Cheap education loan

  Cheap education loan

 Cheap education loan

SBI offers education loan of Rs 1.50 crore, BOB Rs 80 lakh, students will get half a percent discount on interest

    Bank of Baroda and State Bank of India have the same interest rate

    Both the banks charge a processing fee of 10 thousand rupees

After the Corona epidemic, schools and colleges have once again opened to study abroad. Most colleges open in September. Indian students are going to America to study. This has also led to a boom in visa applications. The country's largest bank SBI and BOB are offering half a per cent discount to students on interest on education loans.

The interest rates of both the banks are the same

Bank of Baroda and State Bank of India have the same interest rate. Both the banks charge a processing fee of 10 thousand rupees. However, Bank of Baroda only offers loans up to Rs 80 lakh. Also offers interest discounts on student loans. The bank also provides loans for nursery schools.

Those who take courses abroad get loans

SBI Global Aid Vantage Overseas Education Loan is especially for those who want to do regular courses abroad. SBI offers loans under a customized financing facility. Under this, loans are available for graduation, post graduation, diploma, doctoral courses.

Students in 9 countries get loans

The loan will be available to students studying in the US, UK, Australia, Canada, Europe, Japan, Singapore, Hong Kong and New Zealand. Under this, loans ranging from Rs 7.5 lakh to Rs 1.5 crore are available. Students get this loan at 9.15% per annum while female students get this loan at 8.65% interest rate.

Repayment can be done after 6 months

You can also select a repayment option for this loan. You can pay 6 months after completing the course. Loans are available for a maximum of 15 years. The cost of this loan includes your travel expenses, tuition fees, exams, library and lab fees. Books, equipment, uniforms and computer fees are also included in the loan.

Get a loan for project work and study tour

You can get a loan of 20% of the total tuition fee for project work, study tour. You can apply for this loan online. For this you have to go to sbi's website (https://bank.sbi/web/personal-banking/loans/education-loans/global-ed-vantage-scheme) and click on Apply Now. Your loan is then approved before the I-20 visa. You get tax relief under section 80E of the Income Tax Act.

Must see marksheet of standard 10-12

Standard 10-12 marksheet is required for loan application. Also the result of the entrance exam will be required. Admission letter, offer letter, ID card of the university should also be given as proof. The cost of the course will have to be given in the schedule. You will also need to provide a Gap Certificate if you have dropped out in the meantime. Passport size photos of students, their parents and guarantors will be required.

If the loan is more than Rs 7.50 lakh, the guarantor will have to give an asset liability statement.

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Celery slip and Form 16 will be required

Those who are employed will have to provide a copy of the existing salary slip, Form 16 or IT return. Parents of the students, the guarantor has to give 6 months bank statement. Students, parents and guarantors can provide pen card, Aadhaar card, passport, driving license or water ID for identification. In this case, it is also valid if there is a guarantee of the property of a third party i.e. someone other than the parents of the student.

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