Introduction:

1.1 Theoretical Background: Banks are the most important financial

institutions in the economy. They are the principal source of credit
(loanable funds) for millions of families and for many units of
government (school districts, cities, countries etc.). Banks playa major
role in the economic development process. The country's economy
depends upon the efficient functioning of the banking system.

Banks are the financial service firms, producing and selling professional
management of the public's funds and performing many other roles in
the economy. Earlier, the services offered by banks included currency
exchange, savings deposits, discounting commercial notes and making
business loans, supporting government activities with credit,
safekeeping of valuables and certification of value, offering trust
services, offering checking accounts (demand deposits) etc. The
services banks have developed more recently are granting consumer
loans, financial advising, offering equipment leasing, making venture
capital loans, selling insurance services, selling retirement plans,
offering security brokerage and security underwriting services. The
Indian banking system had gone through a series of cries and
consequent bank failures and thus its growth was quite slow during the
first half of this century. But after Independence, the Indian banking 1
system has recorded rapid progress. This was due to planned economic
growth, increase in money supply, growth of banking habit, control and
guidance by the Reserve bank of India, and above all, nationalization of
14 banks in July 1969.1 The bill introduced in the Legislative Assembly
in 1933 resulted in creation of the Central Bank or Reserve Bank of
India, which commenced its operations from 1st April 1935. The RBI
performs almost all traditional central banking functions and also
undertakes some developmental and promotional functions. In 1949,
two major developments took place. First, the enactment of the
Banking Regulation Act, which gave extensive regulatory powers to the
Reserve Bank of India over the commercial banks. Second, the
nationalization of Reserve Bank, mainly to have close integration
between the policies of the Reserve Bank and those of the
Government. In terms of the Reserve Bank (Transfer to Public
Ownership) Act, 1948, the entire share capital of the Bank was acquired
by the Central Government. From 1 st January 1949, the Reserve Bank
began functioning as a State-owned and State controlled Central Bank.2
These two major developments immediately after the attainment of
independence period proved to be the turning points in India's
Commercial Banking. The Banking Regulation Act, 1949 defines Banking
as "accepting, for the purpose of lending or investment of deposits of
money from the 2 public, repayable on demand or otherwise and
withdrawable by cheques, draft, and order or otherwise." 3 Commercial
banks are organized on a joint stock company system, primarily for the
purpose of earning a profit. The Indian joint-stock banks form an
important constituent of the Indian Money market. A joint-stock bank
may be defined as any company which accepts for the purpose of
lending or investment of deposits of money from the public, repayable
on demand or otherwise and withdrawable by cheque, draft, order or
otherwise. The joint-stock banks are classified by the Reserve Bank of
India as scheduled banks and non-scheduled banks. Banks with a paid-
up capital and reserves of over Rs.5 Lakhs and which are included in the
second schedule of the Reserve Bank of India Act are known as
scheduled banks while banks which do not fall under this category are
known as non-scheduled banks. Indian joint-stock banks are only those
scheduled banks registered under the Indian Companies Act.4 1.1.1
Nationalization of Banks: In the two decades following the enactment
of the Banking Regulation Act, 1949, the Indian banking system
developed in many respects. It grew geographically, structurally and
functionally. Judged on the basis of deposit mobilization, commercial
banks made a considerable progress in the period. 3 Before the Banking
Regulation Act, 1949 came into existence, Banking system in India
suffered for the following reasons: 5 1. Indian Joint-stock banks during
the early part of the century carried out varied nature of the
transactions, which could never be characterized as banking
transactions. 2. According to the original provisions, it was possible for
a bank with only one place of business to be started with as low a
capital as Rs.50,OOO without any specifications for branches. 3. There
was no consistency in balancing paid-up capital and reserves of
commercial banks with the increase in deposits brought about by the
growing economic activity during the past years. To satisfy the
shareholders, banks used to declare large dividends, thus undermining
sound banking principles. 4. Ignorant public were shown large figures of
authorized capital as against very fractional amounts of paid-up capital
and thus could be easily misled by certain unscrupulous bankers. The
promoters of banking companies used to persuade persons to purchase
a very large number of shares than they could actually afford to and
also by calling only a small portion of the subscribed capital. For
instance, the Poona Bank which went into liquidation in 1924 had an
authorized capital of Rs.10 crores as against a subscribed capital of
Rs.50 Lakhs and a paid-up capital of Rs.3 Lakhs. 5. Interlooking
directorates (same person appointed as director for more than one
bank) paved way of mismanagement. 4 6. A number of bank failures
were also due to the negligence on the part of the bankers to maintain
the liquidity of their assets in theiBanks are the financial service firms,
producing and selling professional management of the public's funds
and performing many other roles in the economy. Earlier, the services
offered by banks included currency exchange, savings deposits,
discounting commercial notes and making business loans, supporting
government activities with credit, safekeeping of valuables and
certification of value, offering trust services, offering checking accounts
(demand deposits) etc. The services banks have developed more
recently are granting consumer loans, financial advising, offering
equipment leasing, making venture capital loans, selling insurance
services, selling retirement plans, offering security brokerage and
security underwriting services. The Indian banking system had gone
through a series of cries and consequent bank failures and thus its
growth was quite slow during the first half of this century. But after
Independence, the Indian banking 1 system has recorded rapid
progress. This was due to planned economic growth, increase in money
supply, growth of banking habit, control and guidance by the Reserve
bank of India, and above all, nationalization of 14 banks in July 1969.1
The bill introduced in the Legislative Assembly in 1933 resulted in
creation of the Central Bank or Reserve Bank of India, which
commenced its operations from 1st April 1935. The RBI performs
almost all traditional central banking functions and also undertakes
some developmental and promotional functions. In 1949, two major
developments took place. First, the enactment of the Banking
Regulation Act, which gave extensive regulatory powers to the Reserve
Bank of India over the commercial banks. Second, the nationalization of
Reserve Bank, mainly to have close integration between the policies of
the Reserve Bank and those of the Government. In terms of the
Reserve Bank (Transfer to Public Ownership) Act, 1948, the entire share
capital of the Bank was acquired by the Central Government. From 1 st
January 1949, the Reserve Bank began functioning as a State-owned
and State controlled Central Bank.2 These two major developments
immediately after the attainment of independence period proved to be
the turning points in India's Commercial Banking. The Banking
Regulation Act, 1949 defines Banking as "accepting, for the purpose of
lending or investment of deposits of money from the 2 public,
repayable on demand or otherwise and withdrawable by cheques,
draft, and order or otherwise." 3 Commercial banks are organized on a
joint stock company system, primarily for the purpose of earning a
profit. The Indian joint-stock banks form an important constituent of
the Indian Money market. A joint-stock bank may be defined as any
company which accepts for the purpose of lending or investment of
deposits of money from the public, repayable on demand or otherwise
and withdrawable by cheque, draft, order or otherwise. The joint-stock
banks are classified by the Reserve Bank of India as scheduled banks
and non-scheduled banks. Banks with a paid-up capital and reserves of
over Rs.5 Lakhs and which are included in the second schedule of the
Reserve Bank of India Act are known as scheduled banks while banks
which do not fall under this category are known as non-scheduled
banks. Indian joint-stock banks are only those scheduled banks
registered under the Indian Companies Act.

1.1.1 Nationalization of Banks: In the two decades following the

enactment of the Banking Regulation Act, 1949, the Indian banking
system developed in many respects. It grew geographically, structurally
and functionally. Judged on the basis of deposit mobilization,
commercial banks made a considerable progress in the period. 3 Before
the Banking Regulation Act, 1949 came into existence, Banking system
in India suffered for the following reasons: 5 1. Indian Joint-stock banks
during the early part of the century carried out varied nature of the
transactions, which could never be characterized as banking
transactions. 2. According to the original provisions, it was possible for
a bank with only one place of business to be started with as low a
capital as Rs.50,OOO without any specifications for branches. 3. There
was no consistency in balancing paid-up capital and reserves of
commercial banks with the increase in deposits brought about by the
growing economic activity during the past years. To satisfy the
shareholders, banks used to declare large dividends, thus undermining
sound banking principles. 4. Ignorant public were shown large figures of
authorized capital as against very fractional amounts of paid-up capital
and thus could be easily misled by certain unscrupulous bankers. The
promoters of banking companies used to persuade persons to purchase
a very large number of shares than they could actually afford to and
also by calling only a small portion of the subscribed capital. For
instance, the Poona Bank which went into liquidation in 1924 had an
authorized capital of Rs.10 crores as against a subscribed capital of
Rs.50 Lakhs and a paid-up capital of Rs.3 Lakhs. 5. Interlooking
directorates (same person appointed as director for more than one
bank) paved way of mismanagement.

