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This information is pertinent to you if you are a Guntur student considering taking out an education loan to study overseas or in India. Based on statistical data, Guntur students typically require education loans totaling approximately INR 15 lakhs to pursue their studies domestically, and approximately INR 45 lakhs to pursue their studies overseas. Depending on the lender and loan type, interest rates for education loans in Guntur range from 8.5% to 13%. Below are further specifics.
Bank Name | Loan Amount | Processing Fee |
---|---|---|
State Bank of India |
Up to INR 50 lakh |
Nil - INR 10,000+Tax |
Axis Bank |
Up to INR 75 lakh (unsecured) |
Up to 2% of the amount+GST |
ICICI Bank |
Up to INR 1 crore |
Up to 2% of the amount +GST |
IDFC First |
Up to INR 30 lakh (unsecured) |
Up to 1.5% of the amount |
UBI |
Up to INR 1.5 cr (secured) Up to INR 40 lakh (unsecured) |
INR 5000 (refundable) |
HDFC Credila |
Up to INR 40 lakh |
1% + GST |
Auxilo |
Up to INR 65 lakh |
Up to 2% of the sanctioned loan amount |
InCred |
Up to INR 60 lakh |
0.75% - 1% of the sanctioned loan amount |
BOB |
INR 7.5 lakh - INR 1.5 cr |
1% (max. INR 10,000) |
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Bank Name | Loan Amount | Processing Fee |
---|---|---|
Up to INR 1.5 cr with collateral |
INR 10,000 |
|
Prime A - INR 1 cr Prime B - INR 40 lakh |
0.75% on the sanctioned loan amount |
|
Up to INR 2 cr (secured) Up to INR 1 cr (unsecured) |
Up to 0.75% to 1% + GST |
|
Up to INR 75 lakh without collateral |
Up to 1.5% of the sanctioned loan amount |
|
Up to INR 2 cr (secured) Up to INR 40 lakh (unsecured) |
INR 5000 |
|
Up to INR 75 lakh |
0.5% - 1% |
|
Up to INR 75 lakh |
1% - 1.5% |
|
Up to INR 65 lakh |
0.5% - 1.5% |
|
Up to INR 80 lakh |
1% - 2% |
|
Up to 100,000 USD |
5% (adjusted in the loan amount) |
|
Up to 100% cost to study |
Up to 5%, added to loan amount* |
|
Up to 1.5 cr with collateral |
INR 10,000 + GST |
*Note: Upon loan approval, students are required to pay an upfront fee of $100 to receive their sanction letter.
A loan application form with your basic information officer, two pictures, and a signature.
Calculate your Education Loan EMI
An additional document needed for an unsecured loan is the co-applicant's basic income certificate, if they don't have an ITR. The following documents are also needed for a secured loan in order to verify the collateral being pledged.
Bank Name | Interest Rate | Interest Rate Concession |
---|---|---|
State Bank of India |
Starts from 8.30% |
0.60% Business strategy discount 0.50% - for female students 0.50% - Rinn Raksha |
Axis Bank |
Starts from 11.5% |
0.5% - 2% |
ICICI Bank |
Starts from 10.5% -11% |
0.5% - 2% |
IDFC First |
Starts from 8.5% - 10% |
0.5% - 2% |
UBI |
Starts from 11.15% |
0.5% for female students 1% if the SI is paid in full |
HDFC Credila |
Starts from 10.25% - 12.75% |
- |
Auxilo |
Starts from 11% - 13.5% |
0.5% - 2% |
InCred |
Starts from 11% - 13.5% |
0.5% - 2% |
BOB |
Starts from 8.85% |
0.5% |
Check Your Education Loan Eligibility
Bank Name | Interest Rate | Interest Rate Concession |
---|---|---|
State Bank of India |
Starts from 10.15% |
0.5% concession in interest for female students 0.5% - Rinn Raksha |
Axis |
9.99% - 12.5% |
- |
ICICI |
10.25% - 12.5% |
- |
IDFC First |
9.5%-11% (secured) 11%-13% (unsecured) |
- |
UBI |
9.25% - 9.75% |
- |
HDFC Credila |
10.25% - 12.75% |
- |
Avanse |
10.75% - 13% |
- |
Auxilo |
11.5% - 13% |
- |
InCred |
11.85% - 13.25% |
- |
MPower |
12.99% - 15.99% |
- |
Prodigy |
11.5% - 13.5% |
- |
BOB |
9.7% (fixed) |
0.20% concession in interest for female applicants of non-premier institutes |
In India, students usually take out education loans to pay for their books, equipment, hostel costs, test fees, and other education-related costs. Certain loans could also pay for living costs like food and lodging. To find out what expenses are covered in education loan, it's critical to thoroughly review the loan's terms and conditions. The loan's use may be subject to particular conditions or limitations set by the lender.
The time frame during which the borrower is exempt from having to repay the loan is known as the moratorium period for an education loan. Usually, this time frame starts when the borrower graduates from college and ends when they begin receiving a steady salary.Depending on the lender and the loan terms, the precise length of the moratorium period—which is normally between six and twelve months—may change.
The portion of the total loan amount that the borrower must pay out of pocket is known as the loan margin. For instance, if the loan margin is 5%, the borrower would have to contribute 5% of the entire loan amount, with the lender picking up the remaining 95%. Lenders frequently employ loan margin to lower their risk in the event that the borrower is unable to make loan repayments. To comprehend the loan margin and any other circumstances that might apply, it is crucial to carefully study the loan's terms and conditions.
The percentage of the entire loan amount backed by collateral is known as the collateral margin. An asset provided as security for a loan is known as secured education loan with collateral. The lender may take possession of the collateral to recoup their losses if the borrower is unable to make loan repayments. Lenders frequently use the collateral margin to lower their risk in the event that the borrower is unable to make loan repayments. To fully comprehend the collateral margin and any other terms that might be applicable, it is crucial to carefully study the loan's terms and conditions.
Check Your Education Loan Eligibility
The need for evidence of income is one of the most frequent obstacles to getting an unsecured loan. This may provide challenges if the co-applicant of the student, usually the father, is self-employed and does not have the necessary paperwork to confirm his source of income, or if he has not submitted an income tax return (ITR). It is significant to remember that banks and non-banking financial institutions usually need the co-applicant, such as the mother or father, to provide at least two years of ITR. However, it might be feasible to obtain a loan without an ITR in some circumstances, especially for US students. Without this paperwork, it could be more difficult to get a loan in another country.
It's crucial to be aware that D-form patta lands are not accepted as collateral for secured loans in Guntur. Furthermore, a large number of Guntur students can own open pieces of land. If these properties have appropriate boundaries, they could be accepted as collateral.
In Guntur and exploring education loan options? GyanDhan is your go-to platform, offering a pathway to secure financing for your higher studies in India or abroad. Our education loan experts help you in securing high loan amounts under favourable terms with a track record of higher loan approval rates. We also assist with pre-visa loan disbursement, crucial for your visa application. Best of all? Our expert, end-to-end service comes at absolutely no extra cost to you. Check your loan eligibility on GyanDhan now and take the first step towards realizing your academic dreams.
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