Education Loan Eligibility Tabular representation

Can we get education loan on land?

You can definitely use agricultural land as collateral for availing an education loan. The prime aspect that matters for in considering an asset as collateral is the value of the asset compared to the education loan amount.

What kind of collateral do I need for education loan?

Collateral of suitable value is required for all education loans exceeding Rs. 7.5 Lakh. Tangible Assets – House, Apartment, Bungalow, Shop, Non-agricultural Land, Vehicle etc. Intangible Assets – Fixed Deposit, Life Insurance, Stocks etc.

Is it difficult to get education loan?

Easily available: Education loans are widely and easily available. In fact, they are a priority product in all banks as per the RBI’s guidelines. Varied loan amounts: Banks can offer loans anywhere between Rs. 2 lakhs and Rs.

Can I get 1 crore education loan?

The private sector lender ICICI Bank today launched ‘Insta Education Loan’ where customers will get an instant approval of education loans of up to ₹1 crore. With ‘Insta Education Loan’ facility, the borrower can generate the sanction letter within just few minutes.

Is guarantor required for education loan?

Yes, you might need a guarantor for an education loan. If your loan amount exceeds the INR 4 lakh limit, you may be asked to provide a security to the borrowed loan amount by adding a guarantor to it. The loan aims to provide financial stability to the student so they can pursue their higher studies without any hassle.

How much loan can I get on collateral?

The amount of Collateral education loan you could get is in the range of Rs. 10 lakhs to Rs. 1.5 crores. The interest rate on Collateral Education loan is usually between 9.4% to 10.3%.

Is there any way to get education loan without collateral?

However, you can get an education loan without pledging any security. The Credit Guarantee Fund for Education Loans (CGFEL) Scheme provides a guarantee for education loan dispersed by banks under the Model Education Loan Scheme of Indian Banks’ Association (IBA).

Which is better a loan against property or an education loan?

The tenor for loans against property are also longer than that of education loans and can last up to 20 years. In case of an Education Loan, the tenor can range from 5-7 years. A long tenor lowers the monthly EMIs, and vice versa.

Can a parent apply for an education loan?

Parents can also apply under the various Education Loan schemes to secure funding for their child’s education. Financing higher education gets more accessible with the facility of education loan subsidy that reduces the burden of credit.

What do you need to know about education loans?

Education Loan Eligibility Details Education loan or student loan, are advances made by banks or financial organisations for the purpose of meeting higher education expenses of the students.