What is the interest rate of education loan in UCO Bank?
UCO Bank Education Loan Scheme Interest rate: 9.30% p.a. to 9.70% p.a. Collateral: For loans up to Rs. 7.5 lakh: No collateral.
Can I get 2 lakh education loan?
Applicable for all courses: Education loan can be used to pursue all types of courses — graduation, post-graduation, diploma courses, vocational courses — whether in India or in foreign universities. Varied loan amounts: Banks can offer loans anywhere between Rs. 2 lakhs and Rs. 22 lakhs for studying in India.
Will Education loan get 100%?
However, you can get an education loan without pledging any security. There is no margin requirement if you apply for a loan within this limit through a scheduled commercial bank under the CGFSEL scheme. It means that the bank can finance up to 100 percent of the loan, if the loan is up to the limit of Rs 7.5 lakh.
How do I get an interest-free education loan?
However, can education loans in India be actually interest-free? The answer is no. Or at least, technically, you cannot avail of an interest-free education loan unless you have availed some economic benefits or academic subsidies from either the government or your institution.
Is interest charged during moratorium period in education loan?
It is important to note that this moratorium period is not interest-free. Simple interest is charged by banks for the entire duration. Borrowers of an abroad education loan are expected to repay this interest in addition to the educational loan amount in the form of easy monthly installments.
Is education loan free of interest?
– No, education loan is not interest-free in India. However, student loan without interest is a possibility in India with scholarships and subsidies. You can negate the effect of interest on your education loan by availing 0% interest scholarships or subsidies with Government subsidy schemes.
What is the maximum amount of student loan?
The maximum amount you can borrow depends on factors including whether they’re federal or private loans and your year in school. Undergraduates can borrow up to $12,500 annually and $57,500 total in federal student loans. Graduate students can borrow up to $20,500 annually and $138,500 total.
Does education loan need security?
All banks and NBFCs require parents to be join-borrowers on an education loan. For loans up to Rs. 4 Lakh, no collateral is required.