Educational Loans will be available for following students:

Indian students attending overseas colleges and

Indian students attending colleges in India

Educational Loan covers the following

All of the tuition fees as applicable for the college/University 

Up to 100% of other expenses including

Living and hostel expenses

Examination fees, 

Library/laboratory fees, 

Purchase of books / equipments/instruments/uniforms

Purchase of computers / laptops considered necessary for completion of the course. 

Travel fare restricted to one economy class return ticket between India and the country of study, if applicable

Borrower must be an Indian citizen and must be 18 years of age or older

Co-borrower(s) must be an Indian citizen

Co-borrower(s) must have a bank account in any bank in India 

Confirmed admission in to the colleges before Educational Loan disbursement

Borrower and Co-borrower(s) must meet Banks/Financial Institution credit and underwriting norms as applicable from time to time.

Borrower must be an Indian citizen and must be 18 years of age or older

It is mandatory to bring in an earning co-borrower(s) based in India to support the Education Loan application.

It is mandatory to bring in an earning co-borrower(s) based in India to support the Education Loan application.

Guarantor/Co-borrower(s) may be any of the following relatives, viz Father / Mother / Brother / Sister(married) /Spouse, where such co-borrower's income would be considered in determining the loan eligibility. And property related to: Father-in-law; Mother-in-law; Sister-in-law; Brother-in-law; Maternal or Paternal Uncle or Aunt, Grandparents also can be accepted.

Guarantor/Co-borrower's liability is co extensive with the Student; 

Guarantor/Co-borrower(s) to provide documentary proof to establish their relationship with the student, to the satisfaction of Bank/Financial Institution;

Borrower must be an Indian citizen and must be 18 years of age or older

Minimum Loan Amount: Rs. 1,00,000 – Rs. 30,00,000

Rate of interest will be floating rate of Interest, generally linked with the base rate of the banks, Present Scenario the Rate of Interest will be 11.5% to 15.0%.

Rate of Interest vary on account of a number of factors such as student's academic background, employability of the selected course from a selected college and country of study, financial strength of the co-borrower, loan repayment capability, credit history, collateral offered or not.

The loan amount will be disbursed in Indian Rupees

The loan will be disbursed in India in Indian Rupees which can be converted to foreign currency for payment of university fees by the student wherever required.

Bank/Financial Institution disburses the tuition fee to the educational institute either directly or through an authorized servicer.

The tuition fee will be disbursed in installment as per the requirement of the specific educational institute.

Repayments of the loan to be made by the borrower in Indian rupees only.

Loan interest re-payment will start immediately after disbursement of the first installment of the loan.

Tenure of an education loan consists of:Duration of Study + free look Period after the Study + Repayment tenor

Maximum tenure up to 10 years

The loan tenure is however, subject to the factors such as the repayment capacity of the customer/s, future prospects of the course, age of the co-applicant, etc. and further subject to credit and underwriting norms as applicable from time to time.

Monthly repayment amount will be deducted from the bank account of the borrower/co-borrower using Electronic Clearing System (ECS).

The amount of margin money required cannot be raised by the student.

Students who want to study abroad may need to take a loan that is more than the value of the collateral put up.

Income level of the guarantor is too low or the guarantor doesn't have credible Credit Score record.

It is difficult to prove that the college the applicant is going to is a valid college.

Applicant's documents are not in order.

If a student is studying abroad, there are a lot of formalities to be fulfilled and the student may not have accounted for the time that will be consumed.

ApnaLoanBazaar will help you to complete all the formalities with in a smooth manner to avail the Educational loan.

In today's scenario a lot of banks are apprehensive about funding studies abroad. The costs are huge and there is little guarantee that the applicant can get a job there after his/her course is over. You also have to take into account that the number of fake institutions abroad are rising and duping gullible students.

There is no one in the applicant's close family who has a credit score history.

There are three factors that you need to understand before applying for a Educational loan: Margin, Collateral and Repayments.