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Educational Loans

Learning Loans India:HDFC Bank

HDFC gives loans to students to partly meet their educational expenses / costs for pursuing specific higher educational courses at institutes approved by

Who is eligible

Students enrolled with an approved Educational Institute and desirous of availing the education loan can make an application, with the earning parent / guardian being the co-applicant to the loan.

Currently, new entrants and existing students of only select leading national educational institutions are eligible to apply for education loans. Please check with your nearest HDFC Office for the list of approved institutions.

About the Product

Loans are given to students who are citizens of India. The student should have a consistently good academic record, and admission to an approved Educational Institute for pursuing a recognized course.

Loans can be availed upto a maximum of 90% of the total cost as determined by HDFC. The costs would generally cover expenses incurred towards the course fee, library charges, hostel and mess charges, cost of books and equipment.

HDFC lends upto a maximum of Rs. 2,00,000 on an Education Loan . The repayment period of the loan is determined on the merits of each case but would not exceed 5 years. The Rate of Interest (with Security) is 12.00% p.a and without security is 13.00% p.a.

The repayment can be accelerated on completion of the course, considering the earning capacity of the student. HDFC's main concern is to help individuals comfortably repay the borrowed amount.

Interest Rates are calculated on a monthly rest basis .

You repay the loan in Equated Monthly Instalments (EMIs) comprising principal and interest. EMIs commence three months after the completion of the course.

Pending commencement of EMI, you pay simple interest on the portion of the loan disbursed. This is payable every month from the date of each disbursement upto the date of commencement of EMI. This interest is called pre-EMI interest.

Prepayment of the loan in full or parts is possible. In the event where the student plans to leave the country for any reason, the loan would generally be required to be repaid in full, however, the same would be considered on a case-to-case basis depending on the merits of each case and on such terms as may be required

The security for the loan would normally comprise personal guarantees and such other security acceptable to HDFC.

How to apply

he loan application forms are available at your nearest HDFC Office.

The completed application form, together with all supporting documents , needs to be submitted through your Educational Institute. HDFC will make all such inquiries as are necessary or call the applicant for a discussion.

The loan would be disbursed in suitable instalments on compliance of necessary formalities such as providing personal guarantees, execution of loan documents etc. Further, disbursement of the loan would also be subject to review of progress reports from the concerned Education Institute.

Supporting Documentation

Please contact your local HDFC Office for the required documentation.

http://www.hdfc.com/others_education.asp

Educational Loan : Indian Bank

Indian Bank provides convenient learning loans for meritorious/deserving students to acquire knowledge and skill in the field of their interest.

Once the students fulfil the eligibility criteria, Indian Bank has many easy to re-pay loans for higher studies. These learning loans schemes will definitely help the needy students to complete their higher education.

Eligibility criteria for procuring educational loans from Indian Bank are-

· The applicant should be an Indian National.

· He / She should have secured admission to professional / technical courses in India or abroad through Entrance Test Merit based selection process.

To know more about learning loans from Indian Bank, please click on this link- http://www.indianbank.in/educational_loan.htm

Loan For Student : Bank Of Baroda

Bank of Baroda provides loans for students. Through this students finance schemes, Bank of Baroda aids students in pursuing any type of education.

Bank of Baroda has four loan options available with them. They are:

BARODA VIDYA
Bank of Baroda presents a one of its kind finance option for parents of students pursuing school education. These loans are available for studies between Nursery and Standard XII.

Major points in this education loan scheme are:

Zero processing & documentation charges.

Zero Margin.

No security required.

You can repay the loan after moratorium by way of EMI.

For more information about this student's loan, please click on this link: http://www.bankofbaroda.com/pfs/vidya.asp

BARODA GYAN

A loan product specially designed for students pursuing Graduation, Post - Graduation, Professional & Other courses in India. Bank of Baroda extends a helping hand to energize your studies and promote education of the youth.

Major points in this education loan scheme are:

Zero processing & documentation charges.

Zero Margin on loan upto 4 lacs.

Free Debit Card.

Drafts required in favour of the school or student will be issued free.

For more information about this student's loan, please click on this link: http://www.bankofbaroda.com/pfs/gyan.asp

BARODA SCHOLAR

Bank of Baroda presents financial assistance to students going abroad for Professional/Technical studies. The loan offering is designed to empower you with the financial capability to realize your dreams... Achieve your goals... Reach out to the maximum limits...

Major points in this education loan scheme are:

Zero processing & documentation charges.

Drafts in foriegn currencies drawn on our branches/subsidiaries required in favour of College/University/Student will be issued free of exchange/commission.

For more information about this student's loan, please click on this link: http://www.bankofbaroda.com/pfs/scholar.asp

BARODA LOAN FOR EXECUTIVE DEVELOPMENT

To help the future management leaders acquire higher specialized managerial skills and dominate the global arena, Bank of Baroda brings Baroda Loan for Executive Development, a unique loan facility for a niche community of working executives.

For more information about this student's loan, please click on this link: http://www.bankofbaroda.com/pfs/execdevloans.asp

Student Loan : Allahabad Bank

Allahabad Bank offers students loans. Their Education loan scheme aims at providing financial assistance on reasonable terms:

To the poor and needy to undertake basic education.

To the meritorious students to pursue higher / professional / technical education

Eligibility Criteria of Education loan scheme

(1) Courses Eligible

-a) Studies in India

· School education including plus 2 stage.

· Graduation courses: BA, B.Com., B.Sc., etc.

· Post Graduation courses: Masters & Ph.D.

· Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.

· Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to university.

· Courses like ICWA, CA,CFA, etc.

