Study Education Loan | All the details from the fee to the interest 2020

 Study Education Loan | All the details from the fee to the interest 2020

To get an education loan, you must have a bank account It will be easier for you if you are already a bank account holder

In education loan, you can take loan from bank for college, study, hostel, library, go abroad for study, buy computer, study abroad.  You are given 15 years, after completing the course or after the job, to repay the loan.  Apart from this many banks also give you an extra year.  The special thing about an education loan is that you get tax exemption on interest under Section 80-E of the Income Tax Act.  However, this discount is only available for 8 years after loan repayment.  Next you have to pay taxes.  If you want to take an education loan, we are giving you complete information of various banks.  Interest rates, processing fees, duration of all banks are different

1.State Bank of India (SBI)

If you are thinking of taking a loan from SBI, you have to open a bank account for this.  All the required documents required by the bank will have to be provided.  You will get an education loan of up to Rs 50 lakh from SBI.  However, you will also need a co-applicant for this.  If the value of your loan is more than Rs 7.5 lakh, then you have to give collateral for this.  You will have to pay an average interest of 8.80% on the loan.  Its processing fee can be up to 10 thousand.  You have to repay the loan in maximum 15 years

2.ICICI Bank

ICICI Bank is a private bank that offers education loans up to Rs one crore.  The bank charges an average interest rate of 11.25 per cent.  Loans above Rs 20 lakh have a margin of 5 to 15 per cent.  The bank charges a one per cent processing fee.  The loan can be repaid in 5 to 10 years depending on the course

3.HDFC

HDFC is also a private bank.  Here you will get an education loan of up to Rs 20 lakh.  The bank charges 9.65 per cent interest.  Here too, you have to guarantee a loan of more than Rs 7.5 lakh.  Bank processing takes one per cent or Rs.1000.  You can repay the loan in 15 years

4.Bank of Baroda

You can take an education loan of up to Rs 80 lakh from Bank of Baroda.  For loans up to Rs 4 lakh, you do not need any collateral, but for loans above Rs 4 lakh, there is a margin of 10 per cent.  The average interest rate is 8.85 percent.  However, women are given a 0.50 per cent discount.  There is no further processing fee.  The loan repayment period is 10 to 15 years

5.Punjab National Bank

Education loan is available in PNB as per your requirement.  Here the interest is charged at an average rate of 8.85 per cent.  There is no processing fee on the loan in PNB.  You can pay interest in 15 years

📜To read in Gujarati📜

Education Loan Task Force (ELTF) is part of Action 2020 team of India Vision online group. ELTF was formed to guide highly deserving, poor students to avail the bank loans for higher education. Whenever Banks harass genuine deserving students, without following the RBI rules, ELTF will take up with higher authorities for solution. However ELTF will not undertake to get any loans from Banks. This is a voluntary group of youngsters to create awareness about the education loans in India