Cost & living - Education loans Questions
511 questions
Expert Answers
When will I have to start repaying my education loan for Germany from a nationalized bank?
→Repayment typically begins after your course period and the moratorium period. It usually commences one year after course completion or 6 months after you secure a job, whichever is earlier. The moratorium varies between loan-providing institutions, so confirm the exact terms with your bank.
Which documents do I need to submit for a Union Bank of India education loan?
→A Union Bank of India education loan typically needs a filled application form, identity and residence proof, photographs, income proof, academic records and an admission letter. Approval often takes around 10 to 20 days, so confirm the exact list with the bank first.
How should I fill out my education loan application form for studying abroad?
→Fill each section of your education loan form carefully: match your name to your passport letter for letter, declare co-applicant income that matches Form 16 and ITR-V, enter exact marks without rounding, copy the course name from your offer letter, and use official cost figures from your I-20 or CAS.
Which interest rate would I pay on a Union Bank of India Premier Abroad education loan?
→Under the Union Bank of India Premier Abroad education loan, Category A institutes typically carry 9.50% up to INR 40 lakh without collateral, 9.25% and 9.00% with more collateral, while Category B starts at 9.75%. Rates change, so check the bank's official page.
What loan amount and interest rate can I get under the NBCFDC education loan scheme?
→The NBCFDC education loan scheme typically offers up to INR 20 lakh at a 4% interest rate for students from backward classes, and female students get a 0.5% concession. Your family income should usually not be more than INR 3 lakh, so confirm terms on the official site.
Do I have to buy SBI Rinn Raksha to get an education loan for studying abroad?
→SBI Life Rinn Raksha is a credit life insurance policy that pays off your outstanding loan balance if the student or co-applicant dies or becomes permanently disabled. It is not legally mandatory under RBI guidelines, but SBI requires your loan to be covered by life insurance.
Who can be my co-applicant for an education loan to study abroad?
→A co-borrower, such as a parent, spouse or legal guardian, with an active PAN card and a CIBIL score of 700 or higher is typically mandatory for an education loan. The student is always the primary borrower. Rules can vary by bank, so confirm them.
Is a collateral-free education loan possible for me if I study MBBS abroad?
→Yes, many Indian banks and NBFCs offer collateral-free education loans for MBBS abroad, especially for reputed universities. The maximum collateral-free limit varies by lender and your eligibility, generally from INR 7.5 lakh to INR 75 lakh. Confirm current terms with your lender.
All Questions (511)
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→With zero financial support from parents, is it realistic to fund an MS abroad entirely through an education loan?
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→Can you provide me details about universities where I can apply despite having loans with six months overdue in UK?
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