Top 5 Best Banks for Educational Loans in Kerala
India is offering a variety of loans for education purposes to meet the increasing cost of education. These loans are attained by the students who are aiming to achieve better education like professional or technical. Such loans are granted to medicine, engineering, management courses etc., either at the graduate or post-graduate level. The bank offers such loans for deserving students to get their dreams fulfilled which cannot be fulfilled due to lack of money. Certain banks which offers loans for educational purposes are as follows:
South Indian Bank Education Loan
South Indian Bank provides educational loans to students for pursuing higher education. The loans offered by SIB are as follows
This type of loan is granted for students who are seeking for the entrance of professional education in Kerala.
It is a type of loan provided for the students who are willing to have academic qualifications like IIM’s and IIT’s.
Vitjan Pradhan scheme
This type of loan is provided for students who are looking for professional academic qualification.
Union Bank provides education loan for students to pursue higher education,graduation, technical,professional,management courses. All citizens of India are eligible for such loan. SIB grants loans both inside and outside the country. Certain Diploma courses are not offered loans in outside the country. The loan amount consists upto Rs 10 lakhs in India and outside India it is about 20 lakhs.
SBI Educational loans
SBI provides educational loans for courses like graduation, PG courses, Government/AICTE. The rate of loan is Rs 10 lakhs and in abroad is Rs 20 lakhs . Documents are to be fulfilled for receiving the prescribed loan amount like education loan application form viz
- Mark sheets of last qualifying examination
- Proof of admission scholarship, studentship etc
- Schedule of expenses for the specified course
- 2 passport size photographs
- Borrower’s Bank account statement for the last six months
- Income tax assessment order, of last 2 years
- Brief statement of assets and liabilities, of the Co-borrower
- Proof of Income (i.e. Salary slips/ Form 16 etc)
The interest rate is about Base rate 9.75%.
Federal Bank Vidya Loan Scheme
Federal bank grants loans with two basic schemes like Special Vidya loan scheme provided to merit students to achieve education as the bank provides financial support based on terms and conditions as applied. Carrier Solutions loan scheme is granted for needy people who are in want of achieving higher education, vocational training courses, pilot training diploma and degree courses in aviation, hospitality, management courses. The rate of loan amount is of 0.50 to 25 lakhs. Minimum loan period is of 3 years and maximum is about 11 years and is repaid within 12 months after getting Job or 12 months after completion of the course.
Canara bank provides loans to economically weaker sections meritorious students. Department of Education, Ministry of Human Resource Development, Government of India has launched this interest subsidy scheme. The loans are granted from Scheduled banks for getting higher education after class 12 for students who are seeking Professional course granted in terms of (IBA) Indian Banking association. The loan is granted for weaker section students whose parents annual income is about Rs 4.50 lakhs. Rate of interest is determined as per RBI. repayment period takes about to 5 to 7 years.