Education Loan in Tamilnadu : The main focus of education loan is to provide financial assistance for needy and deserving students with good academic performance. This article provides you with a list of banks in Tamil Nadu and maximum loan amount given, its interest rates and lots of other factors.
These are some of the best banks available in Tamil Nadu. They are Allahabad Bank, Canara Bank, Bank of Baroda, Oriental Bank of commerce, Indian overseas Bank, ING Vysya Bank, Karur Vysya Bank etc.
| Name of the Bank | Maximum loan amount | Margin
|
Interest Rates | ||||
| Studies in India
(in lakhs) |
Studies Abroad
(in lakhs) |
Up to Rs. 4 lakhs | Above Rs. 4 lakhs | Up to 4 lakhs | 4 lakhs to 7.5 lakhs | Above 7.5 lakhs | |
| Allahabad bank | 20 | 20 | Nil | India 5%
Abroad 15% |
11.25 | 11 | 11 |
| Canara bank | 7.5 | 15 | Nil | India 5%
Abroad 15% |
11 | 12 | 9.75 |
| Bank of Baroda | 10 | 20 | Nil | India 5%
Abroad 15% |
10 | 12 | 12 |
| City union Bank | 10 | 20 | Nil | India 5%
Abroad 15% |
13.75 | 14.5 | 14.5 |
| Indian Bank
|
10 | 20 | Nil | India 5%
Abroad 15% |
12.5 | 12.5 | 12.75 |
| Indian overseas Bank | 15 | 25 | Nil | India 5%
Abroad 15% |
10.25 | 11.5 | 11.5 |
| Oriental Bank of Commerce | 10 | 20 | Nil | India 5%
Abroad 15% |
12.75 | 13.25 | 12.75 |
| Tamilnad mercantile bank | 10 | 20 | Nil | India 5%
Abroad 15% |
14.25 | 14.25 | 13.75 |
A student has to go through various steps in getting an education loan. The initial requirement will be the student should be of Indian nationality, age limit of the student should be 16 to 26 years, student should have secured admission for any professional course or any degree course or any other course which comes under the norms of bank. Nowadays all the loans including study loan require a co-applicant.
The co-applicant can be a self-employed, employed person or sibling. The student and the co-applicant should submit financial document like the pay slips for the past 3 to 6 months as per the requirement of the bank. The student should also submit admission proof, ID proof, address proof, age proof etc. After the successful completion of course the student should start repaying the amount along with the interest after the moratorium period. Do you know Who can use Education Loan?
So based on the amount required and by considering the various factors like rate of interest, margin, maximum loan amount sanctioned by a particular bank one can select corresponding bank.
Useful : Student Teacher Relationship