Check Loan Eligibility
Cosmos Bank Education Loan
Education Loan

Cosmos Bank Education Loan

Cosmos Bank Education Loan

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

GyanDhan
Diwakar Kumar Singh
Updated on:  03 Dec 2024  | Reviewed By:  Aman  | 879 | 19  min read

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.

Sprinkles

Cosmos Bank Education Loan Overview for Studies Abroad and in India

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

Interest Rate*

  • list items
    8.25%* p.a. for Female Students
  • list items
    8.65%* p.a. for Male Students in India and Abroad
  • list items
    8.25%* p.a. for Female Students
  • list items
    8.65%* p.a. for Male Students in India and Abroad

Moratorium Period

Course duration + 6 months

Course duration + 6 months

Processing Fee

1% of the Loan Amount

1% of the Loan Amount

Tax Benefits

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:

 

Check loan eligibility for study abroad

Sprinkles

Eligibility Criteria for Cosmos Bank Education Loan to Study Abroad and in India

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.

  • list items Indian citizenship: The person applying must be an Indian citizen.
  • list items Show proof of admission: Applicants must have been accepted to an approved school.
  • list items Educational requirements: You must have completed 10+2 or something similar.
  • list items Collateral: If you want to borrow more than a certain amount, you may need to put up collateral.
  • list items Need for a co-applicant: To improve the loan application, you need a co-applicant, like a parent or guardian.
  • list items Course eligibility: Cosmos Bank's education loans can be used for a lot of different classes in India and other countries.
  • list items Repayment capacity: When someone applies for a loan, the bank checks to see if they and the co-applicant are financially stable to make sure the loan can be paid back.

 

Looking for an abroad Education Loan?
By entering my phone number, I give consent to override NCPR and recieve WhatsApp messages.

Sprinkles

Cosmos Bank Education Loan Interest Rate

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

Sprinkles

Cosmos Bank Education Loan Processing Fees

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.

Sprinkles

Cosmos Bank Education Loan Insurance

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.

Sprinkles

Cosmos Bank Education Loan Margin

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. 

Sprinkles

Cosmos Bank Education Loan EMI Calculation

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

 

EMI calculator

Sprinkles

Documents Required for Cosmos Bank Education Loan

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: 

  • list items Visa approval: The candidate must provide proof of visa approval in order to study overseas.
  • list items Documents for admission to international universities: Letters of admission and other relevant documentation from the foreign school.
  • list items Cost estimates for study abroad: A thorough budget that breaks down all of the costs associated with the study period overseas.

 

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.

Sprinkles

Benefits of Cosmos Bank Education Loan

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:

  • list items Flexible repayment options: You can change your loan repayment plan to fit your new financial position after you graduate. Cosmos Bank has flexible terms that let you change your repayment plan based on your income. This makes it easier to handle your money as you start working.
  • list items Tax benefits: As a student, you can get tax breaks on the interest you pay on your student loans under Section 80E of the Income Tax Act. This benefit lowers your taxed income and helps you save more money while you're paying back the loan.
  • list items Coverage for all costs: Cosmos Bank education loans are made to cover all of your school costs. This covers things like tuition, books, housing, travel costs for studying abroad, and other important school costs that make sure you have everything you need to do well.
  • list items Efficient processing: Cosmos Bank has made the process of approving loans easier for you. The bank makes sure that your loan application is handled quickly so that you can get the money you need quickly by letting you apply online or in-branch.
  • list items Support for a variety of educational programs: Cosmos Bank backs a multitude of educational programs at schools in India and other countries, whether you are interested in undergraduate, graduate, vocational, or professional classes.

 

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

Sprinkles

How to Apply for Cosmos Bank Education Loan

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.

 

Scholarships

Sprinkles

Frequently Asked Questions

What kinds of courses and areas do Cosmos Bank education loans cover?
 

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.

What can I do to improve my chances of getting a Cosmos Bank student loan?
 

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.

What kinds of loans does Cosmos Bank offer for college students?
 

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.

What should I do if I have money problems while I'm a part of some course?
 

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.

Is it possible to pay off my Cosmos Bank student loan early? Are there any fees for paying off the loan early?
 

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


Sprinkles

Have More Questions on This Topic?

Ask from a community of 10K+ peers, alumni and experts


%>