How to Get Education Loan Easily 2023 | See Here

By Sanjay Kumar January 21, 2023 Other 0 Comments

Higher education is a dream of all students but money is a barrier. Education loan is a way to get higher education in desired colleges and universities. In this article we are going to talk about How to take an education loan, What are the minimum documents requirement, the List of banks that provide education loans in India, and the steps to get a How to Get Education Loan Easily 2023 from national banks. Eligibility criteria to get education loans.

The amount of Education loan depends on courses and locations. Normally Banks offer Upto Rs 10 Laks for Courses in India and up to RS 20 Laks for studies abroad. But the Size of the Loan depends on many things like the course and the college, the loan size of student loans in India ranges between Rs 2 lakh and Rs 22 lakh, the average loan size being about Rs 5 lakh.

Education loans cover tuition fees, examination, library, laboratory, and hostel, money for purchasing books, equipment, instruments, and uniform, travel expenses for studies abroad, caution deposit or refundable deposit, etc.

Minuman Documents Required to Get an Education loan in India

Proof of identity documents for education loan:

Proof of Identity can be considered one from the below list. It may depend on banks to banks.

Aadhaar card
PAN card
Driving License
Valid electricity/water/LPG bill
Valid passport issued by GOI (Government of India)
Aadhaar Card
Voter’s ID card (not accepted by all banks)
The current house lease agreement
Magistrate/Gram Panchayat affidavit (not applicable for all banks)

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Educational Documents to avail Education Loan

Documents required as per loan type. If you are a tacking loan for studies in aboard then you required the last five documents as well.

SSC/10th Class or equivalent mark-sheet/passing certificate
HSC/12th Class or equivalent mark-sheet/passing certificate
Graduation/3 year or 4-year degree mark sheet/passing certificate (if applicable)
Diploma passing certificate/record of marks/diploma certificate
Records of past scholarships/awards etc.
Special education/ Professional courses/Certificate courses passing certificate
Proof of admission: conditional offer letter/letter of admission/permanent admission letter/counseling seat allocation certificate/bonafide certificate
Records/documents of academic fees breakup
College/University/Institution placement records (not mandatory for all banks)
I-20 form for study in USA academic institutions
CAS Letter for UK education loan applicants
Entry permit (if applicable for respective country)
Admission exam qualification proof (GMAT, GRE, IELTS, TOEFEL, etc.)
Exchange student form or exchange visitor form of the respective country

Administration documents

Education Loan Subsidy Application forms

List of Banks that Provides Education Loans Easily

There are several banks that provide education loans but the process is hard. Below we have listed a few banks that may provide you education loans with minimum process and documents.

Axis Bank
Bank of Baroda
Canara Bank
HDFC Bank
ICICI Bank
Indian Overseas bank
State Bank of India

Interest Rate Compersion on Education Loan From Varies Banks

Name of Bank	Rate of Interest per Annum
Axis Bank	13.75% to 15.75%
Bank of Baroda	10% for loans up to Rs 4 lakhs and 12% for higher amounts
Canara Bank	11% for loans up to Rs 4 lakhs, 12% for loans between Rs 4 lakhs and Rs 7.50 lakhs and 9.50% for loans greater than Rs 7.50 lakhs
HDFC Bank	13.50%
ICICI Bank	Up to Rs 4 lakhs no interest above Rs 4 lakhs 15%
Indian Overseas bank	Up to Rs 4 lakhs no interest above Rs 4 lakhs 15%
State Bank of India	Up to Rs 4 lakhs – 13.50%, between Rs 4 lakhs and Rs 7.50 lakhs – 13.75% and above Rs 7.50 lakhs – 11.75%

Eligibility Criteria to get an education loan in India

Here are the eligibility criteria to take an education loan from any Indian bank. Check your eligibility before you apply.

The candidate must be a resident of India.
Admission Must be confirmed in any recognized educational institutes in India or abroad for He/She.
The Age Limit of Candidates must be in between 18 to 35 years.
Check The applicant must have secured admission in a college or university-affiliated by UGC/AICTE/Govt. etc.
The applicant must have a co-applicant who can be either a parent/guardian or spouse/parent-in-law.

Type	Eligibility
Nationality	Indian
Age	Minimum- 18 years
	Maximum- 35 years
Academic record	Proven- good
Qualification	Pursuing graduate/postgraduate degree or a PG diploma.
Income source	Parents/Guardians
Income	Stable
University Applied to	Recognized – In India/Abroad
Admission Status	Confirmed
Security	guarantor- depending on the loan amount and income source.