What is the maximum amount of education loan in India?

One of the most vital questions that you may wonder about is the amount of the educational loan. In general, you can get up to 4 lakhs of educational loan for higher studies without any collateral. Under education loan scheme, you can get a maximum of 15 lakhs for studies in India and more 25 lakhs for abroad studies.

Can I get 50 lakhs education loan?

ICICI Bank presents education loans up to Rs 50 lakh for your educational requirements in India and up to Rs 1 crore for overseas. Visit the nearest ICICI Bank branch, fill the form and get started with your loan approval process.

Can I get 40 lakhs education loan in India?

Amount: You can borrow any amount as per your need. The maximum loan amount will vary depending on several factors such as the college, the course, collateral, etc. … Axis Bank, for instance, offers up to Rs 40 lakh without any collateral security.

Can I get 20 lakhs education loan?

Collateral Required for Education Loan

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According to RBI, the maximum amount eligible for a study loan for courses in India is Rs. 10 lakhs while for studying abroad, it is Rs. 20 lakhs.

Which bank is best for education loan?

Compare Top Education Loan Offers 2021

Education Loan Schemes Interest Rate (p.a.) Loan Amount
Bank of Baroda 6.75% to 9.85% Up to 4 Lakh and above
HDFC 9.45% to 13.34% Max Apr
Tata Capital 10.99% onwards Up to 30 Lakh
Union Bank of India 8.80% to 10.05% Need-based finance

How much loan I can get if my salary is 60000?

However, if you are deliberating on the loan amount with how much loan I can get on a 60,000 salary, the approved amount should be close to Rs. 16.20 lakhs.

Multiplier Method.

Salary Expected Personal Loan Amount
Rs. 40,000 Rs. 10.80 lakhs
Rs. 50,000 Rs. 13.50 lakhs
Rs. 60,000 Rs. 16.20 lakhs

Can I get a 30 lakh education loan?

Under SBI’s offering, Indian students can apply for term loans up to ₹ 30 lakh for pursuing higher education in select 120 premier institutions in the country – including Indian Institute of Management – Ahmedabad, Indian Institute of Management – Bangalore, Indian Institute of Technology – Mumbai and Indian Institute …

Can I get 2 lakh education loan?

Varied loan amounts: Banks can offer loans anywhere between Rs. 2 lakhs and Rs. … Easy repayment: Also, another great advantage of education loan is that the loan amount need not be repaid immediately. The repayment tenure can extend up to 5 to 7 years after the completion of the course.

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Can we get 40 lakhs education loan?

The max. education loan amount offered by Axis Bank is INR 40 Lakhs without collateral and INR 1 Cr. with collateral.

How is education loan EMI calculated?

You can calculate your education loan EMI amount with the help of the mathematical formula: EMI amount = [P x R x (1+R)^N]/[(1+R)^N-1] where P, R, and N are the variables. … As EMIs are paid each month, the duration is calculated in the number of months.

Can I repay education loan early?

As education loans run for as long as 15 years, the interest liability can be much more than you could think of. But you can pay off the loan early to reduce interest payments. Paying off education loans before the scheduled close can be difficult. But if you plan your loan payment, you can do it.

Is education loan a good idea?

In either case, an education loan is a good idea and a commonly sought after resort. Pursuing higher studies usually involves high fees and an education loan comes in handy at this point. Banks provide education loans for graduation/PG, diploma or professional courses, at attractive interest rates.

Can I get 1 crore education loan?

The private sector lender ICICI Bank today launched ‘Insta Education Loan‘ where customers will get an instant approval of education loans of up to ₹1 crore. … With ‘Insta Education Loan’ facility, the borrower can generate the sanction letter within just few minutes.

How much percentage is required for education loan?

Loan Margin: 15% for education loans above Rs. 20 Lakhs.

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