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Written by Site Administrator
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Tuesday, 27 October 2009 13:51 |
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Generally, banks charge interest rates on Education loans to the tune of 11 to 14 %. Interest rate varies from bank to bank and there are several dependent factors based on which this rate is arrived at. The amount of loan you require, the credibility of the degree for which you apply, the tenure, the repayment model, etc all of these may be considered when coming up with the interest rate for the loan. |
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Written by Site Administrator
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Tuesday, 27 October 2009 13:54 |
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Banks may approve upto 80% of your loan for Education. The remaining 20% amount must be generated from your other sources of money. This amount is called the margin amount and the banks expect you to be able to raise this amount from other sources. |
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Written by Site Administrator
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Tuesday, 27 October 2009 13:56 |
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Like in case of any other loan, the banks will charge you a processing fee. This fee will help the bank meet its expenses for processing your loan request before they approve it. Typically this amount will be upto 2.5% of the loan amount. |
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Written by Site Administrator
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Tuesday, 27 October 2009 13:57 |
Typically all banks would ask you for an admission letter, fee details from the prospective college/University where you sought admission, copies of your previous academic certificates, proof of identity, proof of residence and your photographs.
In addition depending on your status of employment or the status of the employment of your parents, banks may also ask you to produce bank statements of savings accounts you hold in banks, proof of income, previous tax receipts, a statement of your assets and liabilities etc.
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Written by Site Administrator
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Tuesday, 27 October 2009 13:58 |
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For higher loan amount (amount exceeding 5 lakhs) the bank may ask for guarantor or security in the form of assets, gold, shares, stocks, etc. For lesser loan amounts you may not be asked for these securities. |
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Education Loan
