Quick Answer: Can I Get Education Loan Without Co Applicant?

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.

Who is eligible for an education loan?

Education Loan Eligibility Tabular representationParticularsEligibilityAgeMinimum- 18 years Maximum- 35 yearsAcademic recordProven- goodQualificationPursuing graduate/postgraduate degree or a PG diploma.Income sourceParents/Guardians5 more rows

How is education loan EMI calculated?

Follow these steps to calculate your EMI Amount:Use the slider for Selecting the Loan Amount.Select the Loan Tenure in Months using slider.Move the slider and select the Interest Rate.Recalculate your EMI anytime by changing the input sliders.EMI will be calculated instantaneously when you move the sliders.

What are the documents required for Vidyalakshmi education loan?

Mark sheet of last qualifying examination • Proof of admission to the course • Schedule of expenses for the course, from the Institution • Passport size photographs of the applicant / parent / Co-obligant / Guarantor (2 copies each) • Proof of income / assets (if any) • Latest salary certificate and form No.

On what basis education loan is given?

When banks receive an educational loan application, the main factors they would consider are: The academic background and qualifications of the student. The track record of marks, credits and achievements will be considered. The course for which the loan is being sought.

Can I get education loan without parents?

The education loan policies of most lenders in India mention that only an individual who is a parent or a nearby relative can be named as an education loan co applicant. Very few of them even consider the possibility of providing an education loan without co applicant.

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

What is the EMI for education loan?

EMIs for educational loans can be broadly classified as the EMI paid during the loan disbursal or the EMI paid back after getting the loan. Pre-EMI: Pre-EMIs are the payments that are made towards the interest component of the education loan which is disbursed in parts.

Is it easy 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.

Is co applicant mandatory for education loan?

Financial co-applicant: A financial co-applicant is required in the secured education loan process only if students are unable to name individuals having a permanent income as their primary co-applicants. The financial co-applicant can be anyone who is related to the loan applicants by blood.

Can I get 50 lakhs education loan?

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

Can I get 20 lakhs education loan?

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). … 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.

How can I get instant education loan?

Instant personal loan for education up to Rs 1,00,000. Check your unique credit limit on the LazyPay website or smartphone app after filling in a few basic details. Get immediate approval to take a loan of Rs 10,000. Pay interest only on the loan amount you borrow.

How much percentage is required for education loan?

The bank filed the present appeal saying candidates who have secured 60% marks and above alone are eligible to get education loan as they alone can be treated as meritorious candidates.

How do I pay my education loan?

Education Loan Repayment MethodsEducation loan EMIs. … Education loan part-payment. … Education loan pre-payment or foreclosure. … Repay Education Loan by Cheque/DD (Demand Draft repayment) … Education loan repayment by cash. … Automated EMI payments (ECS/NACH) of student loans.

Who can be a co borrower for education loan in India?

A parent, spouse or sibling can be the co-applicant. Whom is the loan offered to? It is offered to students who want to study in India or pursue higher education overseas. The maximum amount offered for studies in India and overseas are different and varies from one bank to another.

Is surety required for education loan?

For education loan of Rs 4 lakh to Rs 7.5 lakh, students are also required to bring a guarantor. … For this, the government will set up a fund to provide surety to the banks for the amount of loan to be sanctioned by them to students. The credit guarantee fund, which will have a corpus of Rs.