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This article can be a useful tool for Indore, Madhya Pradesh students who wish to further their education, either domestically or overseas. It offers vital information to assist you in making defensible choices about continuing your education.
The approximate financial requirement for students studying in India is approximately 15 lakhs, however students who choose to pursue their education abroad may require up to 45 lakhs. Remember that these are approximations and may differ based on the course and school you select.
It's important to take into account the interest rates that various lending organisations offer when it comes to financing your education. The range of these rates is 8.30% to 13.5%. To choose the best financing option, it is crucial to investigate your options and compare rates.
These banks have made a name for themselves in Indore as reliable establishments that offer the most resources to students hoping to fulfill their academic goals. This is a list of banks that includes information about the loan programmes they offer, the amounts they lend, and the processing fees related to them.
Bank Name | Loan Amount | Processing Fee |
---|---|---|
State Bank of India |
Up to INR 50 lakh |
Nil - INR 10,000+Tax |
Axis Bank |
Up to INR 75 lakh (unsecured) |
Up to 2% of the amount+GST |
ICICI Bank |
Up to INR 1 crore |
Up to 2% of the amount +GST |
IDFC First |
Up to INR 30 lakh (unsecured) |
Up to 1.5% of the amount |
UBI |
Up to INR 1.5 cr (secured) Up to INR 40 lakh (unsecured) |
INR 5000 (refundable) |
HDFC Credila |
Up to INR 40 lakh |
1% + GST |
Auxilo |
Up to INR 65 lakh |
Up to 2% of the sanctioned loan amount |
InCred |
Up to INR 60 lakh |
0.75% - 1% of the sanctioned loan amount |
BOB |
INR 7.5 lakh - INR 1.5 cr |
1% (max. INR 10,000) |
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Bank Name | Loan Amount | Processing Fee |
---|---|---|
Up to INR 1.5 cr with collateral |
INR 10,000 |
|
Prime A - INR 1 cr Prime B - INR 40 lakh |
0.75% on the sanctioned loan amount |
|
Up to INR 2 cr (secured) Up to INR 1 cr (unsecured) |
Up to 0.75% to 1% + GST |
|
Up to INR 75 lakh without collateral |
Up to 1.5% of the sanctioned loan amount |
|
Up to INR 2 cr (secured) Up to INR 40 lakh (unsecured) |
INR 5000 |
|
Up to INR 75 lakh |
0.5% - 1% |
|
Up to INR 75 lakh |
1% - 1.5% |
|
Up to INR 65 lakh |
0.5% - 1.5% |
|
Up to INR 80 lakh |
1% - 2% |
|
Up to 100,000 USD |
5% (adjusted in the loan amount) |
|
Up to 100% cost to study |
Up to 5%, added to loan amount* |
|
Up to 1.5 cr with collateral |
INR 10,000 + GST |
*Note: Upon loan approval, students are required to pay an upfront fee of $100 to receive their sanction letter.
Check Your Education Loan Eligibility
Bank Name | Interest Rate | Interest Rate Concession |
---|---|---|
State Bank of India |
Starts from 8.30% |
0.60% Business strategy discount 0.50% - for female students 0.50% - Rinn Raksha |
Axis Bank |
Starts from 11.5% |
0.5% - 2% |
ICICI Bank |
Starts from 10.5% -11% |
0.5% - 2% |
IDFC First |
Starts from 8.5% - 10% |
0.5% - 2% |
UBI |
Starts from 11.15% |
0.5% for female students 1% if the SI is paid in full |
HDFC Credila |
Starts from 10.25% - 12.75% |
- |
Auxilo |
Starts from 11% - 13.5% |
0.5% - 2% |
InCred |
Starts from 11% - 13.5% |
0.5% - 2% |
BOB |
Starts from 8.85% |
0.5% |
Calculate your Education Loan EMI
Bank Name | Interest Rate | Interest Rate Concession |
---|---|---|
State Bank of India |
Starts from 10.15% |
0.5% concession in interest for female students 0.5% - Rinn Raksha |
Axis |
9.99% - 12.5% |
- |
ICICI |
10.25% - 12.5% |
- |
IDFC First |
9.5%-11% (secured) 11%-13% (unsecured) |
- |
UBI |
9.25% - 9.75% |
- |
HDFC Credila |
10.25% - 12.75% |
- |
Avanse |
10.75% - 13% |
- |
Auxilo |
11.5% - 13% |
- |
InCred |
11.85% - 13.25% |
- |
MPower |
12.99% - 15.99% |
- |
Prodigy |
11.5% - 13.5% |
- |
BOB |
9.7% (fixed) |
0.20% concession in interest for female applicants of non-premier institutes |
Check Your Education Loan Eligibility
In India, education loans are generally used to pay for charges like books, supplies, and other necessities for the classroom as well as tuition and test fees. Living costs like rent and food may also be covered by some forms of financial assistance. It's critical to read the loan agreement carefully and understand the costs it covers.
A "moratorium period" is a certain amount of time during which the borrower is exempt from having to return the loan. Usually starting after the borrower has finished their education, this period of time continues until they have a reliable source of income. Depending on the loan provider and the terms of the loan arrangement, the moratorium period's length can change, although it usually lasts six to twelve months following the course's completion.
The portion of the entire loan amount that the borrower must pay with their own money is known as the loan margin.If the margin percentage is set at 5%, for instance, the borrower will be liable for paying 5% of the loan amount, with the lender covering the other 95%. This is an illustration of how margin works. Lenders can reduce their risk in the event that the borrower is unable to repay the loan by doing this. To understand the loan margin and any other applicable restrictions, it is imperative that you carefully go over the terms and circumstances of the loan.
The percentage of a loan that is secured by an asset used as collateral is known as the collateral margin. This collateral acts as a guarantee for the loan, and the lender may take possession of it to recoup its losses if the borrower defaults. Collateral margins are a common tool used by lenders to lower risk.
In Indore and exploring education loan options? GyanDhan is your go-to platform, offering a pathway to secure financing for your higher studies in India or abroad. Our education loan experts help you in securing high loan amounts under favourable terms with a track record of higher loan approval rates. We also assist with pre-visa loan disbursement, crucial for your visa application. Best of all? Our expert, end-to-end service comes at absolutely no extra cost to you. Check your loan eligibility on GyanDhan now and take the first step towards realizing your academic dreams.
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ICICI Bank
Axis Bank
Union Bank
Prodigy
Auxilo
HDFC Credila
IDFC
InCred
MPower
Avanse
SBI
BOB