In case of SBI Scholar loans, repayment will start after the completion of course period and moratorium period (6 months after course completion). The accrued interest during the moratorium period and course period is added to the principle and repayment is fixed in Equated Monthly Installments (EMI).
The candidate applying for the loan must be a resident of India. He/she must have confirmed admission in recognised educational institutes in India or abroad. The age of the candidate must fall within the bracket of 18 to 35 years during loan application
It is not possible to get an education loan at zero rate of interest from the bank. However, you can apply for various scholarships or check for government subsidies to get an interest-free education loan.
In June last year, a single judge directed the bank to extend loan to the boy, saying banks cannot deny loans on the ground of minimum marks percentage, that too after he is given admission under management quota
To apply for the loan, one must be an Indian citizen, having secured an admission into a college/university recognised by a competent authority in India or abroad. The tentative cost of an MBA is up from Rs 2.5 lakh to Rs 20 lakh in 15 years. Quality education is a must for a complete and successful life.
To get a loan from a lender, you generally have to pledge security such as house property, fixed deposits, shares, bond, etc., to take the loan. This is done so that in case you default on the loan, lenders can recover it by selling the pledged security. The security pledged against a loan is termed as collateral.
In general, you can get up to 4 lakhs of educational loan for higher studies without any collateral. Under education loan scheme, you can get a maximum of 15 lakhs for studies in India and more 25 lakhs for abroad studies.
you can pay your student loan in full at any time. If you are financially able to do so, it may make sense for you to pay off your student loans early. Lenders typically call this “prepayment in full.” Generally, there are no penalties involved in paying off your student loans early.
you do not pay your education loan in India, the lender will start sending notices to you and your guarantor, if there is one. If you fail to comply with the warnings, you will default on your loan, and your credit score will take a huge hit. You would not be able to secure any loan in the future for a long time.
Axis Bank brings you Education Loans for studies both in India and abroad starting from Rs. 50,000 at attractive interest rates. With an Axis Bank Education Loan you can enjoy a host of benefits such as simple documentation, quick loan disbursal, tax benefit u/s 80(E), long repayment tenure, etc.
You can calculate your education loan EMI amount with the help of the mathematical formula: EMI amount = [P x R x (1+R)^N]/[(1+R)^N-1] where P, R, and N are the variables. This also means that the EMI value will change each time you change any of the three variables. 'P' stands for the Principal Amount.
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