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)
Can I get a student loan on collateral basis, and what are the requirements for co-applicant ITR and property documents?
→What are the criteria to apply for an education loan if my parents cannot support me financially for 25 lakhs?
→What is the usual process for getting an education loan and blocked account for a German bachelor's degree?
→Is it worth taking an education loan of about 16 to 17 lakh rupees to study a master's in Germany given the uncertain job market?
→Is it financially risky to take an education loan for a German master's blocked account instead of paying it upfront?
→Are education loan agencies that arrange low interest loans for studying in Germany generally reliable?
→For a German master's, is a collateral backed education loan or a non collateral loan generally more advisable?
→Which Indian bank offers the best education loan for funding a blocked account, considering interest rates and processing speed?
→Can I fund a German blocked account partly with an education loan and partly with personal savings?
→How do Indian students who return from the USA without a job plan to repay a large education loan?
→What would experienced parents do differently when arranging an education loan for their child's master's studies in the UK?
→Should Indian students take an education loan for an undergraduate degree abroad, or save loans for a master's instead?
→Is it worth taking an education loan to pursue an MSc in bioinformatics in the UK instead of studying in India?
→How risky is taking a ₹30 lakh education loan for a master's in Ireland, considering job prospects and loan repayment after graduation?
→Is a loan funded master's abroad worth it for a tier three CSE graduate aiming at backend or infrastructure roles?
→What commonly causes an unsecured education loan application in India to get rejected despite good grades, test scores and admits to Germany?
→Is it realistic to fund an Australian graduate-entry MD program via a large education loan while working part-time as an international student?
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