At the same time the reach of the banking system widened, offices of
commercial banks rising from about 4000 in 1951 to over 7000 in 1967.
This growth fuelled the nation's expectations by the late 1960's, which
saw a debate over the relative advantages of social control over banks
and outright nationalization. The debate was settled in the realm of
politics when Prime Minister Indira Gandhi decided to nationalize
fourteen of India's largest private sector banks in 1969.6 Commercial
banking system did not play its proper role in the planned development
of the nation and thus 'Nationalization' was initiated. The commercial
banking, then, was controlled by a few industrialists and business
magnates who had used public funds to build up private industrial
empires. The Government policy was to encourage small, tiny and
cottage and village industries but the fact was that the small industrial
and business units were continuously and consistently ignored and
starved of funds. Banks did not consider agricultural credit seriously.
Public funds were used to support anti-social and illegal activities
against the interest of the general public. It was for these reasons that
the government took over 14 top commercial banks in July 1969. Two
main tasks were set before the Public Sector Banks namely:- a.
Mobilization of deposits through a massive programme of branch
expansion, especially in unbanked rural and semi-urban areas and b.
Diversification of bank credit to ensure flow of financial assistance to
the neglected sectors and sections of the economy in an increasing
measure. 7 The nationalization of 14 major banks with deposits of Rs.50
crores or more in July in 1969 was a historic and momentous event in
the history of India. Before the steps of nationalization of Indian banks,
only State Bank of India (SBI) was nationalized. The origin of the State
Bank of India goes back to the first decade of the nineteenth century
with the establishment of the Bank of Calcutta in Calcutta on 2nd June
1806. Three years later, the bank received its charter and was re-
designed as the Bank of Bengal (2 January 1809). A unique institution, it
was the first joint-stock bank of British India sponsored by the
Government of Bengal. The Bank of Bombay (15 April 1840) and the
Bank of Madras (1 July 1843) followed the Bank of Bengal. These three
banks remained at the apex of modern banking in India till their
amalgamation as the Imperial Bank of India on 27 January 1921. In
1951, when the First Five Year Plan was launched, the development of
rural India was given the highest priority. The commercial banks of the
country including the Imperial Bank of India had till then confined their
operations to the urban sector and were not equipped to respond to
the emergent needs of economic regeneration of the rural areas. In
order, therefore, to serve the economy in general and the rural sector
in particular, the All India Rural Credit Survey Committee recommended
the creation of a state-partnered and state-sponsored bank by taking
over the Imperial Bank of India, and integrating with it, the former
state-owned or state-associate banks. An act was accordingly passed in
Parliament in May 1955 and the State Bank of India was constituted on
1 July 1955. More than a quarter of the 8 resources of the Indian
banking system thus passed under the direct control of the State. Later,
the State Bank of India (Subsidiary Banks) Act was passed in 1959,
enabling the State Bank of India to take over eight former State-
associated banks as its subsidiaries (later named Associates).7 The
Government of India promulgated an Ordinance called the Banking
Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969
on 19 July 1969, in terms of which the Central Government acquired
the undertakings of the flowing 14 major Indian banks which has
deposits of not less than Rs.50 crores each on the last Friday of June
1969. 8 In her broadcast address of 19 July 1969 on bank
nationalization, Prime Minister Mrs. Indira Gandhi stated that
nationalization was meant for an early realization of the objectives of
social control which were spelt out as: 1. Removal of control by a few.
2. Provision of adequate credit for agriculture and small industry and
export. 3. Giving a professional bent to management. 4.
Encouragement of a new class of entrepreneurs. 5. Provision of
adequate training as well as terms of service for bank staff.

1.1.2 Second Phase of Nationalization: The emphasis on role of the

nationalized banks as a catalytic agent for growth of economy could be
clearly noted in the statement of 9 objectives and reasons
accompanying the Banking Companies Acquisition and Transfer of
Undertakings Act: "The banking system touches the lives of millions and
has to be inspired by larger social purpose and has to subserve national
priorities and objectives, such as rapid growth in agriculture, small
industries and exports, raising of employment levels, encouragement of
new entrepreneurs and the development of the backward areas. For
this purpose it is necessary for government to take direct responsibility
for the extension and diversification of banking services and for the
working of substantial part of the banking system." As a further step in
the Government's action when it wanted large banks to fall in line with
its goal of obtaining national objectives, six more banks have been
nationalized in April 1980.

1.1.3 Lending to Priority Sector: A major objective of banks'

nationalization in July 1969 was to extend the reach of bank credit both
geographically to unbanked regions and functionally to agriculture and
other neglected sectors, designated as "priority sectors". At a meeting
of the National Credit Council held in July 1968, it was emphasized that
commercial banks should increase their involvement in the financing of
priority sectors, viz., agriculture and small scale industries. Later, a few
more categories were also added to this list, namely road and water
transport operators, professional and self-employed persons, retail
trade and small business and education loans. The priority sector
lending for all scheduled commercial banks include educational loans
granted to individuals for educational purposes up to Rs. 7.50 Lakhs for
studies in India and Rs. 20 Lakhs for studies abroad. Loans granted to
institutions are not eligible to be classified as priority sector advances.

1.2 Role of Higher Education "The term "Higher education" covers all
studies and training activities at the Tertiary level. It also encompasses
the Universities offering classical disciplines (e.g. the Arts and Science
Faculties) and specialized branches (such as the institutes of
Agriculture, Engineering, Science and Technology). Furthermore, the
concept incorporates traditional Post-Secondary Institutions such as the
Polytechnics and Training colleges. Consequently, Higher education also
embodies all forms of vocational training institutions enrolling trainees
who have pursued various kinds of secondary studies: Military, policy
and Nursing Training Schools, specialized Institutes of 20 Agriculture,
forestry, Veterinary Schools, specialized catering, tourism, Secretarial
Institutions, etc.,,17 The term higher education is largely university
education, delivered through universities and colleges and covering
bachelor's (undergraduate), master's (post graduate), and doctoral or
pre-doctoral (M.Phil.) degrees. But it also includes technical education,
where undergraduate and postgraduate diplomas (rather than degrees)
are offered.18 Education is an instrument for developing not only an
economically prosperous society, but one which can live comfortably in
the context of pluralism and democracy. Education not only builds high
moral standards and ethical values in public life, in the professions, in
business and in the development of rural economy but it also prepares
students to enter the world of work as productive and responsible
citizens and as parents rearing future generations. As per UGC, higher
education determines India's economic and technological progress. The
World Bank report of 1994 highlights the worth of higher education
wherein it is considerable that institutes of higher learning benefits
state and society in several ways: they equip individuals with advanced
knowledge and skills to discharge responsibility in government,
business and professions; produce new knowledge through research
and at least serve as conduit for the transfer, adaptation and
dissemination of knowledge generated 21 elsewhere in the world. The
taskforce constituted by World Bank and UNESCO during 2000 has also
observed that higher education helps increase wages and productivity
that directly enrich individuals and society. 19 The role of higher
education in national development is we 11- established. The road to
development of a nation is through the education system. Education is
central to the Human Resources Development and empowerment in
any country. The modern world is using education increasingly as an
instrument for all-round development. Creation of social opportunities
for all sections of society is a reflection of the progress of that society
and education is the principal instrument for developing human
capabilities. Globalization and the emergence of a new society more
dependent on knowledge and information technology have further
underlined the importance of education in pursuing developmental
goals.

1.2.1 Higher Education in India: India's ancient seats of learning at

Nalanda and Takshashila were essentially centres of religion and
philosophy. They had their own unique traditions and values. The
modern Indian universities, however, have their roots in European
institutions and models. The Britishers set up network of schools to
impart western education in English medium. First such college to
impart western education was founded in 1818 at Serampore near
Calcutta.2o The first of these modern universities of Europe, at
Bologna, Paris and Oxford were founded as centers for 22 traveling
scholars and acquired and egalitarian character. The emergence of a
world wide economic order has immense consequences for higher
education more so under the changes that have taken place in the
recent past with regard to globalization, industrialization and
information technology advancement. With rapid developments in
communication technology, universities need to develop their abilities
to meet society's demands.

1.2.2 Expansion of the University system: A university receives

recognition from the University Grants Commission (UGC), established
as early as 1953, although, the Act was passed in the Parliament in
1956.21 The UGC is the apex body for university education in India and
carries out following specific functions: 1. Assessment of the needs of
universities and disbursements of funds. 2. Recommending measures to
be taken by a university for improvement. 3. Advising the Central and
State Governments. 4. Collecting information on university education
for universities and also requiring universities to furnish information. 5.
Establishing institutions for providing common facilities, services and
programmes for a group of universities. The number of Universities has
grown from 19 in 1947 to 378 in 2007 and colleges from 27 to
18,064.22 The total enrolment increased from a 23 meager of 0.1
million in 1947 to 10.48 million in 2005. The bulk of higher education
system lies in its 131 affiliating universities. It contributes around 89 per
cent of the total enrolment. 23 The underestimate of the current
enrolment ratio has in fact led the Knowledge Commission to set a
target of a 15 per cent enrolment ratio by 2015 as per Central Advisory
Board of Education (CABE) Committee recommendations. To achieve
this, India needs 40,000 institutions (1500 universities) to meet the
growing higher education needs of an estimated population of 113
million in the age-group of 18- 24 years, and we have enrolled only
about 10 per cent of it. The growth of Higher education institutions and
enrolment in India is presented in the following table:-

SBI Education Loan Interest Rate Sep 2019

Every child needs a quality education in order to lead a complete,
successful and comfortable life. Unfortunately, such education comes at
a cost that not everyone who deserves it can afford. That is where
education loans comes into play. Education loans are funds offered by
banks and financial institutions to meritorious students to help them
pursue their dream course.
SBI Education Loan Interest Rate is quite competitive for education in
India’s finest institutes and on studying abroad. Interest rates on
Education Loans are floating, and vary with the changes in MCLR. SBI
Education loan interest rates are in the range of 8.85% and
10.75%.
Compare Education Loan Rates of All Banks
Education Loan SBI
Courses in Courses IIT, IIM,
India Abroad ISB Courses

Max Loan Amount Rs. 10 Lakh Rs. 20 Lakh Rs. 40 Lakh

Interest Rates
Loans upto Rs. 4 lakh 10.50 % , for 10.50 % , for 8.85 %
Girls - 10.00% Girls - 10.00%

Loans Rs. 4.0 - 7.5 lakh 10.50 % , for 10.50 % , for 8.85 % -
Girls - 10.00% Girls - 10.00% 10.00%

Loans > Rs. 7.5 lakh 10.75 % , for 10.75 % , for 8.85 % -
Girls - 10.25% Girls - 10.25% 10.00%

Margin requirement (own

contribution by student/ family)

Loans upto Rs. 4 lakh 100% 100% 100%

Loans above Rs. 4 lakh 95% 85% 95%

Max Tenure Post Moratorium

Loans upto Rs. 7.5 lakh 10 years 10 years 10 years

Loans above Rs. 7.5 lakh 12 years 12 years 12 years

Co-Applicant required (Y/N) Yes Yes Yes

Third Party Guarantee

Loans upto Rs. 4 lakh Not required Not required Not required

Loans Rs. 4.0 - 7.5 lakh Required Required Required

 Loans > Rs. 7.5 lakh Not required Not required Not required

Collateral Security (Fixed

deposit/ Property, LIC)

Loans upto Rs. 4 lakh Not required Not required Not required

Loans Rs. 4.0 - 7.5 lakh Not required Not required Not required

Loans > Rs. 7.5 lakh Required Required Required

Prepayment Charges (Y/N) Nil Nil Nil

Moratorium Period (lower of the

two)

