Education Loan
Education Loan
Are you seeking to establish your career in your ideal university or country but need more funds? No worries, HBCL covered your back. We provide money for your higher studies, so nothing stands between you and your success. Get loans in 4-5 working days with a minimum stake of 8% and ladder up your studies. Moreover, we have educational loans for domestic as well as international studies.
Various Education Loans for your Dream Success
- Several academic loans are available for a variety of educational programs. Student loans are available for diploma and certificate programs, skill-based programs, studying abroad, and other types of education, depending on the schooling niche.
- Regardless of the course, there are two substantial educational loans based on location.
- Domestic education loans are available for study within the nation's borders. The lenders will sanction the loan if the student has a guaranteed seat in an institution that satisfies the lenders' requirements after the borrower meets various eligibility requirements.
- Education Loan for Study Abroad - For academic programs outside the nation's borders. Like domestic education loans, the borrower must have a guaranteed spot in a college or university on the list of approved educational institutions for the loan to be approved.
In addition, there are a few additional categories into which the student loan can be divided. They consist of the following:
Based on the educational path
Additionally, loans are given by financial organisations or banks based on the choice of course the borrower chooses. The several kinds of course-based education loans are as follows:
- Graduate Student Loans: Students who wish to continue their education in Indian schools would be eligible for these student loans. Students who want to pursue postgraduate degrees are expressly eligible for these loans. The students must have finished their undergraduate degree in order to qualify for this loan.
- Loans for Undergraduate Education: These loans help students with the costs associated with pursuing undergraduate degrees. An undergraduate curriculum can last three to five years, after which the students have many work prospects.
- Loans for Professional Education: Many NBFCs and banking institutions offered loans to students who wanted to pursue a profession in education.
- based on a guarantee or the security of collateral
The following educational loans are offered with the use of guarantees or collateral:
- Loan against deposits: Education loans are available in exchange for gold, fixed or recurring deposits, as well as fixed deposits.
- Loan against property: Banks and NBFCs also offer student loans secured by movable properties including houses, apartments, farms, and other lands.
- The borrower may use college loans secured by debentures, bonds, or equity shares.
What is an education loan for study abroad?
A study abroad education loan is, as the name implies, a loan that can be used to pursue an educational programme overseas. There are a variety of possibilities accessible under the study abroad education loans depending on the type of course.
The Indian Education Loans are listed below.
- Loan for Undergraduate and Professional/Graduate Study
- Parent Loans for Career Education
- Loans for undergraduate students
- People who have completed their secondary education and want to enrol in a three- or four-year programme to improve their employment prospects can apply for undergraduate student loans.
Loans for Graduate and Professional Students
Students who want to pursue additional degrees or higher education at universities across the nation can apply for professional or graduate student loans. Before submitting an application for a graduate student loan, the student must finish an undergraduate course.
Loan For Career Education
Students who want to enrol in undergraduate career-oriented programmes at colleges and technical schools around the nation can apply for career education loans.
Lending to parents
These unsecured loans are available to parents of students who need them to cover expenditures associated with their child's education, such as tuition, living expenses, books, uniforms, and other charges like transportation. Parents who want to enrol their children in secondary schools, military primary schools, religious, private, or non-public institutions across the nation—as well as other adult relatives—can apply for the loan.
Features and benefits of education loans.
- For overseas students, the maximum loan amount is Rs. 1 crore, while for domestic students, the maximum loan amount is Rs. 50 lakh.
- 100% financing is possible under specific circumstances.
- Other costs, including laptop and travel costs for student exchanges, are covered by the funding.
- Foreign payments may be eligible for preferential exchange rates.
- After six months from the course completion date, the loan repayment period can last up to 12 years.
- Joint borrowers for the education loan should be the parents.
- Payable to educational institutions are fees.
- Examination, library, and lab fees.
- Travel and/or passage costs for international study.
- price for student loan borrowers' insurance, if applicable.
- Refundable security deposits, building funds, and caution deposits backed by institution invoices and receipts (total expense cannot exceed 10% of the loan amount).
