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About Education loan
Education Loan Interest Rates* from various Banks/Financial Institutions
State Bank of India9.70% - 13.45%
Bank of Maharashtra11.25% - 12.50%
HDFC Bank12% - 13%
Central Bank of India11.45% - 11.95%
IDBI Bank10.75% - 13.25%
Canara Bank11.60% - 13.60%
Axis Bank15.00% - 16.50%
Indian Overseas Bank11.45 - 12.95%
Credila11.75% - 13.25%
Punjab National Bank10.00% - 13.00%
Education Loans have been a big market with the students looking out for finances to pursue higher studies. Banks offer education loans to meritorious and deserving students. These loans have helped boost careers and given people a chance to pursue higher education. Banks have certain criteria for applicants to meet before they loan money for any purpose.
Way2Loans is tied up with various banks that can offer best services for Education Loan, according to your requirements and makes sure the process is smooth for you.
Typical Eligibility Criteria
You must be employed by your current organization or should be involved in your business for certain number of years. The requirement changes from bank to bank.
You should have the monthly repaying capacity after all your expenses and expenditure. Few banks also ask for minimum salary to sanction you a loan.
Credit score is calculated by credit rating agencies by aggregating your financial information from various banks. You will need a good credit score for getting your loan sanctioned.
Your existing EMIs decide your repayment ability of the loan. You should not have any other loan liabilities or you must have surplus of sufficient funds with you every month repay a new EMI.
Signed Application Form, Recent Photo Copy, Identity Proof, Age Proof, Proof of Address, Last 3 months salary slip, Bank account statements, Property Documents, Highest Educational qualification photo copies (Graduation, Post-graduation etc., ), Passport/ visa copy.