After course period 12 months 12 months 12 months

After getting job 6 months 6 months 6 months

SBI Education Loan

Education Loan amount can be used for a variety of purposes, covering
all aspects of needs that a student might have with respect to his
studies. These include:
 Tuition Fees payable to college/school
 Examination, Library, Laboratory fees
 Purchase of Books/Equipment/Instruments/Uniforms, Purchase of
computers
 Caution Deposit/Building Fund/Refundable Deposit
 Travel Expenses/Passage money for studies abroad
 Cost of a Two-wheeler upto Rs. 50,000/-
 SBI Student Loan Features
SBI student loans come with the following attractive features:
 0.50% concession in interest for girl students
 1% concession for full tenure of the loan, if interest is serviced
promptly as and when applied during the moratorium period, including
course duration
 No processing / upfront charges levied on education loans
 SBI Scholar Scheme for higher studies in premier institutes in India
 SBI Global edVantage Scheme for studying abroad
 SBI Take-over of Education Loans for switching your existing high
cost Education Loan to SBI and reduce your monthly EMIs.
SBI Education Loan Eligibility
Parameters SBI Education Loan Eligibility Criteria

Age of the  Upto 35 years for non-employed personnels

Applicant  Upto 45 years in case of working employees/ executives

Who can apply  An Indian National having secured admission to

professional/technical courses in recognized institutions.
 Permanent employees who are employed for not less than three
years with any organisation and who intend to acquire higher
professional qualifications and have secured admissions in a
reputed institute.
Maximum  Upto Rs. 1,000,000 for studies in India.
Loan Amount  Upto Rs. 2,000,000 for studies abroad.
 Upto Rs. 4,000,000 for studies at IIT's, IIM's and ISB's.
 These amounts are subjective to margin requirements as
mentioned in the table above
Repayment  Quarterly or monthly rests.
Frequency  Repayment in Education Loans typically starts 1 year after
completing the course or six months after getting a job,
 whichever is earlier.
 Loan interest re‐payment will start immediately after
disbursement of the first installment of the loan.
Repayment  Tenure of an Education Loan consists of Duration of Study,
Period Grace Period after the Study and Repayment Period.
 For Indian courses repayment tenure is maximum of 12 years
after the commencement of repayment.
 For Abroad courses repayment tenure is maximum of 12 years
after the commencement of repayment.

SBI Education Loan EMI Calculator

SBI Education Loan EMI (or equated monthly instalment) is a fixed
amount of money paid by you to SBI against the loan taken. This is
towards repayment of your loan to the bank. Every month, it is due on a
fixed day of the month till your loan is fully paid back.
SBI Education Loan repayment calculator calculates EMI based on the
loan amount you have applied for, interest charged on loan and the
tenure for which you have applied. offers affordable and convenient
education loans with loan EMIs as low as Rs. 8,738 per lakh for a 12
years tenure and lowest rate of interest of 8.85%.
Related Topics
 Education Loan Interest Rates
 Education Loan Subsidy And Benefits
 Compare Education Loan
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 SBI Education Loan News - Sep 2019
 2019-08-05 : SBI launches education loan scheme to help
economically weaker sections
In a bid to help the economically weaker sections (EWS), State Bank of
India (SBI) has launched an education loan scheme under the Central
Scheme for Interest Subsidy (CSIS) announced by Union Ministry of
Human Resource Development (HRD). Under the scheme, EWS
students with an annual gross family income of up to Rs. 4.50 lakh per
annum can avail education loans. Also, they will be eligible for interest
subsidy as well after the course completion or after 6 months after
getting the job.

 2019-06-28 : SBI offers nil processing fee on its education loan to the
students studying in premier institutes
State Bank of India (SBI) is offering a higher loan amount of up to Rs.
40 lakh to the students who are pursuing their higher studies in the
premier institutes like IIT, NIT and IIMs. The lender is offering benefits
like 100% financing, zero processing fee, and quick loan sanction.

 2019-06-07 : SBI offers educations loans up to Rs. 1.5 crores to study

abroad
SBI is offering attractive rate of interest under its education loan
scheme, SBI Global Ed-Vantage. Under the scheme, the lender is
helping the students to cover their education expenses while studying in
abroad. A loan amount between Rs. 20 lakh to Rs 1.5 crore would be
offered under this scheme. Besides this, a loan borrower could also avail
Income Tax benefit under Section 80(E) of the Income Tax Act.

 2019-05-29 : SBI offers 100% finance to students for pursuing

higher education under the scholar loan scheme
 SBI provides a 100 percent financing facility to the students for pursuing
higher education under its SBI Scholar Loan scheme at zero processing
fees. The scheme allows students to meet expenses related to education,
accommodation and purchasing course books. Under the scheme, the
lender provides repayment tenure of up to 15 years along with 12
months of repayment holiday.

 2019-05-17 : SBI offers education loans up to Rs. 1.5 crores to study

abroad
State Bank of India (SBI) is offering special education loan scheme to
the students who are planning to study overseas. Under the SBI Global
Ed-Vantage scheme, the lender is offering loans of up to Rs. 20 lakh to
Rs. 1.5 crore. In addition, SBI is also offering a concession of 0.50% for
all the girl students.
*Terms and conditions apply. Cred

Bank Education Loan Interest Rates in Education

India Abroad

Avanse DHFL Education Loan 11.50% 11.50%

Axis Bank Education Loan 13.70% 13.70%

Bank of Baroda Education 8.40% 9.15%

Loan

Bank of India 9.85% 9.85%

Bank of Maharashtra 10.25% 10.25%

Canara Bank 9.95% 9.95%

 Central Bank of India 10.10% 10.00%

Corporation Bank 10.90% 10.90%

Federal Bank 10.85% 10.85%

IDBI Bank 9.50% 9.50%

Indian Bank 8.60% 10.60%

Indian Overseas Bank 10.65% 10.65%

Karnataka Bank 10.90% 10.90%

Karur Vysya Bank 11.35% 11.35%

OBC 10.40% 10.40%

PNB 8.45% 10.45%

SBI 8.85% 10.00%

UCO Bank 10.65% 10.65%

Union Bank of India 10.20% 10.20%

United Bank of India 10.50% 10.50%

 2019-09-17 : Easy Education loan with NBFCs

 NBFCs are an easy go-to option when it comes to education loans. This
is because the eligibility criteria of NBFCs for study loans are more
flexible than that of Banks. NBFCs do not restrict them from providing
loans for a well-acknowledged or known college. Also, students can opt
for unconventional courses as well, under NBFCs loan policies. Further
NBFCs are more liberal in terms of lending funds and with the collateral
policies.
 2019-08-27 : Bank of Baroda co-originates retail loans with NBFCs
Bank of Baroda plans to co-originate retail loans with NBFCs. As per
the co-origination, the second-largest state-owned bank plans to lend
around Rs 1000 crore in association with micro-financing sectors and
NBFCs. This will benefit the bank to get new customers to engage in
their other retail loan products. Also, it would help customers to earn
retail loans like housing, business, mortgage, and education loans at
lower interest rates.
 2019-08-05 : SBI launches education loan scheme to help
economically weaker sections
In a bid to help the economically weaker sections (EWS), State Bank of
India (SBI) has launched an education loan scheme under the Central
Scheme for Interest Subsidy (CSIS) announced by Union Ministry of
Human Resource Development (HRD). Under the scheme, EWS
students with an annual gross family income of up to Rs. 4.50 lakh per
annum can avail education loans. Also, they will be eligible for interest
subsidy as well after the course completion or after 6 months after
getting the job.
 2019-07-16 : Outstanding education loans stands at Rs. 675.5 billion
at the end of FY19-20
The outstanding education loans disbursed by scheduled commercial
banks stood at Rs. 675.5 billion at the end of FY19-20. With the rise in
the fees of the premier institutions like IITs and IIMs, education loans
are expecting to rise even further to meet the expenses related to higher
education abroad.
 2019-07-16 : Indians are spending more on overseas travel and
education, shows RBI data
Indians are spending more on overseas travel, and education shows
Reserve Bank of India (RBI) data. The spends on these segments have
witnessed a rise of over 60% this year ahead of the next academic
season. The growth is mainly due to the increase in their disposable
incomes and the availability of flexible payment options and loans
offered by banks such as unsecured personal loans for travel to meet
travel-related expenses.
PNB Education Loan Interest Rate Sep 2019
Every child needs a quality education in order to lead a complete,
successful and comfortable life. Unfortunately, such education comes at
a cost that not everyone who deserves it can afford. That is where
education loans comes into play. Education loans are funds offered by
banks and financial institutions to meritorious students to help them
pursue their dream course.
PNB Education Loan Interest Rate is quite competitive for education in
India’s finest institutes and on studying abroad. Interest rates on
Education Loans are floating, and vary with the changes in
MCLR. PNB Education loan interest rates are in the range of
8.45% and 11.05%.
Compare Education Loan Rates of All Banks
Education Loan PNB
Courses in Courses IIT, IIM, ISB
India Abroad Courses

Max Loan Amount Rs. 10 Lakh Rs. 20 Lakh Rs. 15 Lakh

Interest Rates
Loans upto Rs. 4 lakh 10.45 % 10.45 % 8.95 %

Loans Rs. 4.0 - 7.5 lakh 10.45 % 10.45 % 8.95 %

Loans > Rs. 7.5 lakh 11.05 % 11.05 % 8.45 %

Margin requirement (own

contribution by student/ family)

Loans upto Rs. 4 lakh 100% 100% 100%

Loans above Rs. 4 lakh 95% 85% 95%

Max Tenure Post Moratorium

Loans upto Rs. 7.5 lakh 10 years 10 years 10 years

Loans above Rs. 7.5 lakh 15 years 15 years 15 years

Co-Applicant required (Y/N) Yes Yes Yes

Third Party Guarantee

Loans upto Rs. 4 lakh Not required Not required Not required

Loans Rs. 4.0 - 7.5 lakh Required Required Required

Loans > Rs. 7.5 lakh Not required Not required Not required
 Collateral Security (Fixed deposit/
Property, LIC)

Loans upto Rs. 4 lakh Not required Not required Not required

Loans Rs. 4.0 - 7.5 lakh Not required Not required Not required

Loans > Rs. 7.5 lakh Required Required Required

Prepayment Charges (Y/N) Nil Nil Nil

Moratorium Period (lower of the

two)

After course period 12 months 12 months 12 months

After getting job 6 months 6 months 6 months

PNB Education Loan

Education Loan amount can be used for a variety of purposes, covering
all aspects of needs that a student might have with respect to his
studies. These include:
 Fee payable to college/ school/ hostel
 Examination/ Library/ Laboratory fee.
 Insurance premium for student borrower, if applicable.
 Caution deposit, Building fund/refundable deposit supported by
Institution bills/receipts.
 Purchase of books/ equipments/ instruments/ uniforms.
 Purchase of computer at reasonable cost, if required for completion of
the course.
 Any other expense required to complete the course - like study tours,
project work, thesis, etc.
 PNB Student Loan Features
PNB student loans come with the following attractive features:
 Concessional Education loan for students or Persons with Disabilities
(PwDs) under bank�s Education Loan schemes
 Schemes like PNB Pratibha and PNB Udaan for higher education in
premier institutes and abroad
 PNB Kaushal loan scheme for Vocational Education and Training.
PNB Education Loan Eligibility
Parameters PNB Education Loan Eligibility Criteria

