Get instant loan offer suitable to your profile !
On this Page:
Explore Cosmos Bank's education loan options for funding your studies in India and abroad. Learn about eligibility, interest rates, loan amounts and more
One of the most difficult aspects of preparing for college, regardless of whether you wish to attend a school in another country or domestically in India, is figuring out how you're going to pay for it. You must be aware of all of your financing alternatives; the Cosmos Bank education loan may be the best fit for you. This blog article will discuss the advantages of the Cosmos Bank education loan, how to apply for it, the requirements needed to be eligible for one, and the documents you need to prepare. These loans are there for people to get over financial setbacks while pursuing their educational dreams so that they may eventually stay on track while proceeding with their academic endeavours from daydreaming. Whether you are studying abroad or in India, this is where you should start to get over those financial obstacles.
The Cosmos Bank education loan is essential financial aid for students who wish to pursue higher education abroad or in India. It caters to the requirements of students with diverse academic objectives. Here is a comprehensive summary to help students understand the various options for Cosmos Bank education loan:
Feature | Education Loan for India | Education Loan for Abroad |
---|---|---|
Loan Amount |
Up to ₹50 Lakh |
Up to ₹125 Lakh |
|
|
|
Course duration + 6 months |
Course duration + 6 months |
|
Processing Fee |
1% of the Loan Amount |
1% of the Loan Amount |
Yes; under Section 80E |
Yes; under Section 80E |
|
Application Process |
Online and in-branch |
Online and in-branch |
Loan Tenure |
Up to 12 years |
Up to 12 years |
*Note: The interest rate on Cosmos Bank education loans is floating, which means it can vary with market conditions.
This education loan is intended to help students with the considerable costs of attending college, including living expenses, tuition, other educational expenses, and travel. Students can afford their education without compromising thanks to the availability of large loan amounts from both domestic and foreign lenders. This loan is a viable choice for many aspirant students because of the flexible repayment choices, which include a moratorium period that permits students to concentrate on their academics before beginning repayments.
Must Read:
Understanding the eligibility criteria for a Cosmos Bank education loan is important for students who want to pay for college. This part goes over the most important requirements you need to meet to get money from Cosmos Bank. Make sure you know these before you apply.
Cosmos Bank education loan interest rates start from 8.25% p.a for females and 8.65% p.a. for males. It is important to note that they are floating interest rates, which means they can vary as per market conditions and are CIBIL score-dependent. The table below shows the applicable interest rates on Cosmos Bank education loan, w.e.f. 24th May 2024-
CIBIL Score | Male Students | Female Students |
---|---|---|
CIBIL above 750 |
8.25% per annum |
8.65% per annum |
CIBIL below 750 |
8.50% per annum |
8.75% per annum |
Process charges Rs. 5,000/- + GST for studies in India. 0.50% for loan demand + GST for abroad.
The bank charges Rs. 5000 + GST as processing fees for students taking an education loan to study in India and a processing fee of 0.50% + GST for abroad.
Cosmos Bank offers education loan insurance of 1 to 2% of the loan amount taken. Education loan insurance is done so that in case of any unfortunate events wherein you fail to repay the amount, your family members should be burdened with the repayment charges.
The loan margin is on a year-to-year basis. Upto INR 4 Lakhs, it is nil. However, above 4 Lakhs, it is 5% if the study location is in India and 15% if abroad.
We have given an example below which will help you understand your education loan EMI calculation.
Let’s suppose that you have taken an education loan of 25 lacs for your abroad education at an interest rate of 8.4% for 2 years. Your repayment duration will be of 10 years and your moratorium period will be of 3 years. Here’s how much you will pay for 7 years after your moratorium period of 3 years
Repayment Cycle | EMI | Interest Amount | Principal Amount | Loan Outstanding |
---|---|---|---|---|
Year 1 |
47273 |
18863 |
28409 |
2666376 |
Year 2 |
47273 |
16383 |
30890 |
2309549 |
Year 3 |
47273 |
13686 |
33587 |
1921567 |
Year 4 |
47273 |
10754 |
36519 |
1499710 |
Year 5 |
47273 |
7565 |
39708 |
1041021 |
Year 6 |
47273 |
4098 |
43174 |
542283 |
Year 7 |
47273 |
329 |
46944 |
0 |
Applicants and co-applicants must submit a variety of supporting documentation with their application in order to be approved for a Cosmos Bank education loan, regardless of whether they are studying in India or overseas.
