Bank Loan is an integral part of each and every section of life in recent Years, people look for the loan in Business, Building Houses, For purchasing Car, And one of the main loans in recent years is Education Loan. There are twenty-seven public sector banks and twenty-four private sector banks in India. This Loan is provided by almost all the banks. Even you get this loan from some of the co-operative banks too. As you get a lot of options from all these banks and each bank will be having one or the other different offers for the customers, you can compare with all the nearby banks for you to get the best offers.
Its necessary you study all the rules and regulation of the bank before you get an Education Loan, Understand what the bank is giving to you and what they are taking back from you, Compare the interest rate. You have to check each and everything related to the Loan and Documents as you are taking a loan For the education and you are paying it after completing the course that means after two or three years.We will explain the details of Education Loan in leading private and public sector banks in India:
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STATE BANK OF INDIA EDUCATION LOAN:
SBI is The leading public sector bank in India with more than 9000 branches across India and having its branches in almost every town in India. When it comes to any banking options or loans the SBI always is in front. The details of SBI Education Loan are: SBI is providing four types of loans for students, they are:
1) SBI Scholar loan:
This loan is provided to students who want to do higher education in selected 105 institutions, It includes IIMS, IITs, NITs, AIIMS etc. The maximum amount allowed for this Education Loan is 30 lakhs.
2) SBI Global Ed Advantage:
This loan is provided to meritorious students for pursuing their higher education in Foreign Colleges or Universities, Courses covered under this scheme includes Regular Graduate, Post Graduate, Doctorate Courses offered by Institutes in USA, UK, Canada, Australia, Europe, Singapore, Japan, New Zealand and Hong Kong. Amount allowed under this plan is Minimum 20 lakh and Maximum 1.5 Crores
3) SBI Student Loan :
This loan is granted to Indian Nationals For higher education in India or Abroad. Maximum Amount allowed under this Education Loan is 20 lakh.
4) SBI skill Loan Scheme:
This is granted to Indian Nationals for doing skill development scheme in India. Courses are Courses by IITs, Polytechnics, Diploma Courses etc. The amount allowed under this scheme is Minimum 5000 and maximum 1.5 lakh.For More details in Education Loans you can refer official SBI website :
Education Loan in HDFC bank:
HDFC – Housing Development Finance Corporation was started in India in the Year 1994 in Mumbai. Now it’s one of the leading private sector banks having more than 4000 branches all over in India. Even though the rate of interest varies in Private and public sector banks, people still opt for Private sector banks as their bank Loan processing and service will be much good comparing to Public sector banks.
HDFC allows loan amount of maximum 10lakh and of The maximum period for repayment is up to 15 years. The courses covered under HDFC education Loan are:
A) Full-time Management courses graduation and post graduation
B) Engineering courses
D) MCA / MCM
F) Hotel and Hospitality
H) Pure science
For more details you can visit the official website of HDFC :