Interest Rates

The interest rate is fixed at (base rate + 2%) for all loan amounts.

Charges

Other allied charges have not been disclosed on the website.

Flexibility

• Eligibility: To avail the education loan from Central Bank, the student should be an Indian citizen having a secured admission to professional / technical courses, through entrance test/ selection process.

• Loan Amount: The maximum amount sanctioned under educational loan would go up to Rs 10 lakh for studies in India and Rs 20 lakh for studies abroad. Computers purchased from the loan amount will be hypothecated with the bank.

• Repayment options:

1. Repayment to commence 12 months after completion of studies or 6 months after securing job, whichever is earlier.
2. The maximum period of repayment can go up to 5-7 years.

• Margin is the percentage of study cost that borrower has to pay. There is no margin applicable for loan amount up to Rs 4 lakh; whereas for loans worth above Rs 4 lakh, 5 per cent of the study cost has to be paid by borrower for studying in India, and 15 per cent for studying abroad. Scholarship, if any, may be included in the 15 per cent amount.

• Time taken for processing: The bank will take around 7 to 10 days to process your application and revert back on the status of the same.

• Security:

1. Co-obligation of parents/ guardian/ parent-in-law/ spouse will work for loan of up to Rs 4 lakh.
2. Co-obligation of parents/ guardian/ parent-in–law/ spouse along with the collateral security in the form of suitable third-party guarantee will be applicable for loans between Rs 4 lakhs and Rs.7.50 lakhs.
3. Co-obligation of parents/ guardian/ parent-in–law/ spouse along with tangible collateral security of suitable value, and the assignment of future income of the student for payment of installments will be taken as security for loans worth more than Rs 7.5 lakhs.

• Special options: One per cent interest concession will be given, if the interest is serviced during study period, i.e., repayment holiday. Interest is calculated at simple basis during repayment holiday/ moratorium period. In addition, half per cent rebate will be given on interest rates to women applicants, SC and ST applicants, and applicants having secured admission to IITs and IIMs.

Example

Other Details

• Pre-Sales Information: The website does not contain detailed information about the terms and conditions applicable to the loan. Charges, other than the processing fee, have not been disclosed. Apart from this, the documents required to apply for loan are not mentioned on the website. You can download the forms from the website and have to visit the branch nearest to you to apply for loan.

• Customer Support: Customer care numbers, dedicated to loan customers, have not been mentioned on the website. In case you have complaints, you can fill the online form available and get in touch with the bank authorities.    

Documents Required

Not disclosed on the website.

Ratings

Interest Rates

The interest rate will vary from 19% to 24%, on case to case basis.

Charges

Flexibility

• Eligibility: To avail Fullerton personal loans, the applicant should be able to between 21-60 years of age, having a minimum of three years of work experience with the following condisions:

1. Should have stayed in the current job for more than 6 months.
2. The minimum net monthly income of the applicant should be Rs 12,500.

• Loan Amount: The minimum loan amount availed under personal loan from Fullerton is Rs 1 lakh, with the maximum cap of Rs 5 lakh.

• Repayment options: The loan amount can be paid within 1-4 years.

• Time taken for processing: The turn-around time taken by the company to process your loan application is around 6 days.

Example

Loan amount: Rs 3 lakh

Interest rate: 20%

Tenure in months: 36 months (3 years)  

EMI calculated: Rs 11,149

You end up paying: Rs 4,01,367

Other Details

• Pre-Sales Information: The website has some technical issues due to which personal loan detail display page is not functioning. Information can be obtained from the customer care executives. Other than that, you can leave your number through an SMS with the sales executive and they will contact you on their own.

• Customer Support: The internet displays some complaints about the operational and transactional issues along with long turn-around time that the company takes to process loan applications.

Documents Required

Ratings

Interest Rates

Charges

Charges have not been disclosed on the website.

Flexibility

• Eligibility: Education loan of IDBI bank can be availed for all graduate and post-graduate courses. Apart from this, special courses such as aeronautics, pilot training, shipping etc., approved by Director General of Civil Aviation/ Shipping will also be funded.