· Courses like IIM, IIT, IISc, XLRI, NIFT, etc.

· Courses offered in India by reputed foreign universities.

· Evening courses of approved institutes.

· Other courses leading to diploma/degree etc. conducted by colleges/universities approved by UGC/Govt./AICTE/AIBMS/ICMR etc.

· Courses offered by National Institutes and other reputed private institutions . Banks may have the system of appraising other institution courses depending on future prospects/recognition by user institutions.

-b)Studies abroad

· Graduation: For job oriented professional/technical courses offered by reputed universities.

· Post Graduation: MCA, MBA, MS etc.

· Courses conducted by CIMA-London, CPA in USA etc.

(2) Eligibility

· Should be an Indian National

· Secured admission to professional/technical courses through Entrance Test/ Selection process.

· Secured admission to foreign university/Institutions.

(3) Expenses considered for loan:

· Fee payable to college/school/ hostel.

· Examination/Library/Laboratory fee.

· Purchase of books/ equipment's/instruments/uniforms.

· Caution deposit/building fund/refundable deposit supported by Institution bills/ receipt.

· Travel expenses/ passage money for studies abroad.

· Purchase of computers-essential for completion of the course.

· Any other expenses required to complete the course- like study tours, project work, thesis etc.

QUANTUM OF FINANCE
Need based finance subject to repaying capacity of the parents/students with following margin and ceilings.
Studies in India - Maximum Rs.7.50 lacs

Studies abroad - Maximum Rs.15.00 lacs

Educational Loan : State Bank Of India

A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.

Eligible Courses

All courses having employment prospects are eligible.

Graduation courses/ Post graduation courses/ Professional courses
Other courses approved by UGC/Government/AICTE etc.

Expenses considered for loan

Fees payable to college/school/hostel
Examination/Library/Laboratory fees
Purchase of Books/Equipment/Instruments/Uniforms
Caution Deposit/Building Fund/Refundable Deposit
Travel Expenses/Passage money for studies abroad
Purchase of computers considered necessary for completion of course
Cost of a Two-wheeler upto Rs. 50,000/-

Any other expenses required to complete the course like study tours, project work etc.

Amount of Loan

For studies in India, maximum Rs. 10 lacs
Studies abroad, maximum Rs. 20 lacs

Interest Rate

For loans upto Rs.4 lacs - 11.00% p.a. Floating

For loans above Rs.4 lacs - 12.00% p.a. Floating

Processing Fees

No processing fee/ upfront charges
Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money

Repayment Tenure

Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.

Place of Study	Loan Amount	Repayment Period in Years
In India	Up to Rs. 7.5 lacs	5-7
Above Rs. 7.5 lacs	5-10
Abroad	Up to Rs. 15 lacs	5-7
Above Rs. 15 lacs	5-10

Security

Amount	Studies In India	Studies Abroad
Upto Rs. 4 lacs	No Security	No Security
Above Rs. 4 lacs to Rs. 7.50 lacs	Third Party Guarantee	Third Party Guarantee
Above Rs. 7.50 lacs to Rs. 10 lacs(India)/ Rs. 15 lacs(Abroad)	Tangible Collateral security for full value of loan	Tangible Collateral security of suitable value of loan or third party guarantee
Rs 15 lacs to Rs. 20 lacs	___	Tangible Collateral security for full value of loan

Margin

For loans up to Rs.4.0 lacs : No Margin
For loans above Rs.4.0 lacs:
- Studies in India: 5%
- Studies Abroad: 15%

Documentation Required

Completed Education Loan Application Form.
Mark sheets of last qualifying examination
Proof of admission scholarship, studentship etc
Schedule of expenses for the specified course
2 passport size photographs
Borrower's Bank account statement for the last six months
Income tax assessment order, of last 2 years
Brief statement of assets and liabilities, of the Co-borrower
Proof of Income (i.e. Salary slips/ Form 16 etc)

* Conditions Apply

for more details : http://www.statebankofindia.com/viewsection.jsp?id=0,1,20,118

Educational Loan : Punjab National Bank(PNB)

Punjab National Bank provides various educational loans. Their students finance Scheme enables all type of needy students. students who are pursuing +2, Graduation courses - B.A., B.Com., B.Sc., etc., Post-Graduation courses, Masters in Ph.D; Professional courses, Engineering, Medical, Agriculture, Veterinary, Law , Dental, Management, Computer etc., Computer Certificate courses of reputed Institutes accredited to Department of Electronics or institutes affiliated to University; Courses like ICWA, C.A., CFA, etc., courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc.

Evening Courses of reputed Institutes; Diploma/Degree courses conducted by Colleges/Universities approved by UGC/Govt./AICTE/AIBMS/ICMR, etc., Courses offered by National Institutes and other reputed Private Institutes.

For more information about Punjab National Bank (PNB) Students Finance Scheme, please click on this link- http://www.pnbindia.com/c_vidya.htm

State Bank Of Mysore

State Bank of Mysore provides study loans to needy students so that they can continue their studies further. The purpose of this study loan is to enable students with academic brilliance to meet tuition and other fees / maintenance costs / books and equipment and cost of passage for studies abroad etc., for pursuing studies at recognised school / college / institution.

The courses available in which the educational loan can be sanctioned are- Diploma / Graduate / Post-graduate courses in the faculties of Engineering , Technology, Architecture, Medicine , Dental Science, Agricultural Science, Veterinary Science and Computer courses accredited by DOEACC.

For more information about the educational loan provided by State Bank of Mysore, please click on this link-
http://www.statebankofmysore.co.in/gnanamitra.htm