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We'll walk you over the key components of the Visakhapatnam education loans that are offered in this post. This article discusses qualifying requirements, loan providers, and required paperwork. Our main goal is to give you the information and guidance you need to make wise choices, whether your educational goals take you domestically or overseas.
The loan application process considers a number of variables and provides borrowers with access to substantial loan sums of up to $2 Cr. Interest rates for education loans in Visakhapatnam vary from 8.5% to 13%, contingent on the course selected, the country of education destination, and co-applicant analysis.
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 |
Enrollment Verification
The university issues an official acceptance letter attesting to the student's successful enrollment in the programme of study of their choice.
Academic Accomplishments
Lenders require legitimate academic transcripts, certificates, and school leaving documents that demonstrate the student's exceptional academic performance and qualifications in order to validate their educational accomplishments.
Fee Breakdown
To provide complete transparency to the student and their co-applicants, a detailed breakdown of the course fees is necessary, including information on tuition, test fees, hostel fees, and any other associated charges.
Age Validation
The student's age must be verified by legitimate identification documents, such as birth certificates, passports, or Aadhaar cards, in accordance with legal requirements and to guarantee eligibility for financial aid.
Verification of Identity
An essential stage in the application process is identity verification. Lenders therefore take great care to confirm the student's identity through the use of formal identification documents, such as driver's licenses, passports, Aadhaar cards, and PAN cards.
Test Results
Exam results from reputable tests (such the IELTS, TOEFL, GRE, and GMAT) are important in determining a student's academic aptitude and likelihood of success in their chosen field of study. Therefore, it is required that official test results be submitted.
Residence Verification
They need legitimate documents, such as voter IDs, utility bills, rental agreements, or Aadhaar cards, to verify the student's residence address and confirm that he/she is a real resident of the address provided.
Passport size photographs
The student's application packet must be completed, together with current passport-size photos in the required format, for identification and record-keeping purposes.
Verification of Identity
Lenders carefully review formal identification documents, such as Aadhaar cards, PAN cards, passports, or driver's license, for the purpose of verifying co-applicant(s).
Verification of Address
It is essential to confirm the co-applicant's residential address in order to confirm their affiliation with the student. Thus, proof can be found in records such as utility bills, rental agreements, voter IDs, and Aadhaar cards.
Income Proof
Determining the co-applicant(s)' ability to support the student's educational path requires evaluating their financial situation. For this reason, we need records such as most recent pay stubs, the previous two years' income tax returns (ITR), Form 16 for the previous two years, or bank statements for the previous six months (if you are employed) or a year's worth of company transactions (if you are self-employed).
Relationship Verification
Lenders obtain pertinent documentation, such as birth certificates or court records, to establish the student's link with the co-applicant(s) and ensure transparency in their association.
Passport size photographs
The co-applicant(s) must provide recent passport-size photos in the required format in order to keep proper records and help with their identity.
Loan Application Form
A thorough and properly completed loan application form is a crucial component of the application process, gathering all the information needed to expedite the loan request.
Certificate of Gap
When a student's educational journey has gaps, they must submit a gap certificate on 100 rs stamp paper describing the reasons behind the breaks in their studies.
Additional Supporting Documents
To support the loan application further, lenders may ask for extra documentation in accordance with certain standards, such as guarantor documents, academic references, or prerequisites particular to the course.
Bills
For record-keeping and evaluation purposes, formal invoices and receipts for educational expenses—such as travel, computers, stationery, etc.—must be submitted in order to ensure total transparency.
Check Your Education Loan Eligibility
Verification of Ownership of Property
This important document provides strong proof of the borrower's legitimate property ownership position.Verifying the borrower's legitimate ownership of the collateral property is its main goal.
The Encumbrance Certificate
A crucial piece of documentation attesting to the collateral property's lack of monetary or legal obligations is the Certificate of Encumbrance.Making sure there are no unpaid debts or claims on the property is its primary duty.
Deed of Title
The legally binding Title Deed serves as an effective means of confirming the borrower's ownership rights over the collateral property.Its main purpose is to offer unquestionable evidence of the borrower's ownership of the property.
Property Valuation Report
The Property Valuation Report is a precise evaluation of the collateral property's current market value, prepared by a qualified valuer.It is important for evaluating the property's value objectively in terms of money.
No Objection Certificate (NOC) from the Association or Housing Society
The property can be used as collateral for the loan if the housing society or association issues the No Objection Certificate (NOC).The mutual agreement between the borrower and the society/association is demonstrated by this certificate.
Land Registry
In order to verify the borrower's legitimate ownership of the land on which the collateral property is located, official land records are crucial.These documents offer verifiable proof of land ownership and its connection to the property.
The Possession Certificate
The certified Certificate of Possession attests to the borrower's actual physical possession of the collateral.Its legitimacy attests to the borrower's custodial rights and provides proof of property control.
Letter of Allotment (Visakhapatnam Specific)
A formal Allotment Letter from the Visakhapatnam Metropolitan Region Development Authority (VMRDA) or another appropriate government agency is needed for properties located in Visakhapatnam.This letter details the location of the borrower's allotted property in Visakhapatnam in accordance with local regulations.
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% |
Calculate your Education Loan EMI
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 |
Check Your Education Loan Eligibility
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.
In Visakhapatnam 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
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IDFC
InCred
MPower
Avanse
SBI
BOB