• Loan Amount: The maximum loan amount allowed under this loan scheme is Rs 10 lakh for studying in India and Rs 20 lakh for studying abroad, which would cover fee payable to the institution for examination, library and laboratory fee, hostel fee, purchase of books, equipment and instruments, personal computers, laptops, caution deposit, building fund, refundable deposit supported by institution bills receipts, and any other expenses required to complete the course like study tours, project works, thesis, etc.

• Repayment options:

1. The loan has to be repaid within 5-7 years after the completion of repayment holiday.
2. Repayment holiday is course period + 1 year, or 6 months after getting the job, whichever is earlier.

• Margin is the percentage of study cost that borrower has to pay. There is no margin applicable for loan amount up to Rs 4 lakh; whereas for loans worth above Rs 4 lakh, 5 per cent of the study cost has to be paid by borrower for studying in India, and 15 per cent for studying abroad. Scholarship, if any, may be included in the 15 per cent amount.

• Time taken for processing: The loan will be processed within 10 to 12 days.

• Security: Security is required for loans of above Rs 4 lakh. For loans worth Rs 4-7.5 lakh, third-party guarantee is required; however, for loan amount higher than this, collateral security in the form of land/ building, whose minimum value is 1.33 times the loan amount will be sought by the bank.

 Government securities, public sector bonds, units of UTI, NSC, KVP, LIC policy, gold, shares, debentures, bank deposit in the name of parent, guardian, or co-applicant will also be accepted. The minimum value should be 1.1 times of the amount of loan.

• Special options:

1. 50 bps discount in interest rates will be given to girl applicants.
2. 50 bps discount in interest rates will be applicable for physically challenged applicants.

Example

Other Details

• Pre-Sales Information: Charges and documents required have not been disclosed on the website. Other information is adequate.

• Customer Support: There are a very small number of complaints on internet and most of them concern wrongfully deducted charges.

Ratings

Interest Rates

Charges

Charges have not been disclosed on the website.

Flexibility

• Eligibility: Eligibility will be decided on the basis of financial stability of the customer.

• Amount: Up to 80% of the cost of property can be funded on basis of repayment capacity of the customer.

• Tenure: Tenure can be stretched up to a maximum of 20 years, and restricted to age of retirement of the applicant.

• Time taken for processing: The time taken by Indiabulls to process loans is less as per the industry standards, but documentation is hassled.

• Special options:

1. Approval of loan, even if, property is yet to be selected.
2. Special rates would be offered to corporate clients.
3. Online access of loan account will be given.

Example

Other Details

• Pre Sales Information: Pre-sales information is not detailed on the website of the company. Important information, such as, interest rates, and other processing charges have not been disclosed. Apart from this, other important information such as eligibility criteria has also not been dealt with detail.

• Customer Support: The website contains adequate contact information. However, the company does not fare well on the customer support front. There are various complaints registered against it, which talk about sales staff not replying to inquiries of customers. Also, some complaints deal with bogus cheque bounce cases.

Documents Required

Ratings

 Interest Rates

Charges

Charges have not been disclosed on the website.

Flexibility

• Eligibility: To avail education loans from Indian Bank, the applicant should be an Indian, having a secured admission to the professional or technical courses, in India or abroad, through entrance test or merit based selection process.

• Loan Amount: The maximum amount sanctioned under educational loan would go up to Rs 10 lakh for studies in India and Rs 20 lakh for studying abroad. Higher loan can also be considered in deserving and meritorious cases.

The loan amount will cover cost of education covering fee payable to college, hostel, exam fees, purchase of books, equipment, travel expenses, passage money for studying abroad, purchase of computers essential for completion of the course, etc. Caution deposit, building fund/ refundable deposit, supported by institution bills/receipts, subject to a maximum of 10 per cent of total tuition fees for the entire course will be provided. Insurance premium for student borrower will also be provided.

• Repayment options: The repayment of the loan can go up to 5-7 years after the repayment holiday. It will start from (course period + 1 year) or 6 months after getting a job, whichever is earlier.

• Margin is the percentage of study cost that borrower has to pay. There is no margin applicable for loan amount up to Rs 4 lakh; whereas for loans worth above Rs 4 lakh, 5 per cent of the study cost has to be paid by borrower for studying in India, and 15 per cent for studying abroad.

• Time taken for processing: The bank would take 10 to 12 days to process the loan applications and get back to you with its status.

