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Students can realise their goals of pursuing higher education in India or outside by choosing from a variety of education loan providers in Vadodara. Depending on a number of variables in their loan application, these loans may total up to $2 Cr. The interest rates for education loans range depending on the course and the country of travel, from 8.5% to 13%.
Students are able to pursue their academic goals because of the financial help provided by non-banking financial companies (NBFCs) and both public and private banks. Continue reading about offers from different lenders to learn more about unique education loan programmes.
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) |
Check Your Education Loan Eligibility
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.
Some lenders could ask for collateral if the loan amount is high. The following documentation pertaining to the property must be turned in:
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% |
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 |
Calculate your Education Loan EMI
Indian Citizenship: To be eligible for an education loan in Vadodara, an applicant must be an Indian citizen or a resident of India, hold a valid passport, and be in possession of other valid identity documents. This applies regardless of whether the applicant intends to pursue further education in India or elsewhere.
Age Requirements: Applicants must normally be between the ages of 18 and 35 in order to be eligible for an education loan in Vadodara.
Course Eligibility: To guarantee that you get the finest financial support, the courses you choose—including undergraduate, graduate, and doctorate programs—must be approved by prestigious worldwide universities or institutions.
Academic Excellence: During the loan approval process, your exceptional academic record may provide you with a big edge. Scorecards from other competitive tests, such as the GMAT, GRE, TOEFL, IELTS, and others, are also taken into consideration.
Proof of Enrollment: The student must have been accepted into an approved school, either domestically or internationally. Before releasing the full amount of your loan, lenders will consider this.
Course or Tuition costs: The loan pays for the necessary course or tuition costs, which can be paid all at once or in installments. It also covers the entry fees, which are different for each educational institution and must be paid in full to reserve a spot in the course.
Fees for Hostels or Accommodations: The loan covers the cost of hostels or accommodations, guaranteeing students a decent place to live while they study.
Cost of Books and Stationery: The loan pays for the cost of the necessary books and stationery needed for the academic programme.
Travel Cost (Including Air Tickets for Abroad Studies): The loan pays for travel-related costs, such as airline tickets, for students who are studying abroad.
Expenses for Mess and Food: By paying for these costs, the loan guarantees that students will have access to a healthy diet while they are in school.
Expense of Uniform, Projects, and Thesis Work: The loan covers costs associated with academic projects, thesis work, and uniforms.
Cost of Laptop or Computer: To support effective learning and research, the Education Loan provides help with the cost of laptops or computers.
Additional Course-Related Expenses: The Education Loan provides funding to meet additional costs that are directly associated with the course of study.
It is critical to thoroughly examine the loan terms and conditions to determine what expenses are covered in education loan. The lender may have certain rules or limits regarding how the loan might be used.
Check Your Education Loan Eligibility
Different assets can be used as collateral to secure an education loan, giving students flexibility and options. The following priceless items might be pledged in support of your academic goals:
Residential Property: You can use your home, flat, or plot of land as security for a student loan. To ensure a smooth transaction, it is necessary to confirm that the property has clear titles and is free of any legal problems.
Commercial Real Estate: Commercial real estate can be a good collateral choice, much as residential real estate. In order to use a business property as collateral, you have to prove that you are the rightful owner and meet all legal requirements.
Fixed Deposits (FDs): Individuals who have made bank investments in FDs may be able to use these as security for student loans. Financial flexibility is typically granted by the sanctioned loan amount, which is typically a specific proportion of the fixed deposit's total value.
Life Insurance plans: When applying for an education loan, the surrender value of life insurance plans may be a useful tool. Lenders typically provide a loan amount determined by a portion of the policy's value, guaranteeing you get the money you need.
Government Bonds: Educational loans can also be secured by government bonds, such as National Savings Bonds or other assets backed by the government. You can confidently follow your academic aspirations by making use of these relationships.
Land and Agricultural Property: If you own land or agricultural property, you can use it as collateral for student loans as long as it satisfies the lender's requirements and is free of liens. These resources provide you more choices when it comes to financing your education.
In Vadodara 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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ICICI Bank
Axis Bank
Union Bank
Prodigy
Auxilo
HDFC Credila
IDFC
InCred
MPower
Avanse
SBI
BOB