Top 5 Best Banks for Educational Loans in Kerala

educational loans

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

South Indian Bank provides educational loans to students for pursuing higher education. The loans offered by SIB are as follows

  • Viyanidhi scheme

This type of loan is granted for students who are seeking for the entrance of professional education in Kerala.

  • SIB Excellence

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

union bank of india

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 Education Loan

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

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

Canara Bank

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.

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9 thoughts on “Top 5 Best Banks for Educational Loans in Kerala

  1. Pramod
    May 6, 2015 at 12:39 pm

    Sir,
    My kid is undergoing +2 and would like to go for MBBS in China for that i need bank loan upto15lac. Could you please give details from which bank in kerala(SBI/SBT/South Indian Bank) wil get the loan with low interest or can u tell me from which day we have to pay the interest back.

  2. princephilip
    August 21, 2013 at 5:25 am

    i want to knw the rate of intrst for education loan. whn i askd in north malabar gramin bank they told me that there is an intrst of 14.5% and it wil be calculated the day we take the money from the bank. is it so? Please give me a solution

    1. Anuja
      August 21, 2013 at 6:44 am

      Interest will be like 14 to 14.5%. But government is providing lot of subsidies. Please don’t take loan from local sahakarana banks. The government subsidies and offers not applicable for these banks. Please check in all the banks and make clarity.

  3. Ismail
    August 10, 2013 at 4:20 pm

    Sir, I completed my graduation,i wrote IELTS exam for studying abroad..i got 6.5 band score. I would like study MBA in Ireland..I need 10 lakhs for that..How can i get the education loan,if i am coming from a financially backward family..?

  4. Anna Kurien
    June 24, 2013 at 3:19 am

    Sir, I had this query. My parents have Rubber plantation on our land in kerala. And I need an educational loan for my higher studies abroad. I have heard that they do not take agricultural land as collateral security. Is that true? Is there any way I can procure a loan?

    1. lakshmi
      August 2, 2013 at 8:55 am

      sir i comleted my +2with 80% nw i would like to go for MBBS in China for that i need bank loan upto15lac from which bank in kerala i wil get the loan with low interest or can u tell me from which day we have to pay the interest back

  5. Muhammed Aneez
    June 23, 2013 at 2:03 pm

    Sir,I Aneez from an financially backward family from kerala.now i passed the keam entrance 2013.our plan is to take loan for my engineering.it may cost upto 4 lakhs.Is there any difficulties for getting loan?which bank is more suitable?sir kindly help me.its very urgent.waiting for your valuable advices.

  6. Anonymous
    June 3, 2013 at 4:47 am

    hi asir,
    Educational loan edukkuvanayi oro bankukarum avarude bank policy anusarichulla proof ayirikkum chodikkuka. ettavum nallathu ninagalkku loanedukkan thalparyamulla bankil anekshichal avar venda proof enthekkeyanennu paranju tharum. kudathe ethenkilum reputed aya oru collegeil admission eduthu, avide ninnulla admission proof kittiyal mathrame loan thuka ningalkku kaipattan sadikku. collegeil ninnum ella advisem avar nalkunnathanu. enkilum common ayi ella bankukalim avshyamulla chila document proof enthokkeyanennu parayam.
    1. karam adacha raseeth or kaivasha bhoomiyude adharathinte pakarppu
    2. ningal admissio edutha collegele admission details and total couse fee prof, fee recipts etc
    3. achante varshika varumanam kanikkunna or job salary proof, tax details if any
    4. previous all educational certificates and photo copies
    5. ninagulde recent passport size photographs
    6. ration card, a genuine bank account with adequate balance
    7. bank account details of co borrower( parants or guardian)

  7. mohammed asir k
    June 2, 2013 at 1:37 pm

    sir
    I want to know more about educational loans.
    What are the proof needed for this.I Want to study “B pharm” in kerala medical colleges such as kmct , alshifa ,etc. I have 80% mark in +2 puplic exam .
    Please help me

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