• Security:

1. For an amount up to Rs 4 lakh, no security is required.
2. For an amount between Rs 4 lakh and Rs 7.5 lakh, third-party guarantee is required.
3. For an amount above Rs 7.5 lakh, co-obligation of parents or guardians together with collateral security of suitable value and assignment of future income of the student for payment of installments will be required.

• Special options: The discount of 0.50% on interest rate would be applicable for girl students.

Example

Other Details

• Pre-Sales Information: All information is available on the website, other than the allied charges for processing of the loan. You can apply online for the loan and also can download the forms for submitting in the bank branches. Loan will only be considered from the branch nearest to your residence.

• Customer Support: The bank fares poorly on the parameter of processing loans. There are operational issues and complaints regarding the long processing time taken by the bank. Also, in some cases, the bank has denied giving loan for expenses other than the tuition fees.

Documents Required

Rating

Interest Rates

Charges

Flexibility

• Eligibility: To avail education loans of PNB, the applicant should be an Indian citizen, having a secured admission to professional or technical courses in India or abroad through entrance test or merit-based selection process.

• Loan Amount: The maximum amount sanctioned under educational loan would go up to Rs 10 lakh to study in India and Rs 20 lakh to study abroad. The amount shall include fee payable to college for tuition, examination, library, laboratory, purchase of books, equipment, instruments and uniforms, travel expenses, passage money for studying abroad, purchase of computers, insurance premium for student borrowers, boarding and lodging expenses in recognized boarding houses or private accommodations. Apart from this, any other expense required for completing the course like study tours, project work, thesis, etc. will also be provided. Caution deposit, building fund, refundable deposit supported by institution bills and receipts will be provided, if it does not exceed 10 per cent of the total tuition fee for entire course.  

• Repayment options:

1. The loan amount can be repaid in up to 5- 7 years after the repayment holiday.
2. Repayment will start from course period + 1 year, or 6 months after getting a job, whichever is earlier. Extension of time for completion of course may be permitted for a maximum period of 2 years.

• Margin is the percentage of study cost that borrower has to pay. There is no margin applicable for loan amount up to Rs 4 lakh; whereas for loans worth above Rs 4 lakh, 5 per cent of the study cost has to be paid by borrower for studying in India, and 15 per cent for studying abroad.

• Time taken for processing: The bank may take longer than the industry practice of 10 to 15 days, for processing of loan application.

• Security:

1. For loan amount up to Rs 4 lakh, no collateral security is required. Only co-obligation of the parent or guardian will work.
2. For loan amount between Rs 4 lakh and Rs 7.5 lakh, no collateral security is required. Co-obligation of the parent or guardian and additional third-party guarantee will work as security.
3. For an amount above Rs 7.5 lakh, co-obligation of parents or guardians, along with collateral security of suitable value will be taken.

• Special options:

1. 1 per cent concession will be given in interest rate, if the interest is serviced during study period.
2. Discount of 0.50 per cent in rate of interest is permitted to women beneficiaries for loans up to Rs 10 lakh to study in India and Rs 20 lakh to study abroad.
3. Discount of 0.50% in rate of interest permitted to students of IITs, IIMs, RECs, NITs, ITs, government recognized medical colleges, FMS Delhi, MDIGurgaon, and XLRI Jamshedpur.

Example

Other Details

• Pre-Sales Information: All information is easily accessible for customers to go through. Information on interest rate and some allied charges is also been given on website. Even the application of allied charges is not clear.
• Customer Support: You can apply online for the loan. For getting in touch with the bank for any type of queries, you will have to approach a branch. The customer care support system is not in place. The website displays the contact numbers and email addresses of heads of respective divisions only. No toll-free contact numbers have been provided.

Documents Required

1. Loan application on bank's format.
2. Passport size photograph
3. Proof of Address (Permanent) / ID Proof.
4. Proof of Age.
5. Proof of having secured pass marks in last qualifying examination.
6. Letter of admission in professional, technical or vocational courses.
7. Prospectus of the course, wherein charges like admission fee, examination fee, hostel charges, etc., are mentioned.
8. Details of assets & liabilities of parents.
9. Photocopy of passport & visa, in case of study abroad.

Ratings

Interest Rates

Reliance provides home loans at the floating rate of 10.25%.

