Quick Answer: Is Any Property Required For Education Loan?

Can I get education loan without parents?

A co-applicant or cosigner is an indispensable part of any education loan process, regardless of whether it is a secured education loan or a private education loan without collateral.

However, there are many students who do not have parents or guardians who qualify to be an education loan co applicant..

Can I get 20 lakhs education loan?

Under the CGFEL scheme you can get a loan up to Rs 10 lakh for study in India and up to Rs 20 lakh for studying abroad. But, if you take a loan of more than Rs 7.5 lakh, the bank may ask for collateral for the loan amount. The bank may also ask you to deposit margin money and seek third-party guarantee.

Can I take education loan from 2 banks?

No, it is not possible to get an education loan from two different banks to study for the same course in India. There are many banks that provide a large loan amount for domestic education. For example, ICICI Bank offers up to Rs. … Also, above a certain loan amount, collateral is required for an education loan.

Can I get a student loan by myself?

You can still take out both federal and private student loans even without your parent’s financial information. … If you’re an independent student then you can borrow federal direct loans. If you have good credit, you can also choose from multiple private lenders.

What is the minimum amount of education loan?

Education Loan Interest RateInterest Rate8.40% onwardsMinimum Tenure (excluding grace period)5 yearsMoratorium Period (after course completion)1 yearsMinimum Loan amountRs. 50,000Maximum Loan without collateralRs. 4,00,0001 more row

Can I apply for education loan online?

To get an education loan with flexible terms and student rates, you can simply apply online. If you’re using the funds to pay for an approved course or university program, you may be eligible for a tailored education loan package specifically designed for student borrowers.

What is required for education loan?

Documents required for an Educational Loan:Duly-filled application form.2 passport size photographs.Graduation, Secondary School Certificate, or High School Certificate or mark sheets.KYC documents that include ID, address, and age proof.Signature Proof.Income Proof of parents or guardian.More items…

Which bank provide education loan easily?

HDFCThe maximum loan amount by HDFC Bank is up to INR 20 lakhs. The processing fees for education loans is up to 1.5% of the loan amount with no fees levied for prepayment of the loan….HDFC education loan interest rates.Loan amount limitHDFC interest ratesHDFC education loan interest rate (average)11.88%2 more rows

Is it hard to get a student loan?

Yes, there is an ease of ability to get the loan, but you also have to do well.” If you don’t meet the academic standards of the Education Department or your school’s financial aid office, you won’t be able to get federal student loans for another term, until you get your grades up.

Can I get 50 lakhs education loan?

Educational loans in India can vary between Rs. 1 lakh to upwards of Rs. 30-50 lakh.

How is EMI calculated for education loan?

Step 1: Enter the principal amount for education loan that you wish to borrow from the lender. Step 2: In the next section, you need to input the interest rate that has been offered to you for the education loan. Step 3: In the last section, you will have to enter the loan tenure that you would like opt for.