To lead a complete and successful life, nothing is as important as quality education. However, education in India, at least the generally perceived ‘quality education’ imparted by the much-admired and prominent educational institutions, is absolutely costly and not easily available to everyone - particularly to those who deserve it based on merit alone. Thus, education loans are absolutely important.
A barebones explanation for an education loan is thus, funds offered by financial institutions to meritorious and deserving students so that the latter can pursue their basic or higher education in India or abroad. Almost all banks & some NBFCs in India offer education loans, and the demand for it has been growing with the Indian student community.
Individual looking for an education loan needs to fulfil the following eligibility criteria:
You would need to submit the following documents along with the completed application form for the education loan process:
At Afinoz, you can avail the best in class education loan products. Apart from competitive prices, you can enjoy additional benefits. Rates of some of the major institutions providing education loan are given below.
Personal Loan Interest Rates*
|Axis Bank||14.70% – 15.2%||NIL|
|HDFC Bank Ltd||9.30% - 13.89%||Up to 1% of the loan amount|
|ICICI Bank Ltd||11.5% - 11.75%||NIL|
|TATA Capital||10.99% - 15%||Max. up to 2% of the loan amount|
|RBL Bank Ltd.||14.15% - 16.15%||NIL|
|Kotak Mahindra||11.5% - 24%||Up to 2% of the loan amount|
|IIFL||13% - 18%||Up to 2% + GST|
|Avanse||10.00% - 16.50%||Up to 1 % of the loan amount|