Document Type | Applicant (India and Abroad) | Co-applicant (India and Abroad) |
---|---|---|
Admission Letter |
From the educational institution confirming enrollment. |
Not Applicable |
Identity Proof |
Aadhar Card, PAN Card (India); Passport (Abroad). |
Aadhar Card, PAN Card (India); Passport (Abroad). |
Academic Records |
10th, 12th, Degree certificates. |
Not Applicable |
Age Proof |
Birth Certificate, Passport. |
Not Applicable |
Residence Proof |
Aadhar Card, Utility bills (India); Passport, Utility bills (Abroad). |
Aadhar Card, Utility bills (India); Passport, Utility bills (Abroad). |
Scheduled Expenses for the Course |
Detailed breakdown of tuition, accommodation, etc. |
Not Applicable |
Income Proof |
Not Applicable |
Salary slips, Tax Returns. |
Bank Statements |
Last 6 months. |
Last 6 months. |
Assets and Liabilities Statement |
Not Applicable |
To assess net worth and financial stability. |
Proof of Income |
Not Applicable |
If applicable, for further financial verification. |
Collateral Documents |
If required, especially for higher loan amounts or studies abroad. |
If required, for securing the loan. |
Extra Conditions for Studying Abroad:
When applying for a Cosmos Bank education loan, the documents required for the applicant and co-applicant are displayed in an easy-to-understand table format, emphasizing the differences in requirements between domestic and foreign studies. It is advised that applicants confirm any updated or new requirements directly with Cosmos Bank.
Many aspects of a Cosmos Bank education loan are meant to help you reach your academic and career goals. Cosmos Bank offers personalized financial solutions to help working workers and students continue their education without having to worry about money right away. If you choose a Cosmos Bank education loan, this is what you can expect:
With competitive Cosmos Bank education loan interest rates and comprehensive Cosmos Bank abroad education loan options, students can enjoy a financially feasible solution to fund their education, ensuring they can focus on their studies and career development without undue financial burdens.
Must Read
The process of applying for a Cosmos Bank education loan has been shortened to make it easier for students to get the money they need for college. Cosmos Bank can meet your needs, whether you'd rather get human service in person or find digital apps more convenient. To get a Cosmos Bank education loan, follow these steps:
Step 1: Choose whether you want to apply online through Cosmos Bank's website or in person at a branch near you. Both ways are made to fit the needs of different customers and make things easy to get to.
Step 2: Give all the required information on the application form. Get together all the papers you need to support your application, like proof that you are admitted, academic records, and financial statements.
Step 3: Once you have all of your papers ready and the application form filled out, you can easily send it in. You can do this online or at your local branch. Make sure your documents are full and you give all the information asked for so that the loan process goes as quickly as possible.
Using a Cosmos Bank education loan to move forward with your educational goals can make the cost of college a lot easier. Don't be afraid to check your loan eligibility with GyanDhan if you need personalized advice or help with your loan application. Our main job is to help students find the best education loans for their needs. This way, you can be sure that you'll get the help you need to reach your academic goals.
Cosmos Bank education loans can be used for a lot of different courses, both in India and other countries. These courses include engineering, medicine, management, the arts, and more. The loan is only for students going to recognized colleges and universities around the world.
To improve your chances of getting a Cosmos Bank education loan, make sure you have good grades, get into a good school, and have a co-applicant with a safe financial history. There are also ways to increase the loan amount you can get by putting up collateral.
Yes, Cosmos Bank does offer special loan programs for graduate students getting their master's or PhD. Different interest rates and terms are often attached to these loans to account for the longer length and higher costs of graduate school.
If you have money problems during your course, you should call Cosmos Bank right away to talk about how you might be able to change your payback plan. To help you out, Cosmos Bank might offer choices like extending the loan term or temporarily delaying payments.
To answer your question, you can pay off your Cosmos Bank student loan early without any fees. This could be a smart way to lower the total amount of interest you pay on your loan.
Check Your Education Loan Eligibility
Ask from a community of 10K+ peers, alumni and experts
Trending Blogs
Similar Blogs
Network with a community of curious students, just like you
Join our community to make connections, find answers and future roommates.. Join our CommunityCountry-Wise Loans
Best Lenders for Education Loan
ICICI Bank
Axis Bank
Union Bank
Prodigy
Auxilo
HDFC Credila
IDFC
InCred
MPower
Avanse
SBI
BOB