- Purchase of textbooks, machinery, musical instruments, or uniforms (total cost cannot exceed 20% of loan amount)
- If buying a computer is necessary to finish the course, the cost shouldn't be more than 20% of the loan's total.
- any additional costs associated with finishing the course, such as study abroad trips, project work, theses, etc. (the overall cost cannot exceed 20% of the loan amount).
- Scholarships, fee waivers, etc., if any, should be considered when calculating the required loan amount for the student borrower.
Eligibility to education loans
HBCL tries their best to provide loans to every student and aims to establish their career nation or worldwide. However, for your successful career we also need to ensure some criteria.
- Must be resident of India
- Received a university's approval for admission or an invitation to enrol in a degree- or diploma-granting course there.
- Education: For an undergraduate programme and a postgraduate course, you need to have finished the 10+2 (12th standard).
- Graduate/post-graduate degree programmes as well as PG diploma programmes were offered by accredited colleges and universities that were recognised by the UGC, the government, the AICTE, the AIBMS, and the CMR.
- IIM, IIT, IISc, XLRI, NIFT, and NID courses are offered.
- regular degree or certificate programmes in fields like aviation, pilot training, and shipping
- If the course is pursued in India, a degree or diploma in nursing or another discipline must be approved by the Director General of Civil Aviation/Shipping/Indian Nursing Council or another regulatory agency, as the case may be.
Documentation requirements for education loans
| Educationals certificates |
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| Institutional documentation. |
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| KYC (know your customer) documents |
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| Income proof documents |
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| Passport size photographs | 2-4 |
Tax benefits on education loan
- Only the interest on your student loan that you paid during a given fiscal year is eligible for a tax deduction under Section 80E of the Income Tax Act. On the main repayment, you won't receive a tax break.
- Additionally, there is no cap on how much you can claim as student loan interest payments. You must get a certificate from the bank to prove this. Only eight years from the year you begin repaying the loan or until the interest is paid in full, whichever comes first, is the facility available.
- You can only collect Rs. 4,000 per month, for instance, if your education loan's total EMI is Rs. 12,000, of which Rs. 8,000 represents the principal and Rs. 4,000 represents the interest. You can therefore deduct Rs. 48,000 from your taxes for the financial year for the total EMI paid on the loan.
Repayment session
- After completing the course, HBCL gives borrowers a grace period of six months to find a job they can handle and begin the payback procedure. The lender may have a different grace period. Once you find employment during this time, you can begin the EMI repayment process.
- We will have a word with you and recommend an EMI based on your monthly income. You can begin making the monthly payments if you accept this recommendation. If not, you can haggle over the price. In any event, the longest permissible repayment period is often eight years.
Easy Loan Approval with HBCL Finance.
Apply Today
Fast and Easy Loan Approval with HBCL Finance.
Apply Today
EMI Calculator For Education Loans
In order to avoid financial difficulties and to receive a suitable home loan, you must evaluate your ability to repay the loan when you decide to apply for one. In this sense, the EMI Calculator is a valuable tool for figuring out the EMI (equated monthly instalment) of a housing loan. It is an easy-to-use calculator that is available for free and can be used from any location at any time to determine your required monthly payments. To get an accurate result, the House Loan EMI Calculator needs a little information about your home loan, such as the loan amount, interest rate, and repayment period.
