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Brinda Khurana
Brinda Khurana

Study Abroad Expert

Updated on:  25 Dec 2024 | 
Reviewed By:  Aman  
| 660 | 60  min read

If you're looking for a student loan to pay for your education, whether it's in India or overseas, and you live in Warangal, this post is for you. Based on available data, students in Warangal usually require an education loan of approximately 15 lacs for in-country studies and 45 lacs for out-of-country studies. The interest rates for education loans in Warangal varies from 8.30% to 13.5%, depending on the type of loan and lender. Additional details are provided below.

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Education Loan Providers in Warangal for Studies in India 

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) 

Check Your Education Loan Eligibility

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Education Loan Providers in Warangal for Studies in Abroad

Bank Name  Loan Amount  Processing Fee

State Bank of India

Up to INR 1.5 cr with collateral 

INR 10,000

Axis Bank

Prime A - INR 1 cr

Prime B - INR 40 lakh 

0.75% on the sanctioned loan amount 

ICICI Bank 

Up to INR 2 cr (secured) 

Up to INR 1 cr (unsecured) 

Up to 0.75% to 1% + GST 

IDFC First Bank

Up to INR 75 lakh without collateral 

Up to 1.5% of the sanctioned loan amount 

Union Bank of India 

Up to INR 2 cr (secured) 

Up to INR 40 lakh (unsecured) 

INR 5000

HDFC Credila 

Up to INR 75 lakh 

0.5% - 1% 

Avanse 

Up to INR 75 lakh 

1% - 1.5% 

Auxilo 

Up to INR 65 lakh 

0.5% - 1.5% 

InCred 

Up to INR 80 lakh 

1% - 2% 

MPower Financing

Up to 100,000 USD 

5% (adjusted in the loan amount) 

Prodigy Finance 

Up to 100% cost to study 

Up to 5%, added to loan amount*

Bank of Baroda 

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.

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Documents Required for an Unsecured Education Loan in Warangal 

The list of documents needed to obtain an education loan in Warangal is provided below. 

Basic documents that the co-signer and applicant need to provide

  • list items The completed loan application form with two photos and a signature
  • list items A voter ID, bank account statement, electricity bill, phone bill, ration card, or Aadhar card.
  • list items Verification of identity: Passport and PAN card.
  • list items Personal Asset and Liability Statement according to the format given by a bank professional.
  • list items The latest 6-month bank statement (Personal or Salary)
  • list items Please take note that a full year's worth of business transactions must be submitted if the co-applicant works for themselves.

    • All documents need to be self-attested. 

    Academic records submitted by applicants

  • list items Evidence of acceptance into the programme and enrollment (which should show the entire course period)
  • list items The course fee schedule (if i20 for the USA is available)
  • list items Printout of the GRE, IELTS, and GMAT scorecard for university rankings.
  • list items Mark sheets and certificates for education: 10th, 12th, and degree.

    • Financial Co-signer's Income Documents, 

    If Salaried:

  • list items Latest pay stubs (for the previous three months)
  • list items Form 16 from the two years prior.
  • list items Employer ID card with the last two years' ITR.

    • If self-employed: 

  • list items The last three years' ITR.
  • list items The P&L account's balance sheet (only in the event that the co-signer is self-employed)
  • list items Verification of the company's address.

    • Additional Records

  • list items It is necessary to give a cheque for Rs. 11,800 as processing fees.
  • list items A letter informing the co-applicant that any expenses not paid for by the loan would be their responsibility. Additional checks for the costs of the evaluator and attorney (if the bank handles your legal and valuation process)
  • list items Owner's affidavit on collateral property (on stamp paper costing Rs. 100). Each owner of the property, if there are multiple, needs to submit an affidavit.

    • Extra supporting documents

  • list items Statements of outstanding loans from the prior year, if any.
  • list items Receipt for any payments made in advance.
  • list items Provide a proforma invoice for the trip, laptop, or any other item if you're requesting a loan for it.
  • list items If relevant, a letter declaring the co-applicant's absence of ITRs.
  • list items A letter outlining any gaps in your resume.

    • Calculate your Education Loan EMI

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    Documents Required for a Secured Education Loan in Warangal

    To begin the secured education loan application procedure, you will additionally need a few collateral documents in addition to the paperwork listed above. The following paperwork needs to be submitted when real estate is pledged as security.

