Loans to Indian nationals for pursuing approved courses leading to graduate/postgraduate degree and PG diplomas conducted by colleges/ universities recognized by UGC/Govt./AICTE/AIBMS/ICMR etc. Reputed professional and technical courses are also considered.
Eligible Expenses for education loan:
Fees payable, accommodation charges, exam and library fees, reasonable expenses for books and equipment including computer, travelling expenses abroad and other reasonable expenses required to complete course.
Quantum of finance:
Rs. 10 lakh for study in India and Rs. 20 lakh for study abroad. Banks may consider lending higher amount in special cases at their discretion.
Security :
Upto Rs. 4 lakh – No security, but in this case parents needs to be a joint borrower
Between 4-7.5 lakhs- along with parents collateral security in form of third party guarantee
Above 7.5 lakhs- Parents to be joint borrowers + tangible collateral security of suitable value required.
Moratorium period for repayment:
Course period + 1 year or 6 months after getting job, whichever is earlier
Margin money:
Nil for loan up to Rs. 4 lakh. 5 percent and 15 percent respectively for study in India and abroad on loan above Rs. 4 lakhs. Also in cases where your loan amount is higher than 20 Lakhs to study abroad the percentage is calculated in a margin of the required amount where the bank sets a ratio.
Eligible Expenses for education loan:
Fees payable, accommodation charges, exam and library fees, reasonable expenses for books and equipment including computer, travelling expenses abroad and other reasonable expenses required to complete course.
Eligible Expenses for education loan:
Fees payable, accommodation charges, exam and library fees, reasonable expenses for books and equipment including computer, travelling expenses abroad and other reasonable expenses required to complete course.
Quantum of finance:
Rs. 10 lakh for study in India and Rs. 20 lakh for study abroad. Banks may consider lending higher amount in special cases at their discretion.
Security :
Upto Rs. 4 lakh – No security, but in this case parents needs to be a joint borrower
Between 4-7.5 lakhs- along with parents collateral security in form of third party guarantee
Above 7.5 lakhs- Parents to be joint borrowers + tangible collateral security of suitable value required.
Moratorium period for repayment:
Course period + 1 year or 6 months after getting job, whichever is earlier
Margin money:
Nil for loan up to Rs. 4 lakh. 5 percent and 15 percent respectively for study in India and abroad on loan above Rs. 4 lakhs. Also in cases where your loan amount is higher than 20 Lakhs to study abroad the percentage is calculated in a margin of the required amount where the bank sets a ratio.
Eligible Expenses for education loan:
Fees payable, accommodation charges, exam and library fees, reasonable expenses for books and equipment including computer, travelling expenses abroad and other reasonable expenses required to complete course.
Tenure of loan:
10 and 15 years for loan up to Rs 7.5 lakhs and above respectively.
Under section 80(e) of the Indian income tax act, a person can exempt the amount paid against the interest of the education loan – either for self or for his/her spouse or children – for eight years from the year(s) he starts to repay the loan or for the duration the loan is in effect, whichever is more.
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