Education Loan: If you need money for your studies then education loan has been arranged for that. What is the interest rate on this loan and what documents are required for it. Let us know.
Education Loan: There was a time when someone needed money. So one had to borrow from people. But now all the needs of money can be fulfilled by the bank. The bank has made arrangements for loans for every convenience of a person. If you want to buy a house, the bank gives home loan. If you want to buy a car, the bank gives a loan. If there is some important work, a personal loan is available for it. Whereas if someone needs money for his studies, then education loan has been arranged for him. Generally students use this loan for higher education. But what is the interest rate for student loan? What other documents are required? Let us know.
Interest rates on education loan
According to a data released regarding student loans, in the last 10 years, there has been an increase of about 215 percent in the number of people taking education loans to study abroad. If we talk about interest rates on education loans, they vary greatly. While taking an education loan, consider your credit score, loan repayment period, academic track record, which course you are going to pursue. It depends on all these things. Different banks offer education loans at different interest rates. Generally this interest rate ranges from 8 percent to 15 percent.
If we talk about some big banks, SBI is giving loans at rates ranging from 8.15% to 11.15%. So the interest rate of ICICI Bank is 9.50 percent. Whereas Axis Bank is giving loans at the interest rate of 13.70% to 15.20%. Loan up to Rs 4 lakh can be applied for general courses to study in India. So a maximum loan of up to Rs 20 lakh can be taken. Loan ranging from Rs 25 lakh to Rs 50 lakh can be taken to study abroad.
Eligibility for education loan
To take an education loan, you need some documents. First of all, your ID proof which includes any document like Aadhar Card, Driving License or Passport. Address proof and bank details have to be provided. Along with this, it is necessary for the guardian or parents of the person taking the loan to have a good CIBIL score. The admission certificate of the institute in which admission has been taken also has to be shown. A copy of the result of the entrance exam is also required. Apart from this, if the bank demands some documents then you may have to provide them also.
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