with Receipts issued by builder/ society,
5.Latest Property tax bill along with receipts,
NOC for mortgage from society/builder,
6.Approved building plan
Encumbrance certificates as on date.
|
| Networth Proof |
Assets & Liabilities Statement |
X |
√ |
Eligibility Criteria for Education Loan:
|
Criteria
|
Student
|
|
Citizen
|
Indian
|
|
Age
|
Min. 16 Years
Max. – 35 Years
|
|
Academic
|
Good Academic Career.
|
|
Co-borrower
|
Parents/Gurdian
|
|
Credit History
|
Of Co-borrower
|
|
Courses
|
Indian – Professional course/ MBA/MCA/IIT/IIM/ICWA/CS/ACA etc
|
|
|
Abroad – CIMA(Londona), CPA(USA),MBA,MCA,MS etc
|
|
Collateral
|
For loan above 7.5 Lakhs
|
|
EDUCATION LOAN INTEREST RATE
|
|
Bank
|
Education Loan Interest Rates in India
|
Education Loan Interest Rates in Abroad
|
|
Allahabad Bank
|
MCLR+0.35% - MCLR+2% (0.50% CONCESSION FOR GIRLS)
|
MCLR+1.85% - MCLR+2% (0.50% CONCESSION FOR GIRLS)
|
|
Andhra Bank
|
MCLR+1.70% - MCLR+2% (0.50% CONCESSION FOR GIRLS)
|
MCLR+1.70% - MCLR+2% (0.50% CONCESSION FOR GIRLS)
|
|
Avanse
|
Min. 12.75%
|
Min. 12.75%
|
|
Axis Bank
|
13.50% - 15%
|
13.50% - 15%
|
|
Bank of Baroda
|
(MCLR+0.25% - MCLR+0.75%) + Strategic Premium
|
(MCLR+1% - MCLR+2.50%) + Strategic Premium
|
|
Bank of India
|
MCLR+1.70% - MCLR+2.50%
|
MCLR+1.70% - MCLR+2.50%
|
|
Bank of Maharashtra
|
MCLR+1.50% - MCLR+2%
|
MCLR+1.50% - MCLR+2%
|
|
Canara Bank
|
MCLR+1.30% - MCLR+2%
|
MCLR+1.30% - MCLR+2%
|
|
Catholic Syrian Bank
|
13.75% - 14.75%
|
13.75% - 14.75%
|
|
Central Bank of India
|
MCLR+1.50% - MCLR+2%
|
MCLR+1.50% - MCLR+2%
|
|
City Union Bank
|
14.50% - 16.00%
|
14.50% - 16.00%
|
|
Corporation Bank
|
10.15% - 11.00%
|
10.15% - 11.00%
|
|
Dena Bank
|
9.95% - 12.00%
|
9.95% - 12.00%
|
|
Federal Bank
|
MCLR+1.70% - MCLR+5.05%
|
MCLR+1.70% - MCLR+5.05%
|
|
HDFC Bank
|
8.45% - 13.75%
|
8.45% - 13.75%
|
|
IDBI Bank
|
MCLR+0.85% - MCLR+1.45%
|
MCLR+0.85% - MCLR+1.45%
|
|
Indian Bank
|
12.25% - 12.25%
|
12.25% - 12.25%
|
|
Indian Overseas Bank
|
10.55% - 11.55%
|
10.55% - 11.55%
|
|
Indus Ind Bank
|
11.25% - 26.00%
|
11.25% - 26.00%
|
|
Karnataka Bank
|
10.80% - 12.95%
|
10.80% - 12.95%
|
|
KarurVysya Bank
|
MCLR+2.10% - MCLR+3.10%
|
MCLR+2.10% - MCLR+3.10%
|
|
Kotak Mahindra Bank
|
11.50% - 24.00%
|
11.50% - 24.00%
|
|
OBC
|
MCLR – MCLR+0.50%
|
MCLR – MCLR+0.50%
|
|
PNB
|
MCLR+0.10% - MCLR+2.60%
|
MCLR+0.10% - MCLR+2.60%
|
|
SBI
|
MCLR+0.35% - MCLR+2.50%
|
MCLR+0.35% - MCLR+2.50%
|
|
Tamilnad Mercantile Bank
|
MCLR + BSS 1.75% + CRP 0.50%. -
|
MCLR + BSS 2.00% + CRP 0.50%.
|
|
UCO Bank
|
10.60% - 11.00%
|
10.60% - 11.00%
|
|
Union Bank of India
|
MCLR+2.00% - MCLR+3.15%
|
MCLR+2.00% - MCLR+3.15%
|
|
United Bank of India
|
MCLR-Y+2.15% i.e. 10.90%
|
MCLR-Y+2.20% i.e. 10.95%
|