Age of the  Upto 35 years for non-employed personnels

Applicant  Upto 45 years in case of working employees/ executives

Who can apply  An Indian National having secured admission to

professional/technical courses in recognized institutions.
 Permanent employees who are employed for not less than three
years with any organisation and who intend to acquire higher
professional qualifications and have secured admissions in a
reputed institute.
Maximum  Upto Rs. 1,000,000 for studies in India.
Loan Amount  Upto Rs. 2,000,000 for studies abroad.
 Upto Rs. 1,500,000 for studies at IIT's, IIM's and ISB's.
 These amounts are subjective to margin requirements as
mentioned in the table above
Repayment  Quarterly or monthly rests.
Frequency  Repayment in Education Loans typically starts 1 year after
completing the course or six months after getting a job,
whichever is earlier.
 Loan interest re‐payment will start immediately after
disbursement of the first installment of the loan.
 Repayment  Tenure of an Education Loan consists of Duration of Study,
Period Grace Period after the Study and Repayment Period.
 For Indian courses repayment tenure is maximum of 15 years
after the commencement of repayment.
 For Abroad courses repayment tenure is maximum of 15 years
after the commencement of repayment.

PNB Education Loan EMI Calculator

PNB Education Loan EMI (or equated monthly instalment) is a fixed
amount of money paid by you to PNB against the loan taken. This is
towards repayment of your loan to the bank. Every month, it is due on a
fixed day of the month till your loan is fully paid back.
PNB Education Loan repayment calculator calculates EMI based on the
loan amount you have applied for, interest charged on loan and the
tenure for which you have applied. offers affordable and convenient
education loans with loan EMIs as low as Rs. 7,048 per lakh for a 15
years tenure and lowest rate of interest of 8.45%.
Related Topics

 Education Loan Interest Rates

 Education Loan Subsidy And Benefits
 Compare Education Loan
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PNB Education Loan News - Sep 2019

 2019-03-07 : Avail education loan from PNB to pursue your higher
education
One of the leading education loan providers, PNB is offering education
loans who want to pursue their higher education abroad at an attractive
rate of interest between 8.95% to 11.10%. The private sector lender
offers education loan up to and over Rs. 4 lakh at the rate of 10.50%,
and loans above Rs. 7.5 lakh are available at the rate of 11.10% per
annum.

 2018-12-17 : MUHS signs education loan pact with four banks

The Maharashtra University of Health Sciences (MUHS) has signed a
MoU with four nationalised banks for education loans for students
wishing to pursue medical courses. The MoU has been signed between
State Bank of India (SBI), Punjab National Bank (PNB), Industrial
Development Bank of India (IDBI) and Bank of Maharashtra (BoM).
Students of all undergraduate, post-graduate, fellowship as well as
certificate courses having a span of more than a year are eligible to apply
for education loan with these banks.

 2018-04-24 : PNB education loan rates effective March 1

PNB offers education loans at nominal rates to eligible students who
have been admitted to recognised institutions that offer quality
education. These rates have been observed to be hovering around 10.3%
for students who wish to study in India and abroad. However, student
loan rates for studying in Premier Institutes in India such as IITs and
IIMs are as low as 8.3%. These rates stand effective from March 1,
2018.

Canara Bank Education Loan Interest Rate Sep 2019

Every child needs a quality education in order to lead a complete,
successful and comfortable life. Unfortunately, such education comes at
a cost that not everyone who deserves it can afford. That is where
education loans comes into play. Education loans are funds offered by
 banks and financial institutions to meritorious students to help them
pursue their dream course.
Canara Bank Education Loan Interest Rate is quite competitive for
education in India’s finest institutes and on studying abroad. Interest
rates on Education Loans are floating, and vary with the changes in
MCLR. Canara Bank Education loan interest rates are in the range
of 9.95% and 10.70%.
Compare Education Loan Rates of All Banks
Education Loan Canara Bank
Courses in Courses IIT, IIM, ISB
India Abroad Courses

Max Loan Amount Rs. 10 Lakh Rs. 20 Lakh Rs. 20 Lakh

Interest Rates

Loans upto Rs. 4 lakh 10.70 % , for 10.70 % , for 10.70 %

Girls - 10.20% Girls - 10.20%

Loans Rs. 4.0 - 7.5 lakh 10.70 % , for 10.70 % , for 10.70 %
Girls - 10.20% Girls - 10.20%

Loans > Rs. 7.5 lakh 10.50 % , for 10.50 % , for 10.50 %
Girls - 9.95% Girls - 9.95%

Margin requirement (own

contribution by student/
family)
Loans upto Rs. 4 lakh 100% 100% 100%

Loans above Rs. 4 lakh 95% 85% 95%

Max Tenure Post

Moratorium

Loans upto Rs. 7.5 lakh 10 years 10 years 10 years

Loans above Rs. 7.5 lakh 15 years 15 years 15 years

Co-Applicant required (Y/N) Yes Yes Yes

Third Party Guarantee

Loans upto Rs. 4 lakh Not required Not required Not required

Loans Rs. 4.0 - 7.5 lakh Required Required Required

Loans > Rs. 7.5 lakh Not required Not required Not required

Collateral Security (Fixed

deposit/ Property, LIC)

Loans upto Rs. 4 lakh Not required Not required Not required

Loans Rs. 4.0 - 7.5 lakh Not required Not required Not required

Loans > Rs. 7.5 lakh Required Required Required

 Prepayment Charges (Y/N) Nil Nil Nil

Moratorium Period (lower of

the two)

After course period 12 months 12 months 12 months

After getting job 6 months 6 months 6 months

Canara Bank Education Loan

Education Loan amount can be used for a variety of purposes, covering
all aspects of needs that a student might have with respect to his
studies. These include:
 Tuition/course fee, Examination/Library/Laboratory Fee, Caution
Deposit.
 Purchase of Books, Equipments and Instruments
 Any other reasonable expenditure found necessary for completion of
the course.
Canara Bank Student Loan Features
Canara Bank student loans come with the following attractive features:
 Special loan schemes for Vocational Education Training
 Vidya Sahay and Vidya Turant Schemes offers loan at concessional
terms
Canara Bank Education Loan Eligibility
Parameters Canara Bank Education Loan Eligibility Criteria

Age of the  Upto 35 years for non-employed personnels

Applicant  Upto 45 years in case of working employees/ executives
Who can apply  An Indian National having secured admission to
professional/technical courses in recognized institutions.
 Permanent employees who are employed for not less than three
years with any organisation and who intend to acquire higher
professional qualifications and have secured admissions in a
reputed institute.
Maximum  Upto Rs. 1,000,000 for studies in India.
Loan Amount  Upto Rs. 2,000,000 for studies abroad.
 Upto Rs. 2,000,000 for studies at IIT's, IIM's and ISB's.
 These amounts are subjective to margin requirements as
mentioned in the table above
Repayment  Quarterly or monthly rests.
Frequency  Repayment in Education Loans typically starts 1 year after
completing the course or six months after getting a job,
whichever is earlier.
 Loan interest re‐payment will start immediately after
disbursement of the first installment of the loan.
Repayment Tenure of an Education Loan consists of Duration of Study,


Period Grace Period after the Study and Repayment Period.

 For Indian courses repayment tenure is maximum of 15 years
after the commencement of repayment.
 For Abroad courses repayment tenure is maximum of 15 years
after the commencement of repayment.
Canara Bank Education Loan Interest Rate Sep 2019
Every child needs a quality education in order to lead a complete,
successful and comfortable life. Unfortunately, such education comes at
a cost that not everyone who deserves it can afford. That is where
education loans comes into play. Education loans are funds offered by
banks and financial institutions to meritorious students to help them
pursue their dream course.
Canara Bank Education Loan Interest Rate is quite competitive for
education in India’s finest institutes and on studying abroad. Interest
 rates on Education Loans are floating, and vary with the changes in
MCLR. Canara Bank Education loan interest rates are in the range
of 9.95% and 10.70%.
Compare Education Loan Rates of All Banks
Education Loan Canara Bank
Courses in Courses IIT, IIM, ISB
India Abroad Courses

Max Loan Amount Rs. 10 Lakh Rs. 20 Lakh Rs. 20 Lakh

Interest Rates

Loans upto Rs. 4 lakh 10.70 % , for 10.70 % , for 10.70 %

Girls - 10.20% Girls - 10.20%

Loans Rs. 4.0 - 7.5 lakh 10.70 % , for 10.70 % , for 10.70 %
Girls - 10.20% Girls - 10.20%

Loans > Rs. 7.5 lakh 10.50 % , for 10.50 % , for 10.50 %
Girls - 9.95% Girls - 9.95%

Margin requirement (own

contribution by student/
family)

Loans upto Rs. 4 lakh 100% 100% 100%

Loans above Rs. 4 lakh 95% 85% 95%

Max Tenure Post
Moratorium

Loans upto Rs. 7.5 lakh 10 years 10 years 10 years

Loans above Rs. 7.5 lakh 15 years 15 years 15 years

Co-Applicant required (Y/N) Yes Yes Yes

Third Party Guarantee

Loans upto Rs. 4 lakh Not required Not required Not required

Loans Rs. 4.0 - 7.5 lakh Required Required Required

Loans > Rs. 7.5 lakh Not required Not required Not required

Collateral Security (Fixed

deposit/ Property, LIC)

Loans upto Rs. 4 lakh Not required Not required Not required

Loans Rs. 4.0 - 7.5 lakh Not required Not required Not required

Loans > Rs. 7.5 lakh Required Required Required

Prepayment Charges (Y/N) Nil Nil Nil

Moratorium Period (lower of

 the two)

After course period 12 months 12 months 12 months

After getting job 6 months 6 months 6 months

Canara Bank Education Loan

Education Loan amount can be used for a variety of purposes, covering
all aspects of needs that a student might have with respect to his
studies. These include:
 Tuition/course fee, Examination/Library/Laboratory Fee, Caution
Deposit.
 Purchase of Books, Equipments and Instruments
 Any other reasonable expenditure found necessary for completion of
the course.
Canara Bank Student Loan Features
Canara Bank student loans come with the following attractive features:
 Special loan schemes for Vocational Education Training
 Vidya Sahay and Vidya Turant Schemes offers loan at concessional
terms
Canara Bank Education Loan Eligibility
Parameters Canara Bank Education Loan Eligibility Criteria

Age of the  Upto 35 years for non-employed personnels

Applicant  Upto 45 years in case of working employees/ executives

Who can apply  An Indian National having secured admission to

professional/technical courses in recognized institutions.
 Permanent employees who are employed for not less than three
years with any organisation and who intend to acquire higher
 professional qualifications and have secured admissions in a
reputed institute.
Maximum  Upto Rs. 1,000,000 for studies in India.
Loan Amount  Upto Rs. 2,000,000 for studies abroad.
 Upto Rs. 2,000,000 for studies at IIT's, IIM's and ISB's.
 These amounts are subjective to margin requirements as
mentioned in the table above
Repayment  Quarterly or monthly rests.
Frequency  Repayment in Education Loans typically starts 1 year after
completing the course or six months after getting a job,
whichever is earlier.
 Loan interest re‐payment will start immediately after
disbursement of the first installment of the loan.
Repayment  Tenure of an Education Loan consists of Duration of Study,
Period Grace Period after the Study and Repayment Period.
 For Indian courses repayment tenure is maximum of 15 years
after the commencement of repayment.
 For Abroad courses repayment tenure is maximum of 15 years
after the commencement of repayment.

