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Friday, 14 August 2020

Education loan for study, find out here all the details from processing fee to interest in one click



We all know how expensive education is in the country nowadays. Parents are annoyed with the increase in fees from school to college. It is not easy to give higher education to children in such a situation. However, for further study, education loans are given by banks. 

You can complete your studies by taking an 'education loan' from a bank. From the bank, you can take a loan for graduation, post-graduation, or any business course. But to take an education loan, the condition is that the college or institute in which you want to study must be recognized by the government.

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Here's how to get an education loan

To get an education loan, you must have a bank account. It will be easier for you if you are already a bank account holder. In an education loan, you can take a loan from a bank for college, study, hostel, library, go abroad to study, buy a computer, study abroad. You are given 15 years, after completing the course or after the job, to repay the loan. Apart from this many banks also give you an extra year.

 The special thing about an education loan is that you get tax exemption on interest under Section 80-E of the Income Tax Act. However, this discount is only available for 8 years after the loan is repaid. Next, you have to pay taxes.

 If you want to take an education loan, we are giving you complete information on various banks. Interest rates, processing fees, duration of all banks are different.

State Bank of India (SBI)
If you are thinking of taking a loan from SBI, you have to open a bank account for this. All the required documents required by the bank will have to be provided. You will get an education loan of up to Rs 50 lakh from SBI. However, you will also need a co-applicant for this. If the value of your loan is more than Rs 7.5 lakh, you will have to provide collateral for this. You will have to pay an average interest of 8.80% on the loan. Its processing fee can be up to 10 thousand. You have to repay the loan in a maximum of 15 years.

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ICICI Bank
ICICI Bank is a private bank that offers education loans of up to Rs one crore. The bank charges an average interest rate of 11.25 percent. Loans above Rs 20 lakh have a margin of 5 to 15 percent. The bank charges a one percent processing fee. The loan can be repaid in 5 to 10 years depending on the course.
HDFC
HDFC is also a private bank. Here you will get an education loan of up to Rs 20 lakh. The bank charges 9.65 percent interest. Here too, you have to guarantee a loan of more than Rs 7.5 lakh. Bank processing takes one percent or Rs.1000. You can repay the loan in 15 years.      

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Bank of Baroda
You can take an education loan of up to Rs 80 lakh from Bank of Baroda. For loans up to Rs 4 lakh, you do not need any collateral, but for loans above Rs 4 lakh, there is a margin of 10 percent. The average interest rate is 8.85 percent. However, women are given a 0.50 percent discount. There is no further processing fee. The loan repayment period is 10 to 15 years.


Punjab National Bank
Education loan is available in PNB as per your requirement. Here the interest is charged at an average rate of 8.85 percent. There is no processing fee on the loan in PNB. You can pay interest in 15 years.

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