Education and Career Forum

how much loan i can get for engineering at what % ....pelase tell me

Dear
I think that you must be more clear and appropriate in asking your question........I think that you should ask your question regarding the loan from some bank.......The education loan offered in all the banks is not the same..........
Thankyou
Aishwarya Mehrotra

Dear Friend ,

If you want to get educational loan for pursuing engineering , then you can get a maximum loan of Rs. 7,00,000 if studying within India .

But if you are willing to pursue Engineering outside India , then you can get a loan upto Rs. 10 lakhs.

But to get educational loans , you must have to pursue engineering from reputed engineering colleges so that the banks will find no difficulty in passing the loan.

This is the information i have to the best of my knowledge regarding your query. Hope the information will help you to the extent you want.

sir, i have an problem that the bank officer told me that your 12th percentage is became under 60 %

Education loan is lifeline for students who can't afford the cost of higher education in India. By each passing year, higher education is becoming expensive in India. Finance is turning out to be issue for several students pursuing higher education.


There are very few government colleges in India considering the population of the country. It is not possible for each student with financial difficulties to get admission in government colleges. On the other hand private colleges are so expensive that several students can't afford them.


For such students education loan is the perfect way to pursue higher education without having to worry about the finances. And the best part is that you would not be putting the pressure of repaying the loan on your parents. Once you have completed the higher studies and gets the job, you would be able to pay the loan on yourself.


Now to answer your question, each bank has different limit for the education loan. Mainly banks offer somewhere between 10 to 15 Lakh for studying in India. You will have to check that with each bank separately. Mainly the Public Sector Undertaking banks offer loan up to 10 Lakh while some private banks like HDFC would offer education loan up to 15 Lakh.


As far the eligibility to obtain loan is concerned,it is always different for different banks. Therefore before applying for loan, you should check that with the bank.


Important Points

>> There is no percentage issue for obtaining loan.

>> To get loan you would have to show letter or any other document from the college verifying that you have been given admission.

>> Your college should be recognized by UGC/ AICTE etc.

>> You need to take admission via entrance exams like IIT-JEE/AIEEE/ISEET in the case of B.Tech.

>> You should be citizen of India.

>> Id Proof, address proof would require to obtain loan.

>> You will need a co-signer for the loan. The co-signer could be your parents/guardian etc.

>> Your co signer would be securing the repayment in case you are unable to repay it. The co-signer would need to show bank statements, tax returns for last 3-5 years etc.

>> Please rememeber that you can get loan up to 7 Lakh with the help of co-signer. But for loan greater than that you would have to secure loan with property.

>> You also need to check the interest rate of the banks. Some banks have higher interest rates in comparison to others. Mainly PSUs charge lower interest rates and given some relaxation for girls.

>> It is important to remember that banks are not going to give money to you but will pay the college directly. Usually banks pay fee after each semester. But they check the performance of the student as well. If you had 3-4 backs in the last semester exams then bank could very well decide not to pay for your education any more and you would be left in limbo.


>> The repayment of the loan starts 1 year after completing graduation or 6 months after getting the job, whichever happens first.

>> The loan has to be repayed in 5 to 7 years.

Loan can given based on the college fee structure.
Every year the bank will give the fee amount in the form of Demand Draft.
Most of the bank expect the students to score at least 75% of marks in your +2.

Some banks also expect the students to clear all the papers in the respective years,then only the loan amount for the next year will be given.

All The Best

There are many different banks offering loans so first decide which bank you want to take loan from and then contact from the respective bank.
HDFC BANK
Purpose: HDFC gives loans to students to partly meet their educational expenses / costs for pursuing specific higher educational courses at institutes approved by HDFC. Loans are given to students who are citizens of India. The student should have a consistently good academic record, and admission to an approved Educational Institute for pursuing a recognized course.

Eligibility: Students enrolled with an approved Educational Institute and desirous of availing the education loan can make an application, with the earning parent / guardian being the co-applicant to the loan. Currently, new entrants and existing students of only select leading national educational institutions are eligible to apply for education loans. Please check with your nearest HDFC Office for the list of approved institutions.

Amount of loan: Loans can be availed upto a maximum of 90% of the total cost as determined by HDFC. The costs would generally cover expenses incurred towards the course fee, library charges, hostel and mess charges, cost of books and equipment. HDFC lends upto a maximum of Rs. 2,00,000 on an Education Loan.

The period of the loan is determined on the merits of each case but would not exceed 5 years. The repayment can be accelerated on completion of the course, considering the earning capacity of the student. HDFC's main concern is to help individuals comfortably repay the borrowed amount.

Rate of interest
Loan Amount (Rs.) Rate of Interest - % p.a.
Upto 2,00,000 14.0


Contact :
Delhi Tel: 6103146, 6185944
Bangalore Tel: 2274600, 2219473
Chennai Tel: 8553838
Hyderabad Tel: 3233875
Kolkata Tel: 2478256
Mumbai Tel: 2820282

IDBI BANK
Purpose
IDBI has structured a loan facility for Professional / Management / Foreign University education.

Courses approved
Indian Universities
For Professional Courses i.e. B.E., B.Tech., M.B.B.S. Post Graduate Courses i.e. M.E., M.Tech., M.S., M.D., M.B.A., M.C.A., etc. recognized by AICTEFor part time / on-line distance learning courses (subject to terms & conditions)

Foreign Universities
For Graduate/Post Graduate/Research/Doctorate studies that insist on TOEFL, GRE, GMAT scores.

Eligibility
Indian Universities
For Graduate courses : at least 75% in the +2 stage.
For Post Graduate Courses : first class graduates.

Foreign Universities
Proof of TOEFL, GMAT, GRE score card, and 1-20 admit card.

Age of the applicant should not be more than 30 years for Indian Universities and 35 for Foreign Universities. Age of the parent / Guarantors should be below 55 Years. The annual income of the family should not be less than Rs. 3 lakhs.

Amount of loan
For Indian Universities, actual tuition and other fees, but not exceeding Rs. 5 Lakh for the entire duration of the course.

For Foreign Universities, considering that in addition to fees, there are travel / preparatory expenses, the loan amount shall not exceed Rs. 15 Lakh, in all.

Interest rates
Long term Prime Lending Rate + 1% p.a. + taxes
Processing Fees: Rs. 1000 at application, and Rs. 500 p.a. thereafter
Cost of documentation / legal expenses at actuals
Period of loans

Graduate Studies: Maximum moratorium period of 5 years including the actual duration of the course. After which the loan should be repaid within the next 3 years.
Post Graduate Studies: Moratorium period of 2 years i.e. the course duration. Loan repayment within the next 3 years.
No prepayment penalties levied
In fact, there are incentives for prompt repayment. Like refund of the entire processing fee, if not a single installment is missed/delayed.
GOOD LUCK