Canara Bank Education Loan EMI Calculator

Canara Bank Education Loan EMI (or equated monthly instalment) is a
fixed amount of money paid by you to Canara Bank against the loan
taken. This is towards repayment of your loan to the bank. Every
month, it is due on a fixed day of the month till your loan is fully paid
back.
Canara Bank Education Loan repayment calculator calculates EMI
based on the loan amount you have applied for, interest charged on loan
and the tenure for which you have applied. offers affordable and
convenient education loans with loan EMIs as low as Rs. 7,117 per lakh
for a 15 years tenure and lowest rate of interest of 9.95%.
Education Loan
 If you are searching for an education loan, the interest rates for
such loans range from 8.45% to 15.2% pa. and come with flexible
tenures up to 15 years. The amount that you can borrow can be
Rs. 1.5 crore or more depending on the banks policies. Education
loans can also be used to gain tax benefits under Section 80 (E).
Eligibility Criteria for Education Loans in India
Mentioned below is the general eligibility criteria for education loans in
India:
 Undergraduate study loans: 18 years to 27 years
 Post-graduate study loans: 21 years to 35 years
Age
 Doctoral course loans: 27 years to 55 years
 Post-doctoral course loans: 27 years to 65 years
 Undergraduate programs
 Postgraduate programs
 Doctoral courses and PhDs
Courses eligible
 Certificate courses with 6 months or longer duration
 Job-oriented courses
 Technical courses
 Recognized institutions and government colleges
 Private institutes aided by government
Institutes eligible
 International colleges and universities
 Professional institutions
Types of Education loans in India
An education loan is designed to financially aid the applicant in
affording the cost of education. Since, the it caters to customers
going for higher studies, the loans can be classified based on two
parameters:
 Location of the institute (India or abroad): There are
numerous banks in the country which offer loans specifically for
students who aim study in India and for those who aim to study
abroad. This distinction in the loan has been made keeping in
 mind the different financial needs that arises from studying in
India or studying abroad.
 Study abroad loans: Such loans are aimed at applicants who
plan to study abroad. Generally, lenders have a list of
institutions or specifications they support. The loan is approved
if the applicant secured a seat in one of those institutes.
 Domestic loans: Domestic loans are meant for applicants who
wish to pursue higher education in India. Lenders have
eligibility criteria for the Indian institutes as well. Similar to
study abroad loans, domestic education loans are approved if
the applicant secured admission in an institute that meets the
requirement.
 Course based loan: Many banks and NBFCs offer loans that
are based on the type of course the applicant is going for. There
are loans which are also made for studying in premier institution
like IITs and IIMs. Similarly, customers may also find loans that
specifically offers financial solutions for the course their planning
to pursue. Some types of course based loans are:
 Undergraduate loans: These loans offer financial support for
pursuing undergraduate degree programs.
 Graduate or professional loans: These loans are designed
for applicants who want to pursue post-graduate studies or
other professional courses.
 Career loans: Such loans help applicants pursue career-
oriented programs and certification courses.
Importance of Education Loan
Education costs are on a steady rise. In such a scenario, getting
an education loan helps the applicant gain access to quality
education at premier institutions whether in India or abroad. Apart
from the tuition fees, education loans also help the applicant with
the living costs and any other study related expenses.
Mentioned below are a few important reasons why you should opt
for an education loan:
 Easily available: Most banks in India provide education loans
as a priority product. Availing education loans is comparatively
less complicated as you only have to establish your repayment
capacity to get approval.
 Specialised help: Education loans take care of the additional
expenses that are associated with most courses like hostel fees,
library fees, etc.
 Prevents exhaustion of resources: By opting for an education
loan, the applicant or his/her parents can keep their savings
intact. Such loans prevent the exhaustion of one’s savings and
helps them meet their financial needs comfortably.
Features and Benefits of Education Loans
 Easy access available to everyone
 Helps finance course in India and Abroad
 Customizable loan amounts
 100% finance options available
 Applicant’s annual family income and course opted for
determine the loan amount
 Government sponsored subsidies available for minority students
 Repayment period begins after the completion of the course
Who Can Apply for Education Loans
Mentioned below is the general eligibility criteria for education
loans in India:
 Must be a resident of India
 Must have a secured admission into a recognized course in
India or abroad
 NRI applicants must have a valid Indian Passport
 Applicant must provide collateral enforceable in India
Securities Required to Apply for an Education Loan
An education loan can be both secured and unsecured based on
the bank or NBFC offering it. Usually lenders do not require
collateral for smaller loan amounts. However, if the loan amount
 exceeds the limit specified by lenders, the applicant may have to
provide security.
Securities may vary based on the kind of loan, for instance some
loans can be taken with collaterals like agricultural property,
house, etc. Some loans can also be taken against funds,
debentures, fixed deposits, etc
Loan repayment- Cheques, pay online options
The loan repayment period usually starts a year after completing
the specified course. Different lenders provide different modes for
the applicants to repay the loan, mentioned below are few
repayment options:
 Cheque: You can write a cheque addresses to the bank with the
EMI amount before the monthly due date. Usually this method
used for foreclosure of loans.
 Online payments: Many banks have the online loan repayment
facility on their mobile banking apps and net banking portals.
You can log in to the online facility of the specific bank and
make the payment.
 Direct debit system: Under this method, you can set up a
system of standing instructions with the bank. With this method,
the bank can auto deduct the EMI amount from your account on
a monthly basis till the loan is fully repaid.
 Deduction against salary: With this method, the EMI amount
can be directly deducted from the salary.
 Demand draft: You can also choose to repay the loan amount
using a demand draft.
The preferred method of repayment varies between lenders.
Therefore, it is advisable to check with your lender when taking
the loan.
Tips to Make the Loan Application Process Easy
Follow these steps mentioned below to make the loan application
process a seamless process:
 Confirm course/university you want to apply to
 Compare the educational loans available in the market based on
the loan amount, tenure, and interest rates.
 Keep all the basic documents ready like address proof, age
proof, nationality proof, etc.
 Keep attested marks cards starting from 10th standard handy
 Provide the Admission letter issued by the college/institute
 Make sure to get entry permit, admission letter, Passport and
Visa, if you are studying abroad
Best Student loan offers 2019
Mentioned below are some of the well-known education loan
providers and what they are best for:

Banks B

State Bank of India Low interest rates

Axis Bank Quick loan disbursal

Punjab National Bank Low interest rates

Avanse Education Loan No limit on loan amount

1. State Bank of India Education Loan Offers
SBI offers different education loans to meet the requirements of
the applicants. The bank offers loans that helps students study
in Indian institutes, to pursue education abroad, and even go for
vocational courses.
Key Highlights:
 Attractive interest rates
 No processing fee
 100% financing
 Quick loan sanction
 Interest Rate Loan tenure Max

8.45% to 10.70% p.a. 15 years Up to 1.5 crore

2. Axis Bank Education Loan
Axis Bank’s education loan helps applicants afford education in
India as well as abroad. The bank offers a wholesome coverage
for tuition as well as living expenses.
Key Highlights:
 Simple documentation process
 Minimum loan Rs. 50,000
 Quick loan disbursal
 No margin on loans up to Rs.4 lakh
Interest Rate Maximum loan amount

13.7% to 15.2% p.a. Up to Rs.75 lakhs Nil

3. Punjab National Bank Education Loan Offers
Punjab National Bank offers numerous education loans
designed for higher studies in India and abroad. The bank also
offers loans for vocational training and concessional loans for
people with disabilities.
Key Highlights:
 Concessional loans available
 Low interest rates
 No margin on loans up to Rs.4 lakhs
Interest Rate Loan tenure Maximum l

8.95% to 12.45% Up to 15 years Based on course and repayme

4. Avanse Education Loan Offers
Avanse Education Loans provide 100% coverage on all education
related expenses. The lender does not enforce a margin on the
 loan amount and offers various plans to meet the requirements of
the applicants.
Key Highlights:
 High loan amounts
 No margin on loans
 No prepayment charges
Interest Rate Loan tenure Max

10% to 16.65% Up to 10 years No limit

Documents Required to Apply for an Education Loan

The following documents and information must be provided when
applying for a student loan:

