Education Loan in Rajkot

  1. Education loan: a brief preview

Planning to study further? An Education loan is specially designed to cover all the expenses related to your education. With an education loan, the bank pays for your studies and you just need to repay the bank at specific interest rates (usually starts from 9.35%). While availing the loan the bank will consider collateral against the loan amount.

  1. Why you should consider applying for this loan scheme

Education loan in India has many advantages, which makes it the best loan that you can use to cover your college expenses. The money that you will get will make you independent. It will also help your parents because the family budget will be released from the burden of your education.
When people speak of loans, the first thing that comes into question is the repayment of the loan. The repayment process will begin only after completing the course. The education loan in Rajkot will allow you to focus on your studies without worrying about repayment.
Interest Rates are also an important feature of the education loan. It doesn’t matter what bank you will choose, education loan Interest Rates are very low. A Rajkot education loan is good for your credit history.

  1. Education loan details that you need to keep in mind

Various banks in India are offering education loans.  The documents are different for each bank, and you can get more information on the website of your bank. Below are the important documents that are required to be presented to the bank:

  • Your personal details
  • Your income and budget information
  • Details about your education
  1. Rajkot banks and Interest Rates

The Interest Rates for this loan are always between 12.00% and 16.00%. This is because students can’t afford to repay higher rates.
There are various education loans in Rajkot:

•    Bank of Maharashtra: Interest Rates starts from 11.60%
•    State Bank of Patiala: Interest Rate is 11.85% onwards
•    Federal Bank: 10.2% onwards

  1. Rajkot banks that can help you with getting a satisfactory education loan scheme

There is a great selection of education loan schemes that you can find in Rajkot. You will have to do a little research to see which one suit you best. Some of the banks are:

1.    State Bank of Bikaner and Jaipur:

  • Maximum loan amount eligible:
    Rs 10 lakh if you study in India
    Rs 20 lakh if you study abroad
  • ‚Äč Interest Rate is 9.55% onwards
  • Loan amounts over Rs 4 lakh require security

2.    ICICI Bank:

•    Interest Rate for this education loan scheme is 11% onwards
•    Loans above Rs 4 lakh require 5% margin
•    Security is needed for loans higher than Rs 4 lakh

3.    IDBI Bank:

•    Interest Rate starts from 11.25%
•    Security needed for loans over Rs 4 lakh
•    Maximum loan tenure is 15 years

4.    Punjab National Bank:

•    Interest Rate can go up to 12.6%
•    Loans higher than Rs 4 lakh require security
•    Maximum loan tenure is 15 years

Applying for a Rajkot Education loan is a 5-step process:

  1. Find out you loan eligibility by using our free online tools
  2. Choose the Institution you want to study at
  3. Fill in the loan application details
  4. Choose the loan scheme that meets your requirements
  5. Click ‘Apply’

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