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Read GyanDhan detailed guide on how to apply for an education loan at private banks. Know about key features of private banks education loans.
Private banks in India can offer students both secured and unsecured loans to study abroad. The amount that can be sanctioned depends on various factors such as country, course, applicant’s profile, co-applicants financial profile, etc. Private-sector banks offer higher interest rates than government banks but better interest rates than NBFCs and international lenders.
Private banks typically require borrowers to meet specific eligibility criteria, which may include a good credit score, proof of enrollment in an accredited educational institution, and sometimes a co-signer with a strong credit history.
Feature | Description |
---|---|
Lenders |
ICICI Bank, Axis Bank, IDFC First Bank |
Loan amount |
Up to INR 80 Lakh |
12 - 14% |
|
Course duration + 12 months |
|
Repayment during course |
S`imple or partial simple interest |
Processing time |
Up to 15 - 20 days |
Check Your Education Loan Eligibility
The Vidya Lakshmi portal serves as a platform for students in India to access information about various education loan schemes provided by banks and financial institutions. To apply for an education loan follow the below mentioned steps.
Step 1: Begin by completing the Common Education Loan Application Form (CELAF), a crucial first step. Access the dashboard and click on the 'Loan Application Form' tab.
Step 2: On the dashboard, click the orange 'Search and Apply for Loan Scheme' tab. This allows you to explore and apply for various education loan schemes.
Step 3: Utilize the provided filters to narrow down your search results based on specific criteria such as whether it's for domestic or international study, the course level, and the desired loan amount.
Step 4: Once you've applied the filters, a list of suitable loan schemes will be presented. Each scheme will have an option to apply for it.
Step 5: Click on a particular scheme that interests you. You will be redirected to a page offering detailed information about that specific scheme. Take your time to review the details to ensure it aligns with your needs.
Point to remember - You can apply for a loan from a maximum of three banks, and only one scheme per bank can be selected for the application.
To apply for an abroad education loan through GyanDhan, follow these five simple steps:
Step 1: Check your loan eligibility.
Step 2: GyanDhan's expert education loan counselor will assess your profile.
Step 3: Your dedicated loan counselor will provide you with a customized document checklist. Borrowers will further upload the documents on GyanDhan’s website.
Step 4: Once the documents are uploaded, the GyanDhan team will take it further from there.
Step 5: The bank will disburse the loan amount according to the agreed-upon schedule.
ICICI Bank is one of India's leading private sector banks that offers various financial products and services, including education loans. Education loans can be a great way to fund your higher education expenses, whether in India or abroad.
ICICI Bank provides both online and offline modes for applying for an education loan.
Online mode of application:
Applying for an education loan online is the most convenient and efficient way to get started. Below is a step-by-step guide on how to apply online:
Offline mode of application:
If you prefer a more traditional approach, you can apply for an education loan offline by visiting your nearest ICICI Bank branch. Visit the nearest ICICI Bank branch using the bank's website or directory. Once at the branch collect the application form. Fill out the form, attach the required documents, and submit your application at the branch.
Axis Bank is one of the prominent financial institutions in India that offers education loans to help students pursue their higher education goals both in India and abroad. Education loans can cover tuition fees, living expenses, books, and other related expenses.
Online mode of application:
This is the most convenient and widely used mode for applying for an education loan. You can apply for an Axis Bank education loan online through the bank's official website.
Offline mode of application:
While online applications are more convenient, you can also visit your nearest Axis Bank branch for an offline application. Visit the Bank and obtain the application form. Along with the application form, submit all the required documents such as identity proof, address proof, academic records, admission letter, and income proof. Hand over the completed application form and documents to the bank representative.
Check Your Education Loan Eligibility
IDFC First Bank is a prominent financial institution in India, known for its wide range of banking and financial services, including education loans. They offer competitive interest rates and flexible repayment options to make education financing more accessible to students and their parents.
Borrowers can apply for an education loan from IDFC First Bank through both online and offline modes.
Online application procedure:
Offline application procedure:
Visit the nearest IDFC First Bank branch in your area. Request an education loan application form from the bank representative. Complete the application form with accurate information. Attach the necessary documents as specified by the bank, including income proof, academic records, identity proof, and address proof. Hand over the completed application form and documents to the bank representative.
To apply for an education loan at a private bank, you are required to submit or upload the following documents.
Applicant documents:
Co-applicant’s documents:
Income proof for salaried co-applicant/guarantor:
Income proof for self-employed co-applicant/ guarantor:
Navigating the process of applying for a student education loan in private banks can be a challenging but necessary step in pursuing your higher education dreams. Remember that while private banks offer attractive interest rates and repayment options, private banks offer easy loan applications and take less time to approve loans. Additionally, maintaining a strong credit history, preparing all necessary documents, and staying organized throughout the application process are essential to ensure a successful loan approval.
At GyanDhan, we understand the importance of securing financing for your education. That's why we're here to support you every step of the way. We connect students with a wide range of education loan options, including those offered by private banks, to help you find the most suitable financing solution for your academic journey. With GyanDhan, you can access personalized loan recommendations, expert guidance, and a seamless application process.
Don't let financial barriers stand in the way of your education. Explore your options, make informed decisions, and leverage resources like GyanDhan to turn your educational aspirations into a reality. check your loan eligibility and take the first step toward a brighter future!
Read how GyanDhan can help you get:
To apply for a student education loan in private banks, you can follow these steps:
The interest rate and repayment period for student education loans in private banks may vary depending on the bank and the type of loan. However, most private banks offer education loans at competitive interest rates, ranging from 12-14%, and repayment periods of up to 15 years.
Yes, you can get tax benefits on your student education loan under Section 80E of the Income Tax Act. You can claim a deduction on the interest paid on your education loan for a maximum of 8 years or until the loan is fully repaid, whichever is earlier.
Check Your Education Loan Eligibility
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