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What is the maximum amount of education loan in India?
Under education loan scheme, you can get a maximum of 15 lakhs for studies in India and more 25 lakhs for abroad studies. When you take education loan up to 4 lakhs, only the student and the parent have to sign the document and no collateral are necessary.
Can I get 1.5 crore education loan?
Maximum Loan Amount: Rs. 1.5 crore. Eligibility: Indian nationals who are majors at the loan switchover time with regular EMIs being paid.
How can I get loan from IIM for MBA?
No collateral is required if you’re looking for a loan in one of the IIMs but parents are required to become a guarantor/co-borrower in most cases. The repayment period lasts for 15 years. Students can also avail income tax benefits on interest paid on their educational loan under Sec 80E of the Income Tax Act.
Which bank gives maximum education loan?
Compare Top Education Loan Offers 2021
| Name of Bank | Interest Rate (p.a.) | Loan Amount |
|---|---|---|
| Bank of Baroda | 7.85\% to 9.85\% | Up to 4 Lakh and above |
| HDFC | 9.55\% to 13.25\% | Max Apr |
| Tata Capital | 10.99\% onwards | Up to 30 Lakh |
| Union Bank of India | 8.80\% to 10.05\% | Need-based finance |
Which bank is good for education loan?
Compare Top Education Loan Offers 2021
| Name of Bank | Interest Rate (p.a.) | Processing Fees |
|---|---|---|
| SBI | 6.85\% to 8.65\% | Rs.10,000 + tax |
| Axis | 13.70\% to 15.20\% | Nil to Rs.15,000 + tax |
| Bank of Baroda | 7.85\% to 9.85\% | 1\% of loan amount up to Rs.10,000 |
| HDFC | 9.55\% to 13.25\% | Up to 1.5\% of loan amount + tax |
What are the documents required for education loan for MBA?
Documents required for MBA education loan Loan Application Form in required format. Letter of Admission / Proof of Admission to MBA course. Passport size photographs. Address proof (both current and permanent)
Is SBI education loan for MBA in India a good option?
SBI Education Loan for MBA in India is considered low cost and covers a major part of all the expenses while funding your MBA. One of the key features of Education Loan for MBA in SBI is that you will get the education loan in SBI at low interest rate if you have got MBA admission in a premier MBA college.
How much can a bank finance an MBA education loan?
Banks can finance up to 100 percent of the loan depending on the amount of MBA admission Education Loan and the category of the institute. For most banks, there is no margin money required for an MBA education loan upto Rs. 4 lakh. For loans above Rs 4 lakhs up to Rs 7.5 lakh, a third-party guarantee is required.
Where can I get a loan for MBA admission?
Today, loans for MBA admission are available with almost all major banks. Some banks even have tie-ups with some of the premier institutes. These banks offer the students a special rate of interest which is normally lower than the market rate of interest. You might feel a little apprehensive that education loans are complicated monsters.
How much does it cost to get an MBA in India?
For example, MBA admission in India could be anywhere between Rupees 5 to 20 Lakhs – an amount high enough to get students thinking and plan their finances. But money isn’t something that should stop anyone from getting into their dream B-school, and that’s why it’s time to turn that dream into a reality through an education loan.