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Education Loan: There was a time when someone needed money. So one had to borrow from people. But now all the money needs can be fulfilled from the bank. The bank has made arrangements for loans for every convenience of the person. If you want to buy a house then the bank gives home loan. If you want to buy a car, the bank gives a loan. If there is any important work then a personal loan is available for it. At the same time, if someone needs money for studies, then education loan has been arranged for him. Generally students use this loan for higher education. But what is the interest rate for student loans? What other documents are required? let us know.
Interest rates on education loan
According to a data released regarding student loans, in the last 10 years the number of people taking education loans for studying abroad has increased by about 215 percent. If we talk about interest rates on education loans, they vary greatly. While taking an education loan, consider your credit score, loan repayment tenure, academic track record, the course you are going to pursue. It depends on all these things. Different banks offer education loans at different interest rates. Generally this interest rate ranges from 8 percent to 15 percent.
Talking about some big banks, SBI is giving loans at rates ranging from 8.15 percent to 11.15 percent. So the interest rate of ICICI Bank is 9.50 percent. Whereas Axis Bank is giving loans at interest rates of 13.70% to 15.20%. Loans up to Rs 4 lakh can be applied for general courses to study in India. So a maximum loan of up to Rs 20 lakh can be taken. Loan ranging from Rs 25 lakh to Rs 50 lakh can be taken for studying abroad.
Eligibility for education loan
To take an education loan you need some documents. First of all, your ID proof which includes any documents like Aadhar Card, Driving License or Passport. Proof of address and bank details must be provided. Along with this, it is necessary for the guardian or parents of the person taking the loan to have a good CIBIL score. The admission certificate of the institute in which admission has been taken will also have to be shown. A copy of the result of the entrance examination is also required. Apart from this, if the bank demands some documents then you may have to provide those also.