Charges

Flexibility

• Eligibility:

1. Applicant should be minimum 21 years of age.
2. Should have a business/ service continuity and a stable income source.
3. Should have residency stability
4. Minimum Gross Annual Income should be Rs 2 lakh.
5. Salaried, Self-employed professional and Self-employed non-professional can apply for home loan in Reliance Commercial finance.

• Loan Amount: The maximum amount that Reliance commercial finance may finance is up to 90% of the cost of the property. It will depend on the repayment capability of the individual.

• Repayment options: Any tenure between 3 and 20 years can be selected by the individual.

• Time taken for processing: According to the official website, a maximum of 2 working days will be required to process the loan.

• Special options: In case, a customer does not have any proof of income, the loan will be sanctioned on basis of clean repayment track record, under the special scheme of document waiver.

Example

Other Details

• Pre-Sales Information: Pre-sales information is adequately available on the website of the company. Additionally it is also available with the customer care and the sales staff.

• Customer Support: The website consists of a grievance redressal policy and the details show the company’s inclination towards customer satisfaction.

Documents Required

Individual

1. Application form
2. Passport copy/ PAN card/ Ration card
3. Passport sized photographs of all applicants/ co-applicants
4. Latest Form 16 and 3 months’ salary statement
5. Latest 6 month bank statement
6. Repayment track record, if any

Sole Proprietor/ Partnership / Pvt. Ltd. Company

1. Application form
2. Passport copy/ PAN card/ Ration card
3. Passport sized photographs of all applicant/ co-applicants
4. Certified copies of MOA/ AOA /Partnership deed
5. Repayment track record
6. 2 years’ audited financials
7. 2 years’ ITR of directors/ partners
8. 6 months bank statement of main operating account
9. Professional qualification certificate, in case of doctors/ CAs/ lawyers/ architects.

Ratings

Interest Rates

The education loan is available on 1.25 per cent lesser than the BPLR rates.

Charges

Flexibility

• Eligibility: To avail the education loan of Vijaya Bank, the applicant should be an Indian citizen having a secured admission in the professional/ technical course through entrance test or merit-based selection procedure.

• Loan Amount: The maximum amount sanctioned under educational loan could go up to Rs 10 lakh for studies in India and Rs 20 lakh for studies abroad.

This amount would include hostel, boarding fees, including caution deposit and building fund, books, stationery and equipment required for the course like computers, examination, library and laboratory fees. In addition to this travel expenses for studies abroad will also be covered.

• Repayment options: The repayment period can range between 5-7 years for loan taken for studying in India, and 5-10 years for loan taken for studying abroad. The repayment period will start after the repayment holiday/ moratorium period, which is course period + 1 year, or 6 months after getting a job, whichever is earlier.

1. The extension of time for completion of course may be permitted for a maximum of 2 years.
2. For Pilot Training Programme, loan is to be repaid within 5 years after commencement of repayment period.

• Margin is the percentage of study cost that borrower has to pay. There is no margin applicable for loan amount up to Rs 4 lakh; whereas for loans worth above Rs 4 lakh, 5 per cent of the study cost has to be paid by borrower for studying in India, and 15 per cent for studying abroad.

• Processing Time: The bank may take longer than the industry practice of 10 to 12 days for processing of the loan.

• Security:

1. For amount up to Rs 4 lakh, no collateral security is required. Only co-obligation of the parent or guardian will work.
2. For loan amount between Rs 4 lakh and Rs 7.5 lakh, co-obligation of the parent or guardian and an additional third-party guarantee will be taken as security.
3. For loan amount above Rs 7.5 lakh, co-obligation of parents or guardians along with collateral security of suitable value will be taken as security.

• Special options:

1. 1 per cent concession in the interest rate will be allowed, if the interest is serviced during the study period.
2. Discount of 0.50% in rate of interest will be permitted to women students.

Example

Other Details

• Pre-Sales Information: Adequate information is present on the website, other than required documents. Other than this, you will have to visit the branch as there is no option for applying for loan online. For loan customers, contact numbers of head-office in Bangalore are provided. Alternatively, you can mail at the address given on the website and ask for information.
• Customer Support: There are service-related complaints on the internet, which reflect that there are operational and transactional issues with existing customers. The turn-around time to process loans is also very long.

