Education Loan in Kolkata
Education loans are a blessing when it comes to financing desires for a better life. Everyone is aware that education makes a better future and is willing to go to any lengths to offer their children the opportunity to achieve this. People are finding it challenging to pay cash for the course of their choosing, all over the world, as a result of the escalating expense of education. The only other option is to take out an education loan, which will allow you the flexibility to follow your chosen course of study wherever you like.
Higher Education Loan in Kolkata
Higher education facilities in Kolkata are of the highest calibre. The city or its outskirts are home to 20 autonomous institutions or public universities. These organizations confer their own certificates or degrees. Arts, science, commerce, law, management, pharmacy, Islamic studies, computer science, information technology, basic sciences, applied sciences, fine arts, performing arts, theology, Indian culture and spirituality, rural development, agricultural management, and medicine are just a few of the higher education programmes offered in Kolkata.
Some of the famous institutes in Kolkata for higher education are the following:
- Calcutta Institute of Engineering and Management
- University College of Science, Technology, and Agriculture
- Vidyasagar College for Women
- Vivekananda Mahavidyalaya
- Scottish Church College
Banks offering education loan in Kolkata
| Bank | Interest Rate | Tenure |
| Axis Bank | 13.7% p.a. and 15.2% p.a. | 5 to 15 years |
| Bank of Maharashtra | Starting from 8.75% p.a. | Goes up to 15 years |
| HDFC Bank | 9.20% p.a. to 13.34% p.a. | 10 to 15 years |
| ICICI Bank | Starting from 11.5% p.a. | 7 to 10 years |
| Bank of Baroda | 11.15% to 11.40% | Goes up to 15 years |
| State Bank of India | 10.55% p.a. to 10.80% p.a. | Goes up to 15 years |
| Union Bank of India | 10.60% p.a. to 11.75% p.a. | Goes up to 15 years |
Courses and expenses that are covered by an education loan in kolkata
Loans for education are available for a variety of courses, including undergraduate, graduate, full-time, and vocational programmes. They pay for the majority of course-related costs, including buying textbooks, uniforms, equipment, and laptops as well as covering tuition, exam fees, library fees, lab fees, basic fees, and other costs.
What to look for when applying for an educational loan?
It is best to first compare and research different banks and decide which one gives you the maximum quantum of the loan at the most affordable interest rates. It is also important to find out about the repayment tenure. Look out for banks that give you a period of 6 months to a year after finishing the course before you need to repay the loan. This will give you adequate time to get a job and then start paying the loan after a few months, which would be less stressful in the long run. Once you have decided which bank you want to apply for a loan to, you can do so through two modes, which are given below.
How to apply for an education loan in Kolkata
There are two ways you can apply for an educational loan in Kolkata – offline and online.
Offline: When applying for an educational loan, you would first have to visit the bank you have chosen, get the application form, fill in the required details, and submit it along with the required documents to the officer in charge of the loan department. A loan document will be issued to you which will have all the terms and conditions of the loan. This too should be signed and submitted to the bank. Once this is approved, the loan amount will be disbursed to you or to the university/college of your choice.
Online: The majority of India’s top banks now allow customers to submit online applications directly from their websites. Your name, email address, phone number, and other personal information must be entered on the page when you find the school loan area of the website and search there. To move things along, a bank representative will get in touch with you.