#1
January 22nd, 2016, 10:15 AM
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Best Bank for Student Loan
Can you provide me the names of some of the good Banks in India that offer Student Loans facility? Also tell me about the Interest they require on that Student Loans?
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#2
January 22nd, 2016, 10:30 AM
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Re: Best Bank for Student Loan
Education in India, at least the commonly perceived ‘quality education’ as imparted by acclaimed and influential educational institutions, is decidedly costly and not easily available to everyone- especially those who deserve it based on merit alone. Thus, education loans are vitally important. A barebones explanation for an education loan is thus, ‘funds offered by financial institutions to meritorious and/or deserving students so that the latter can pursue their basic/higher education, in India or abroad’. Almost all banks in India offer education loans, and the demand for it has remained stable with the Indian student community. Some Bank for Student Loan United Bank of India Interest Up to 4 lakhs 10.25%+2% 4.00 lakh to7.50% lakhs 10.25%+2.75% Above 7.5% 10.25%+2% State Bank of India Interest Up to 4 lakhs 13.5% 4.00 lakh to7.50 lakhs 13.75% Above 7.5 lakh 11.75% PNB Security up to 4 lakh Parent/Guardian made joint borrower 4.00-7.5 lakh Apart from parent/guardian you need collateral security in the form of suitable third party guarantee 7.5 lakhs and above Apart from parent/guardian you need collateral security in the form of suitable third party guarantee as well as an assessment of the future income of the student. Amount of loan Interest Loans up to 4 lakhs 10.25%+3% Loans from 4.00-7.50 lakhs 14.25% Above 7.50 lakhs 12.25% IDBI Bank Interest Loan qualifying as Priority Sector Lending (PSL) 11.25% (BR+1.00%) Loan amount not qualifying as Priority Sector Lending (PSL) 12.25% (BR+2.00%) Vocational Courses 11.25% (BR+1.00%) Education Loans for students studying in Premier Education Institutes 10.25% (BR+0.00%) Education Loan for other students who secured admission under Management Quota 13.75% (BR+3.50%) Education Loan under Financial Inclusion program (FIP) 11.75% (BR+1.50%) Canara Bank Interest Up to 4 lakhs BR+1.5% 4.00 lakhs-7.5 lakhs BR+2% 7.5 lakh and above BR+1.5% Non priority category BR+1.5% Vocational education and training BR+1.5% |
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