Ratings

 Interest Rates

Charges

There are no processing and service charges application on education loans.  Other charges are not been disclosed by the bank.

Flexibility

• Eligibility: For admission in graduate courses, the applicant should be between 18 to 25 years; however, the age can be extended to 28-30 years for SC/ST candidates. Similarly, to get admission in post-graduate courses, the applicant must be between 21-28 years, which can be extended to 30-33 years for SC/ST candidates.

• Amount: The maximum amount sanctioned under educational loan could go up to Rs 10 lakh for studying in India and Rs 20 lakh for studying abroad.

Loan amount includes hostel fees, boarding fees including caution deposit and building fund, books, stationery and equipment required for the course, including computers, examination, library and laboratory fees. In addition to this, travel expenses for studying abroad will also be covered.

• Repayment options: The loans can be repaid anytime between 5-7 years after commencement of repayment period, which will start after course period +1 year, or 6 months after getting job, whichever is earlier.

• Margin is the percentage of study cost that borrower has to pay. There is no margin applicable for loan amount up to Rs 4 lakh; whereas for loans worth above Rs 4 lakh, 5 per cent of the study cost has to be paid by borrower for studying in India, and 15 per cent for studying abroad.
• Time taken for processing: The processing time may go up to 20 to 25 days.

• Security is required for loans worth more than Rs 4 lakh. Here, collateral securities by way of suitable third-party guarantee or tangible security equivalent to loan amount will be taken by the bank.

• Special options: 1% interest concession may be provided, if the interest is serviced during moratorium period.

Example

Other Details

• Pre-Sales Information: Documentation has not been disclosed on the website. Charges other than processing and service fee, if any, have also not been disclosed on the website. Toll-free helpline has been provided for resolution of loan queries, along with the e-mail address of the query resolution centre.
• Customer Support: You can also contact the centralized processing centre of the bank, instead of branch office, for faster processing of your loan application. Also, the facility of applying online and downloading the loan application forms is there on the official website of the bank.

Ratings

Interest Rates

Charges

Flexibility

• Eligibility:

1. The borrower/ student should be an Indian national.
2. Student should be having a secured admission to professional/technical courses in India or abroad.
3. Student should be having a good academic career.
4. Student should not be having an outstanding education loan from any other bank.
5. Courses not approved by AICTE, will not be covered.

• Loan Amount: The maximum loan amount available under this loan scheme is Rs 10 lakh for studying in India and Rs 20 lakh for studying abroad. The sanctioned amount consists of fee payable to college including hostel, examination, library and laboratory fee, purchase of books, equipment and instruments, caution deposit, building fund, travel expenses, purchase of computer, insurance cover and other allied expenses.

• Repayment options

1. Repayment will start after course period + 1 year, or 6 months after getting job, whichever is earlier.
2. The tenure will be fixed between 5 to 7 years.

• Margin amount is the amount paid by borrower. The margin amount applicable here is:

1. Up to Rs 4 lakh: Nil
2. Above Rs 4 lakh: 5 per cent for studying in India, and 15 per cent for studying abroad.

Scholarships, if any, could also be included in margin. Margin is to be brought in on year to year basis, as and when disbursements are made.

• Time taken for processing: The official time taken for the processing of loan, mentioned on the website of the bank, is 10-15 days.

• Guarantee

1. No security is required for loan amount up to Rs 4 lakh
2. For loan amount between Rs 4 lakh and Rs 7.5 lakh, third-party guarantee and assignment of future income is required (in the form of post-dated cheques).
3. For loan amount above Rs 7.5 lakh, collateral security equal to 100 per cent of the loan amount, along with assignment of future income is required (in form of post-dated cheques).

• Special options

1. Special interest rates for students being admitted into IITs will be considered.
2. Interest rate concession for women students, up to 1 per cent depending on the loan amount, is available.
3. 1 per cent concession on interest will be given, if it is serviced during moratorium period, i.e., the period in which the student was not bound to pay.

Example

Other Details

• Pre-Sales Information: Adequate sales information has been provided on the website in clear format.
• Customer Support: The customers care facility is available only during 6 working days from 6 am to 11 pm. You can apply online for education loan. Complaints and grievance policy is present on the website. There are not many complaints about Bank of India, other than delay in funds transfer.

Documents Required

No documents have been disclosed on the website.

Ratings