Documents For Study abroad loans

 Voter ID
Proof of Identity and age  Aadhar card
 Any government issued identity card
 Voter ID
Proof of Address  Aadhaar card
 Utility bills etc.
 IT returns of parents of guarantor
Income proof
 6 months bank statement
Education proof  Marks card starting from 10th standard
 Completed loan application form
 Com
Other documents  Passport size photo of applicant
 Pas
 Passport, Visa copy (for studies aborad)
FAQs
1. What is the age limit for education loan?
Generally, the age limit for getting an education loan is 30 years.
2. What do the lenders consider to approve the loan?
Lenders consider the following factors when approving a loan:
 The course and institute you choose
 The amount you need
 Your academic performance
 Repayment capacity of your family
 Family assets
 Annual income
3. What are the courses eligible for education loan?
Some of the courses eligible for education loan are mentioned
below:
 School education
 Graduation courses
 Post-graduation courses
 Professional courses
 Diploma/degree courses conducted by recognised institutions
4. When does the loan repayment period begin?
The repayment period begins after you complete the course.
The tenure may vary from one lender to another.
5. What happens if I discontinue the course and get an
employment within the grace period?
In case you choose to discontinue the course mid-way, you must
start repaying the loan immediately after getting a job.
6. Can I avail tax benefit on education loan?
Yes, education loans are eligible for tax benefits. You can avail
deductions under sections 80C and 80E of the Income Tax Act
of 1961.
7. Can I port my education loan to another bank with lower
interest rates?
Yes, you can move your education loan from one bank to
another. However, your current bank might charge a refinance
fees. Therefore, it is important to consider all factors of the
existing bank and the new bank before moving the loan.
8. What should I do if my loan application is rejected?
While rejecting a loan application, banks usually provide a
reason why it has been rejected. You can rectify the error and
re-apply. However, if the bank did not provide any valid reason
for the rejection, you can file RTI petition.
9. Do all education loans cover 100% of the education
expenses?
Yes, education loans cover 100% of the education expenses.
However, full coverage may only be provided for expenses
under a certain limit. Lenders have a margin if the expenses go
above the limit.
10. What are the other expenses covered by education
loans?
Some of the additional expenses covered by education loans
are:
 Hostel fees
 Exam fees, laboratory and library fees
 Cost of books, uniforms, projects, etc.
 Travel expenses for overseas education
 Deposits required by the educational institute

Bank of baroda

There is no doubt about the importance of education these days. Be it

school education or college education, it serves as a stepping stool for
you to achieve your dreams. Whether it is college education or post
graduation, don’t let high tuition fees hamper your growth. Getting an
education loan is an easy way to finance your dreams. A student loan
can help you get into the university of your choice. The Government’s
push on education means you can avail education loan subsidy, and you
also get tax benefits for interest paid under Section 80E of the Income
Tax Act. Bank of Baroda offers you different types of education loans in
India to fulfill your dreams. Most of these student loans in India have a
 repayment period of 10-15 years and a moratorium of the course period
and the specified number of months. All education loans do not need a
security for a loan up to Rs. 4 lakhs.

Education LoanProduct Details

Who can apply for a loan?
Indians, planning for higher education in Abroad.
What if I am applying to other countries too?
The product given under is for Abroad. We have specialized
products for other countries too. You may apply to us even before
finalizing your country of education. However, the final loan
product shall be as per the Country finalized by you for your
higher education.
In what currency do I get/repay the loan?
This is an Indian Rupee denominated education loan for
following students
 Indian students attending colleges in India.
The loan will be disbursed in India in Indian Rupees wherever
required by student.
 Repayments of the loan to be made by the borrower in Indian
Rupees only.
Eligibility
Co‐applicant Requirements

What Costs Are Covered?

Loan Amount
Rate Of Interest
Loan Disbursement
Loan Re‐payment Terms
 Collateral
Eligibility
 Borrower must be an Indian citizen
 Co-applicants must be an Indian citizen
 Co-borrower(s) must have a bank account in any bank in India
with cheque writing facilities
 Confirmed admission in the colleges before disbursement
Borrower and Co‐applicant(s) to meet HDFC Credila's credit and
underwriting norms as applicable from time to time
Co‐applicant Requirements
 It is mandatory to bring in an earning co‐applicant(s) based in
India to support the Education Loan application.
 Co‐applicant(s) may be any of the following relatives, viz Father /
Mother / Brother / Sister (married) /Spouse, where such
Co‐applicant's income would be considered in determining the
loan eligibility per HDFC Credila's credit and underwriting norms;
 Co‐applicant's liability is co extensive with the Student;
 Co‐applicant(s) to provide documentary proof to establish their
relationship with the student, to the satisfaction of HDFC Credila;
 In case the collateral to be provided is not provided by one of the
above relatives, then the collateral could be provided by one of
the following relatives provided they are brought into the
arrangement as Co‐applicant(s) viz: Father‐in‐law; Mother‐in‐law;
Sister‐in‐law; Brother‐in‐law; Maternal or Paternal Uncle or Aunt,
Grandparents & First Cousins.
What Costs Are Covered?
 All of the tuition fees as determined by the college/University

Up to 100% of other expenses including living and hostel

expenses, travelling expenses, examination fees,
library/laboratory fees; purchase of books /
equipment's/instruments/uniforms; passage money for studies
into India; purchase of computers / laptops considered necessary
for completion of the course as decided by HDFC Credila. Travel
fare restricted to one economy class return ticket between India
and the country of study.
Loan Amount
 Minimum Loan Amount Indian Rupees 1,00,000
 Lifetime Maximum Loan Amount: HDFC Credila does not have
an upper limit on the loan. We process loans exceeding Indian
Rupees 25,00,000 also, subject to the case meeting HDFC
Credila's credit and underwriting norms as applicable from time to
time.
Rate Of Interest
 Rate of interest will be floating rate of interest linked to HDFC
Credila's Benchmark Lending Rate (CBLR)
 The interest will be calculated using Simple Interest Rate
 Floating rate of interest to be (HDFC Credila's CBLR + Spread)%
per annum
 For HDFC Credila's current CBLR Click Here
 A Spread is determined on the risk profile of the case which vary
on account of a number of factors such as student's academic
background, employability of the selected course from a selected
college and country of study, financial strength of the co‐borrower,
loan repayment capability, credit history, collateral offered or not,
serviceability of the loan through HDFC Credila's branch network,
cost/s associated with underwriting and servicing the loan, etc.
Loan Disbursement
 The loan amount will be disbursed in Indian Rupees
 HDFC Credila will disburse the tuition fee to the educational
institute either directly or through an authorized servicer
 The tuition fee will be disbursed in installment as per the
requirement of the specific educational institute
 The loan amount related to other expenses will be disbursed in
installments spread over the duration of the study as per HDFC
Credila's underwriting norms as applicable from time to time
Loan Re-payment Terms
 Loan interest re-payment will start immediately after disbursement
of the first installment of the loan
 Tenure of an education loan consists of Duration of Study +
Grace Period after the Study + Repayment Period
 HDFC Credila offers maximum tenure of 12 years
 The loan tenure is however, subject to the factors such as the
repayment capacity of the customer/s, future prospects of the
course, age of the co‐applicant, etc. and further subject to HDFC
Credila's credit and underwriting norms as applicable from time to
time. However, HDFC Credila would endeavour to determine the
repayment period to suit your convenience.
 Monthly repayment amount will be deducted from the bank
account of the borrower/co-borrower using Electronic Clearing
System (ECS)
Collateral
The following types of collateral are accepted
 Residential Flat
 Residential House
 Non‐Agricultural Land
 A Fixed Deposit, assigned in favour of HDFC Credila
Education LoanApplication Process
 1 Fill up

Online Application Form

2 HDFC Credila Visit &

Submit Supporting Documents

3 Final Review,

Approval, Money
Transfered to Your Bank
HDFC Credila has a student friendly education loan
application process:
 Student: To complete Credila's online Education Loan
Application Forms
 HDFC Credila: To follow‐up with the student & parents to answer
questions
 HDFC Credila: Representative visits your house & collects
signed application form with the supporting documents
 Student: To provide a completed Education Loan Application
form with all the required supporting documents
( Note: Students can apply to HDFC Credila for Education Loan
even before confirmed admission )
 HDFC Credila: Credit team to review & underwrite the Education
Loan application
 HDFC Credila: To approve the education loan or ask for any
additional information required
 Student: To complete the education loan disbursement
formalities by signing the education loan agreement
 HDFC Credila: The education loan amount is deposited in the
required bank account electronically
1. Fully Completed Application Form
2. Photos
3. Photo ID
4. Residence Proof
5. Proof of Admission
6. Academic Documents
7. Bank Statements
8. Income Proof of Co‐Applicant