  • list items The property being pledged title deed.
  • list items The registered will, sale agreement, or gift deed.
  • list items The first registration receipt for the previously stated agreement.
  • list items The municipal corporation or an authorized government authority's allocation letter.
  • list items Recent bills for property taxes and electricity from the same address.
  • list items A 30-year relationship document or a previous chain of sale deed establishing title or EC is required. It's a thirty-year history of who bought the property from whom the year before. If you have more than 30 years of property ownership under your name, the previous sale document suffices.
  • list items A copy of the approved building plan or site arrangement from the municipality.
    • Sprinkles

    Permissible Collaterals for a Secured Education Loan in Warangal 

  • list items Residence, Apartment, boundaries and non-agricultural land
  • list items Commercial real estate
  • list items Government bonds, insurance policies, and agricultural land FD

    • Note: The following requirements and exclusions must be met in order to be eligible for a secured education loan for a Telangana-based or located property:

  • list items Extra documents required in Telangana include the Land Regularisation Scheme (LRS) for open plots and the Building Regularisation Scheme (BRS) for built-up buildings.
  • list items Properties with notarizations are not approved.
  • list items Properties assigned by the government are not accepted.
  • list items Properties with cantonments are not acceptable.

    • Check Your Education Loan Eligibility

    Apply Here
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    Education Loan Interest Rate for Studies in India 

    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% 
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    Education Loan Interest Rate for Studies in Abroad

     

    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

    Apply Here
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    Other Features of Education Loan Offered in Warangal by Banks and NBFCs

    Expenses Covered 

    The following costs are reimbursed by bank loans or nonbank financial corporations (NBFCs):

  • list items The cost of tuition
  • list items Cost of lodging
  • list items Exam cost
  • list items Cost of the library
  • list items Cost of the lab
  • list items Expense of Books
  • list items Other costs
  • list items Tickets for travel (for study abroad)
  • list items The applicant's insurance premium (for study abroad)

    •  It is critical to thoroughly examine the loan terms and conditions to determine what expenses are covered in education loan. The lender may have certain rules or limits regarding how the loan might be used.

    Moratorium Period 

    Most Hyderabad-based banks have a moratorium term of either one year or the course duration plus six months. Public banks, private banks, and non-bank financial companies all have varying loan repayment terms during the moratorium period for an education loan . Simple interest is assessed on the loan amount in public banks; however, borrowers are not required to pay simple interest during the moratorium period. Compound interest must be paid throughout the moratorium period in private banks. EMI is due on NBFCs during the moratorium period.

    Loan Margin 

    A proportion of the total loan amount that must be arranged by the applicant or student is known as loan margin. For instance, if the loan amount is approximately 40 lakhs and the lending margin is approximately 5%, the student would need to make arrangements for 2 lakhs before the loan could be approved.

    The loan margin at public banks is typically 10% of the entire loan amount. The lending margin in private banks varies from five to ten percent. 

    Collateral Margin 

    Collateral margin is the percentage of the total loan amount that is secured education loan with collateral. For secured loans, the collateral margin is typically computed. Banks utilize the collateral provided by the applicant or student to recoup the outstanding balance in the event that the borrower is unable to repay the loan. 

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    Common Grounds for a Rejection of Education Loan in Warangal 

    Students who approach lenders directly in hopes of obtaining an education loan are typically met with refusal. Banks may decline to approve a student loan for a variety of reasons.

  • list items Low CIBIL scores: The loan application is denied if the co-applicant's or the financial co-applicant's CIBIL score is below the bank's required level. Generally speaking, banks need a minimum CIBIL of 685, however SBI allows for a minimum of 591.
  • list items Bad academic records: The applicant's chances of having the loan approved may be impacted if they have a history of poor academic records. Study destination of choice: Third-world nations are typically not accepted by banks as locations for higher education.
  • list items Greater education path chosen: Because STEM degrees have a greater employability rate than other courses, banks typically choose them over other options.
  • list items Inadequate records Banks are unable to begin the procedure of your foreign education loan without the necessary paperwork. For an education loan to study abroad, the appropriate paperwork and evidence of income are therefore needed. 

    • In Warangal 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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