Loan Amount
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10K
12.5L
25.0L
37.5L
50.0L
62.5L
75.0L
87.5L
1Cr
Rate Of Interest
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8%
12%
16%
20%
Tenure
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yr
5yr
10yr
15r
20yr
EMI Schedule
| Year | Opening Balance | Interest | Principal | Closing Balance |
|---|---|---|---|---|
| 2023 | ₹ 50,00,000 | ₹ 1,11,917 | ₹ 78,097 | ₹ 49,21,904 |
| 2024 | ₹ 49,21,904 | ₹ 4,29,558 | ₹ 3,30,495 | ₹ 45,91,408 |
| 2025 | ₹ 45,91,408 | ₹ 3,98,556 | ₹ 3,61,499 | ₹ 42,29,910 |
| 2026 | ₹ 42,29,910 | ₹ 3,64,645 | ₹ 3,95,411 | ₹ 38,34,500 |
| 2027 | ₹ 38,34,500 | ₹ 3,27,553 | ₹ 4,32,500 | ₹ 34,01,999 |
| 2028 | ₹ 34,01,999 | ₹ 2,86,982 | ₹ 4,73,073 | ₹ 29,28,926 |
| 2029 | ₹ 29,28,926 | ₹ 2,42,604 | ₹ 5,17,451 | ₹ 24,11,475 |
| 2030 | ₹ 24,11,475 | ₹ 1,94,063 | ₹ 5,65,992 | ₹ 18,45,484 |
| 2031 | ₹ 18,45,484 | ₹ 1,40,969 | ₹ 6,19,086 | ₹ 12,26,399 |
| 2032 | ₹ 12,26,399 | ₹ 82,896 | ₹ 6,77,159 | ₹ 5,49,239 |
| 2033 | ₹ 5,49,239 | ₹ 20,801 | ₹ 5,49,239 | ₹ 0 |
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Your EMI
₹ 63,338
9 % interest
per anum
Apply Now
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₹ 26,00,546
Total Interest.png)
₹ 76,00,546
Principal + InterestLoan Amount -
₹ 50,00,000
₹ 50,00,000
Total Interest -
₹ 26,00,546
₹ 26,00,546
Analysis of education loan
- After the course duration, there is a maximum 15-year repayment period plus a 12-month repayment holiday.
- the processing fees
- Loans up to 20 lac rupees: 0
- Loans greater than Rs. 20,000: Rs. 10,000 (plus taxes)
- Only the parent or guardian may co-borrow up to Rs. 7.5 lacs in security. No collateral security or assurance from a third party
- Parent or guardian as co-borrower and tangible collateral security for loans beyond Rs. 7.5 lacs
- Margin Above Rs. 4 Lacs: 5% for in-country studies, 15% for out-of-country studies Margin Up to Rs. 4 Lacs: Nil
- One year after the course is over, the repayment period will start.
- Loan payments will begin 15 years after the loan was obtained
- If a second loan is later obtained for further study, the aggregate loan balance must be repaid in 15 years following the completion of the second course.
Top Indian banks and their interest rates
| PNB | 8.30% onward | Up to 1% of loan amount |
| SBI | 8.30% onward |
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| Axis Bank | 13.70% to 15.20% | 2.00% of the loan plus GST |
| Bank Of Baroda | 8.85% onward | No processing charges up to Rs 7.50 lakh 1% of loan amount up to rs 10,000 |
| HDFC Bank | 9.55% to 13.25% (fulltime course) 12.75% (part time) course | up to 1% of loan amount or minimum of rs 1000 (which ever is more) or Abroad/ part Time / Special Initiative cases |
Education Loan EMI calculator
EMI calculator is available on HBCL to help you track down monthly EMI of your loan amount once you start working. All you have to do is mention the total loan amount, tenure of loan completion and interest rate.
What we serves in education loans
- Decreased interest rates:We have the answer if you wish to reduce your overall cost. Compared to your present supplier of education loan financing, we offer interest rates that are up to 100 basis points lower.
- Low-cost EMIs:When you choose college loan refinancing, you can pay manageable monthly instalments because the rates are lower and the terms are longer.
- Flexibility in Repayment:Longer student loan refinance terms and flexible payment options are available at HBCL. Which payment plan works best for you and your money is entirely up to you.
- Top-Up for Current Loans:With our top-up loans, we may assist you if you require additional funding.
- Transfer of Funds:You need not fear if you are studying or working overseas. As part of your payback, we accept international wire transfers.
- Transparent Method:We pledge to be completely open and honest. Every step of the way, we'll keep you informed, and we'll be transparent about all fees and conditions. No negative shocks will arise afterwards.
- Suitable Service:Our experts offer door-step assistance if you want to meet in person. We'll arrive with all the paperwork you require and guide you through the entire process.
- Money to cover switchover fees:We can provide the money for any switchover fees you could incur while refinancing your student loan for HBCL.