9. Immovable Property Document

1. Fully Completed and Signed Application Form –
To Download Loan Application Form in PDF Format Click Here
2. Two Passport Size Photos – Applicant and Co‐Applicant
One set to be pasted on the Application Form and second set to
be affixed (stapled) to the Application Form
3. Photo ID – Applicant and Co‐Applicant (Any one of the
following)
 Permanent Account Number (PAN) Card
 Passport
 Driving License
 Aadhaar Card
 Voter's ID Card
 4. Residence Proof – Applicant and Co‐Applicant (Any one of
the following)
 Passport
 Driving License
 Aadhaar Card
 Voter's ID Card
5. Proof Of Admission (If available)
Printed Admission Letter From the Institute on its Letterhead With
Institute’s Address
6. Academic Documents of Student
 Marksheet/Certificate of 12th Exam
 Marksheet/Certificate of Subsequent Years of Education e.g. BE,
BCom, BSc, etc.
 Marksheet of Any Entrance Exam Taken e.g. CAT, CET, etc. (If
applicable)
 GRE/GMAT/TOFEL/IELTS, etc. Marksheets (If applicable)
 Scholarship Documents (if applicable)
7. Last 8 Months Bank Statements of Co‐Applicant
(If more than one bank account, provide copies of all)
Make sure to include the bank statements of the Bank Account
where Salary or Business/
Professional receipts are credited every month.
8. Income Proof of Co‐Applicant
A. In case of Salaried Employee (All the following)
 Latest 3 Salary Slips or Salary Certificate on Employer's
Letterhead
 Last 2 year's Form 16 from Employer or Last 2 Year's Income Tax
Returns
 Any Other Income Proof That is Not Reflected in the Above
Documents
B. In case of Self Employed or Professional (All the following)
 Last 2 Year's Income Tax Returns
 Last 2 Year's Certified Financial Statements or Provisional
Financial Statements Duly Certified by CA
 Proof Of Office (any one of the following, Lease Deed, Utility Bill,
Title Deed, etc.)
 Any Other Income Proof That is Not Reflected in the Above
Documents
9. If, Collateral – Immovable Property (Flat, House,
Non‐Agriculture Land) (All the Relevant Documents from the
Following List)
 Property Title Deed
 7 / 12 extracts in case of land
 Registered Sale Agreement Along With Society Share Certificate
 Original Registration receipt for the above agreement
 Allotment Letter By Municipal Corporation / Authorized Govt.
Authority Like MHADA, CIDCO, etc. Please add HUDA, DDA,
JDA, GIDC etc
 Previous Chain of Sale Deed establishing title
 Latest Maintenance bill alongwith Receipts issued by builder/
society,
 Latest Property tax bill alongwith receipts,
 NOC for mortgage from society/builder,
 Approved building plan
 Encumbrance certificates as on date etc
Note: Other than original completed application form, Please
DO NOT provide any original supporting documents to HDFC
Credila at the time of applying for loan. All the copies of the
above provided documents should be self-attested.
SupportingDocuments Required
Following are the supporting documents needed to apply for
education loan:
1. Fully Completed Application Form
 2. Photos
3. Photo ID
4. Residence Proof
5. Academic Documents
6. Proof of Admission
7. Bank Statements
8. Income Proof of Co Applicant
9. Immovable Property Document
1. Fully Completed and Signed Application Form
To Download Loan Application Form in PDF Format Click Here
2. Two Passport Size Photos - Applicant and Co-Applicant
One set to be pasted on the Application Form and second set to
be affixed (stapled) to the Application Form
3. Photo ID - Applicant and Co-Applicant (Any one of the
following)
 Permanent Account Number (PAN) Card
 Passport
 Driving License
 Aadhaar Card
 Voter's ID Card
4. Residence Proof Applicant and Co-Applicant (Any one of
the following)
 Passport
 Driving License
 Aadhaar Card
 Voter's ID Card
5. Academic Documents of Student
 Marksheet/Certificate of 12th Exam
 Marksheet/Certificate of Subsequent Years of Education e.g. BE,
BCom, BSc, etc.
 Marksheet of Any Entrance Exam Taken e.g. CAT, CET, etc. (If
applicable)
 GRE/GMAT/TOFEL/IELTS, etc. Marksheets (If applicable)
 Scholarship Documents (if applicable)
6. Proof Of Admission (If available)
Printed Admission Letter From the Institute on its Letterhead With
Institute's Address
7. Last 8 Months Bank Statements of Co-Applicant
(If more than one bank account, provide copies of all)
Make sure to include the bank statements of the Bank Account
where Salary or Business/
Professional receipts are credited every month.
8. Income Proof of Co-Applicant
A. In case of Salaried Employee (All the following)
 Latest 3 Salary Slips or Salary Certificate on Employer's
Letterhead
 Last 2 year's Form 16 from Employer or Last 2 Year's Income Tax
Returns
 Any Other Income Proof That is Not Reflected in the Above
Documents
B. In case of Self Employed or Professional (All the following)
 Last 2 Year's Income Tax Returns
 Last 2 Year's Certified Financial Statements or Provisional
Financial Statements Duly Certified by CA
 Proof Of Office (any one of the following, Lease Deed, Utility Bill,
Title Deed, etc.)
 Any Other Income Proof That is Not Reflected in the Above
Documents
 9. If, Collateral - Immovable Property (Flat, House, Non-
Agriculture Land) (All the Relevant Documents from the
Following List)
 Property Title Deed
 7 / 12 extracts in case of land
 Registered Sale Agreement Along With Society Share Certificate
 Original Registration receipt for the above agreement
 Allotment Letter By Municipal Corporation / Authorized Govt.
Authority Like MHADA, CIDCO, etc. Please add HUDA, DDA,
JDA, GIDC etc
 Previous Chain of Sale Deed establishing title
 Latest Maintenance bill alongwith Receipts issued by builder/
society,
 Latest Property tax bill alongwith receipts,
 NOC for mortgage from society/builder,
 Approved building plan
 Encumbrance certificates as on date etc
Note: Other than original completed application form, Please
DO NOT provide any original supporting documents to HDFC
Credila at the time of applying for loan. All the copies of the
above provided documents should be self-attested.
Education loan for students going to:
CustomerTestimonials
Student's Testimonials

 "Withoutan education loan it wouldn't have been possible for me

to see what I am experiencing now, It's more like investment
which has long term result.
The best part of HDFC Credila is that it transfer money to
account, rather clamming back, which really helps."
Ranjan K.Studying in University College Dublin, Ireland

Parent's Testimonials
 "I could send my daughter mainly due to the loan that I could get
from HDFC Credila. HDFC Credila is very cooperative and willing
to support."

Mahesh K.Father of Ankita K.

Studying in S.P.Jain Center Of Management, Dubai
 "HDFC Credila education loan has funded both our sons.
My elder Son wanted to pursue M-Tech in Petroleum
Engineering, for which he got admission in UTP (University of
Technology PETRONAS) Malaysia. PETRONAS as we know is
petro giant in league with 'Shell', 'Slum Berger' etc.
Younger Son. Wanted to pursue a unique field of MS in Aviation
Administration (all about airport and airlines
operations/management). So now he is at MTSU (Middle
Tennessee State University) USA.
Thank you HDFC Credila for making my children's dream come
true!"
Anurag R.Father of Sahil R.
Studying in University Teknologi Petronas, Malaysia
USA, 2013-2015
 "We overcame problem of funding through HDFC Credila
Education Loan. HDFC Credila has very prompt services as
compare to other lenders."

Sesha H.Father of Sankaran S.

Studying in National University Of Singapore, Singapore
 "HDFC Credila Educational Loan was faster compared to other
financial institutions/Banks."
Sanjay P.Father of Pankaj P.
Partner's Testimonials
 "We prefer working with HDFC Credila and recommending them
to our students because of various reasons and facilities provided
to the students. HDFC Credila offers door step service for
applying for education loan & approve loan even before the
student gets any confirmed admission letter. With HDFC Credila
students can avail tax benefit on interest repayment as per
section 80-E of IT act. Also,one can get benefited with 100% on
the expenses, No margin money is required."

Sales ConsultantHyderabad
 "We want to thank HDFC HDFC Credila Financial Services Pvt
Ltd for the wonder job and co-operation rendered for the term Fall
2014."

Leading Overseas Education Consultant,Hyderabad

 "Currently Cedila is the only lender in India who can offer more
than Rs 20 lacs of education loan. This facility is useful for
students, as cost of education is high and need for loan amounts
covering the tuition fee, living costs is the need of the students
and parents."
Partner education consultant,

Partial List ofUniversities Funded

University Of Oxford - Said Business
www.sbs.ox.ac.uk
School

IE Business School - Spain www.financialaid.ie.edu

INSEAD (France, Singapore) www.insead.edu

HEC Paris (France) www.emba.hec.edu

ESC Rennes School of Business

www.esc-rennes.fr
(France)

Rotterdam School of Management

www.rsm.nl/mba
(Netherlands)

S P Jain School of Global National University of

Management (Dubai) Singapore

The University of Manchester Schulich School of Business,

(UK) York University

Coventry University (UK) Centennial College (Canada)

Concordia University Nanyang Technological

(Canada) University (Singapore)

The University of Sheffield Chemnitz University of

(UK) Technology (Germany)

Asian Institute of La Trobe University

Management (Philippines) (Australia)

Delft University of Technology

University of Warwick (UK)
( Tu Delft ) (Netherlands)
 Sheffield Hallam University
University of Leeds (UK)
(UK)

University of Melbourne
London Business School (UK)
(Australia)

University of Duisburg Essen

University of Glasgow (UK)
(Germany)

Srh Heidelberg University of

Newcastle University (UK)
Applied Science (Germany)

Royal Melbourne Institute of

National University of
Technology (RMIT) University
Singapore (Singapore)
(Australia)

The University of Nottingham London School of Economics

(UK) and Political Science (UK)

Rotman School of
Management, University of
Toronto (Canada)

