Education and Career Forum

Hello Sir,
I am studying B.Tech in AICTE approved Engineering college in Patna. I want to apply for an Education Loan. How can I get an Education Loan? And can someone tell me what is interest rate? Please reply to me immediately.

Procedure to get education loan :-

- Get the prospectus of your engineering college and the fee structure of the concerned college.
- Approach any bank near your residence from which you want to seek loan.
- Have a discussion with the branch manager concerning the education loan.
- Get to know the details of education loan scheme and put forward your loan request.
- If positive response from bank, act as per bank's instructions to get your loan sanctioned.

The interest rate fluctuates from time to time as per orders from Reserve Bank of India. Usually the rate of interest fluctuates between 13-14.5 percent and the interest is computed as simple interest for the entire study period.

Yes, you can apply for education loan if you have got admission through entrance exam in a recognized institute or college. You need a guarantor and a reference letter from college to get your education loan sanctioned.

For loan up to 4 lacs the interest rate is 11.25%. For loans above 4 lacs interest rate will be more. Repayment of loan will start after one year of course completion or after six months of getting the job ( whichever is earlier).