Education LoanDisbursement Process

1Pay Origination Fees
Pay HDFC Credila any remaining Origination Fee amount to
collect your original Education Loan Sanction Letter. It would
advisable to provide a cheque from the same account from
which the ECS is to be given as per the sanction letter, so
 that HDFC Credila can get the required bank details to
prepare your ECS form.
2Decide Date of Disbursement
Decide the exact date when you would like to take the
disbursement from HDFC Credila. This will depend upon
when you get your visa (if applicable) or the last date of
tuition fee payment.
3Decide Disbursement Amount
You will also need to decide exactly how much money you
would like HDFC Credila to disburse as a first tranche and
remit the University/College for fees, and how much towards
your living expenses.
4Decide Disbursement Details
You would also need to provide exact details about how the
fees need to be remitted to the University/ College, and to
you by providing exact banking details, viz., method of
payment such as bank wire transfer, demand draft (payable
in which city) etc. All this information is easily available from
the University / College in the admission package they have
sent you.
5Prepare Final Loan Agreement Documents
After receiving all the above details, HDFC Credila will be
able to prepare your final loan agreement documents. These
loan agreement documents need to be signed by the
Student, all the Co-borrowers, & Guarantor (if any) by
visiting HDFC Credila's office. If student & any of the co-
borrowers are located in different cities, then you need to
plan for getting original education loan documents signed
from multiple cities by sending them via courier or making
sure that all the parties are available in one city on the same
day. If you do not plan this properly, it can delay you getting
your money from HDFC Credila on time.
6Get ECS from Your Bank
 You will need to get three copies of the completed ECS
(Electronic Clearing System) mandate from HDFC Credila,
which you will then need to get signed and stamped from
your bank (from where you will be making the monthly
repayment to HDFC Credila). One of the original copies of
the ECS form needs to be given to the bank manager for
their records. This can only be done, after you have decided
the exact date of disbursement.
7Providing Final Original Docs to HDFC Credila
At the time of all parties visiting HDFC Credila's office for
signing the education loan agreement documents you will
also need to bring following documents with you:
 Original KYC Document of student, co-borrowers & guarantors,
e.g. PAN Card, Passport, etc. to show it to HDFC Credila's loan
officer to validate your identity.
 Two original copies of the completed ECS Mandate Form signed
and stamped by your bank, as mentioned above.
 8 cheques favouring HDFC Credila Financial Services Pvt. Ltd. as
security from the bank account from which the ECS Form is
provided.
(If you do NOT have 8 cheques from this bank account,
please make sure that you apply for additional cheques from
your bank as soon as possible to avoid any delays in getting
the education loan amount from HDFC Credila. Banks can
take up to 2 weeks, in some cases, to provide you the
additional cheques.)
 Please provide a copy of your Visa to HDFC Credila. (if
applicable)
 If you are providing Fixed Deposit as collateral, please provide the
original FD Receipt to HDFC Credila.
 If you are providing Flat, House, Land as collateral, then please
bring all your original documents to hand over to HDFC Credila.
This is very critical, so please understand the list of all the original
 collateral documents you will need to bring in advance to avoid
any delays.
 If you have already paid the Tuition fees, it is mandatory to
provide a photocopy of the fees paid receipt.
8Visit HDFC Credila For Signing Agreement
The final step to get your education loan money from HDFC
Credila is to visit HDFC Credila's office to handover all the
above mentioned original documents and sign the education
loan agreement documents. Also refer point
9Receiving Your Education Loan Money
HDFC Credila will transfer the education loan money to the
bank account of the University/ College or hand over a
Demand Draft as per the information provided by you in the
DRF. (See Step 4).
For any help on the above, please contact your Relationship
Manager or write to us at [email protected].
10Forex
For all Abroad cases, please work with the HDFC Credila
team to complete your forex process where you can get your
travellers' cheques, foreign currency wire transfer/ demand
drafts/ bank notes as per your requirement.
Education LoanDisbursement Process
1Pay Origination Fees
Pay HDFC Credila any remaining Origination Fee amount to
collect your original Education Loan Sanction Letter. It would
advisable to provide a cheque from the same account from
which the ECS is to be given as per the sanction letter, so
that HDFC Credila can get the required bank details to
prepare your ECS form.
2Decide Date of Disbursement
 Decide the exact date when you would like to take the
disbursement from HDFC Credila. This will depend upon
when you get your visa (if applicable) or the last date of
tuition fee payment.
3Decide Disbursement Amount
You will also need to decide exactly how much money you
would like HDFC Credila to disburse as a first tranche and
remit the University/College for fees, and how much towards
your living expenses.
4Decide Disbursement Details
You would also need to provide exact details about how the
fees need to be remitted to the University/ College, and to
you by providing exact banking details, viz., method of
payment such as bank wire transfer, demand draft (payable
in which city) etc. All this information is easily available from
the University / College in the admission package they have
sent you.
5Prepare Final Loan Agreement Documents
After receiving all the above details, HDFC Credila will be
able to prepare your final loan agreement documents. These
loan agreement documents need to be signed by the
Student, all the Co-borrowers, & Guarantor (if any) by
visiting HDFC Credila's office. If student & any of the co-
borrowers are located in different cities, then you need to
plan for getting original education loan documents signed
from multiple cities by sending them via courier or making
sure that all the parties are available in one city on the same
day. If you do not plan this properly, it can delay you getting
your money from HDFC Credila on time.
6Get ECS from Your Bank
You will need to get three copies of the completed ECS
(Electronic Clearing System) mandate from HDFC Credila,
which you will then need to get signed and stamped from
 your bank (from where you will be making the monthly
repayment to HDFC Credila). One of the original copies of
the ECS form needs to be given to the bank manager for
their records. This can only be done, after you have decided
the exact date of disbursement.
7Providing Final Original Docs to HDFC Credila
At the time of all parties visiting HDFC Credila's office for
signing the education loan agreement documents you will
also need to bring following documents with you:
 Original KYC Document of student, co-borrowers & guarantors,
e.g. PAN Card, Passport, etc. to show it to HDFC Credila's loan
officer to validate your identity.
 Two original copies of the completed ECS Mandate Form signed
and stamped by your bank, as mentioned above.
 8 cheques favouring HDFC Credila Financial Services Pvt. Ltd. as
security from the bank account from which the ECS Form is
provided.
(If you do NOT have 8 cheques from this bank account,
please make sure that you apply for additional cheques from
your bank as soon as possible to avoid any delays in getting
the education loan amount from HDFC Credila. Banks can
take up to 2 weeks, in some cases, to provide you the
additional cheques.)
 Please provide a copy of your Visa to HDFC Credila. (if
applicable)
 If you are providing Fixed Deposit as collateral, please provide the
original FD Receipt to HDFC Credila.
 If you are providing Flat, House, Land as collateral, then please
bring all your original documents to hand over to HDFC Credila.
This is very critical, so please understand the list of all the original
collateral documents you will need to bring in advance to avoid
any delays.
 If you have already paid the Tuition fees, it is mandatory to
provide a photocopy of the fees paid receipt.

8Visit HDFC Credila For Signing Agreement
The final step to get your education loan money from HDFC
Credila is to visit HDFC Credila's office to handover all the
above mentioned original documents and sign the education
loan agreement documents. Also refer point
9Receiving Your Education Loan Money
HDFC Credila will transfer the education loan money to the
bank account of the University/ College or hand over a
Demand Draft as per the information provided by you in the
DRF. (See Step 4).
For any help on the above, please contact your Relationship
Manager or write to us at [email protected].
10Forex
For all Abroad cases, please work with the HDFC Credila
team to complete your forex process where you can get your
travellers' cheques, foreign currency wire transfer/ demand
drafts/ bank notes as per your requirement.
Help inPlanning Education Abroad
Study Guides -

Study Guide for Canada

Study Guide for Germany

Study Guide for Singapore

 Study Guide for Australia

Study Guide for Dubai

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 Want to pursue MBA - Everything you need to know before
applying for MBA
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 Test Prep & College applications
Does the Graduate School admit for spring or fall
Fast-track tips for GRE Success
Is it possible to make changes to an already submitted application
Universities and College Admission Date Alerts
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What next after receiving admission confirmation

When Is The Right Time To Appear For GRE And TOEFL

Mumbai is the financial, commercial[32] and entertainment capital

of India. It is also one of the world's top ten centres of commerce
in terms of global financial flow,[33] generating 6.16% of India's
GDP[34] and accounting for 25% of industrial output, 70% of
maritime trade in India (Mumbai Port Trust and JNPT),[35] and
70% of capital transactions to India's economy.[36][37] Mumbai's
billionaires had the highest average wealth of any city in the world
in 2008.[38][39] The city houses important financial institutions such
as the Reserve Bank of India, the Bombay Stock Exchange,
the National Stock Exchange of India, the SEBI and the
corporate headquarters of numerous Indian
companies and multinational corporations. It is also home to
some of India's premier scientific and nuclear institutes
like Bhabha Atomic Research Centre, Nuclear Power Corporation
of India, Indian Rare Earths, Tata Institute of Fundamental
Research, Atomic Energy Regulatory Board, Atomic Energy
Commission of India, Department of Atomic Energy and
the Indian Institute of Technology Bombay. The city also houses
India's Hindi (Bollywood) and Marathi cinema industries.
Mumbai's business opportunities, as well as its potential to offer a
higher standard of living,[40] attract migrants from all over India,
making the city a melting pot of many communities and cultures.

Education
See also: List of educational institutions in Mumbai § Schools, and List of colleges in Mumbai

Rajabai Clock Tower at the University of Mumbai

Schools
Schools in Mumbai are either "municipal schools" (run by the MCGM) or private schools (run by trusts or
individuals), which in some cases receive financial aid from the government.[372] The schools are affiliated with
either of the following boards:

 Maharashtra State Board (MSBSHSE)

 The All-India Council for the Indian School Certificate Examinations (CISCE)
 The National Institute of Open Schooling (NIOS)
 The Central Board for Secondary Education (CBSE)
 The International Baccalaureate (IB)
 The International General Certificate of Secondary Education (IGCSE).[373] Marathi or English is the usual
language of instruction.[374]
The primary education system of the MCGM is the largest urban primary education system in Asia. The MCGM
operates 1,188 primary schools imparting primary education to 485,531 students in eight languages
(Marathi, Hindi, Gujarati, Urdu, English, Tamil, Telugu, and Kannada). The MCGM also imparts secondary
education to 55,576 students through its 49 secondary schools.[375]

Higher education

University of Mumbai
Under the 10+2+3/4 plan, students complete ten years of
schooling and then enrol for two years in junior college, where
they select one of three streams: arts, commerce, or
science.[376] This is followed by either a general degree course in
a chosen field of study, or a professional degree course, such as
law, engineering and medicine.[377] Most colleges in the city are
affiliated with the University of Mumbai, one of the largest
universities in the world in terms of the number of graduates.[378]
The University of Mumbai is one of the premier[379] universities in
India. It was ranked 41 among the Top 50 Engineering Schools of
the world by America's news broadcasting firm Business
Insider in 2012 and was the only university in the list from the five
emerging BRICS nations viz Brazil, Russia, India, China and
South Africa.[380] Moreover, the University of Mumbai was ranked
5th in the list of best Universities in India by India Today in
2013[381] and ranked at 62 in the QS BRICS University rankings
for 2013, a ranking of leading universities in the five BRICS
countries (Brazil, Russia, India, China and South Africa).[382] Its
strongest scores in the QS University Rankings: BRICS are for
papers per faculty (8th), employer reputation (20th) and citations
per paper (28th).[383] It was ranked 10th among the top
Universities of India by QS in 2013.[383] With 7 of the top ten
Indian Universities being purely science and technology
universities, it was India's 3rd best Multi Disciplinary University in
the QS University ranking.[383]

Indian Institute of Technology Bombay is a premier engineering

institute in the country
The Indian Institute of Technology (IIT Bombay),[384] Institute of
Chemical Technology (formerly UDCT / UICT),[385] Veermata
Jijabai Technological Institute (VJTI),[386] which are India's premier
engineering and technology schools, along with SNDT Women's
University are the autonomous universities located in
Mumbai.[387] Thadomal Shahani Engineering College is the first
and the oldest private engineering college affiliated to the
federal University of Mumbai and is also pioneered to be the first
institute in the city's university to offer undergraduate level
courses in Computer Engineering, Information
Technology, Biomedical
Engineering and Biotechnology.[388] Grant Medical
College established in 1845 and Seth G.S. Medical College are
the leading medical institutes affiliated with Sir Jamshedjee
Jeejeebhoy Group of Hospitals and KEM Hospital respectively.
Mumbai is also home to National Institute of Industrial
Engineering (NITIE), Jamnalal Bajaj Institute of Management
Studies (JBIMS), Narsee Monjee Institute of Management
Studies (NMIMS), S P Jain Institute of Management and
Research, Tata Institute of Social Sciences (TISS) and several
other management schools.[389] Government Law
College and Sydenham College, respectively the oldest law and
commerce colleges in India, are based in Mumbai.[390][391] The Sir
J. J. School of Art is Mumbai's oldest art institution.[392]
Mumbai is home to two prominent research institutions: the Tata
Institute of Fundamental Research (TIFR), and the Bhabha
Atomic Research Centre (BARC).[393] The BARC operates CIRUS,
a 40 MW nuclear research reactor at their facility in Trombay.[394]