How to get Education Loan in India for B.tech
Overview:-
Education loan is offered to students who have secured admission to courses like engineering, medical, management, etc., either for postgraduate or graduation in a recognized university/college/institution. Getting an education loan nowadays is an easy peasy thing if you get the proper guidance and support. Right monetary support at the right time ensures the success of an individual.
In India, Engineering has always been a popular stream of study. And it is not at all surprising that India has the best engineering colleges in the world. With over 700+ multi-disciplined universities and over 35000+ affiliated colleges catering to more than 20 million students, Indian higher education is a vast system.
Features of Education Loan for B.Tech Students in India
Here are some of the features of availing education loan to pursue B-tech in India:-
- Being the most preferred course in India, availing an education loan for B.Tech is relatively more straightforward.
- Any national of India aged between 16-35 years can easily avail of an education loan from any bank in India.
- The applicant must have secured admission to any recognized college/ university.
- The education loan covers the costs of exam fees, library fees, admission costs, tuition charges, accommodation charges, and other reasonable charges required to complete the course.
- Education loan repayment starts after completing the course or getting a job after the course is completed.
- A female student who has secured admission in a recognized college/institution/ university bank can be granted some concession in the interest rate.
- A security deposit or collateral is not required if the loan is up to 4 lakhs.
Education loan for B.Tech – Eligibility
A student must satisfy the following eligibility criteria to get qualified for applying for an education loan:
- The student must be aged between 16-35 years.
- The applicant should be a resident of India.
- The student must have secured admission to some recognized college/ university.
- Collateral security is also required if the loan amount is more than 4 lakhs.
- The applicant must apply for a loan with a co-applicant. The co-applicant can be a parent/ guardian or spouse in case the applicant is married.
Education loan for B.tech – Documents required
The applicant has to submit the following document to the bank:-
- Admission letter
- KYC documents
- Detailed cost breaks up of the engineering program.
- Loan application form filled with photographs.
- Guarantor’s Account statement of last 6 months
- Guarantee’s IT Return for last 6 month
- Proof of income of the co-borrower
- PAN card and Aadhaar card
- Information of assets and liabilities to be presented by the co-borrower.
- Academic documents
Top loan offers by bank in 2021
| Bank Name | Interest Rate (p.a.) | Loan Amount | Processing Fees |
| PNB ( Punjab National Bank ) | 6.90-9.55% | Up to 15 lakhs | 1% loan amount |
| SBI ( State Bank of India ) | 6.85- 8.65% | Upto Rs. 1.5 crore | Rs 10000+ tax |
| Axis Bank | 13.70-15.20% | Up to Rs. 7.5 lakhs | Nil to Rs 15000 + tax |
| BOB( Bank of Baroda ) | 6.75-9.85% | Up to 4 lakh and above | 1% of the loan amount up to Rs 10000 |
| HDFC | 9.45-13.34% | Max Apr | Up to 1.5 % of loan amount + tax |
| Tata Capital | 10.99% onwards | Up to 30 lakhs | Up to 2.75 % of loan amount + tax |
| Union Bank of India | 8.80-10.05% | Need-based finance | Nil for Indian students 0.50% of loan amount + GSY for NRI students |
| Bank of India | 6.85-9.35% | For courses in India up to Rs 10 lakh
For courses Abroad: up to Rs 20 lakh |
Nil for courses in India Rs.5000+ other fees for study abroad |
| Kotak Mahindra Bank | Up to 16 % | For courses in India up to Rs 10 lakh
For courses Abroad: up to Rs 20 lakh |
Contact the bank |
| Private Bank | 10.50% onwards | For courses in India up to Rs 50 lakh For courses Abroad: Upto Rs 1 crore | Contact the bank |
| Federal bank | 10.05% onwards | For courses in India up to Rs 10 lakh
For courses Abroad: up to Rs 20 lakh |
Contact the bank |
Benefits of taking an Education loan
- Applicable for all:- Any student who wants to study can apply for an education loan. Even the economically backward classes can apply for an education loan under the various government subsidy schemes such as the CSIS (Central Scheme to provide Interest Subsidy).
- Easy Applicability for all courses:- Education loans can be applied to pursue all types of post-graduation, vocational, diploma courses whether in India or foreign universities.
- Varied loan amounts:- The loan size depends on the kind of course applied; banks can offer loans of the range between Rs. 2 lakhs to Rs. 22 lakhs.
- Helps in completion of education:- The expenses curve is increasing day by day as the inflation increases,s making it difficult for parents to complete their children’s higher education,n which may sometimes result in stoppage or pause in the education. Therefore to avoid such hindrances, it is advisable to apply for an education loan.
- Easy repayment:- Since the repayment of Education loans is only after completion of education, or after 6 months of getting a job, the repayment of these loans becomes easier for the students and their parents.
FAQ’s on Education loan for B.Tech
✅ Can I get an education loan for B.Tech?
You can get an education loan for b.tech quickly if you are an Indian national aged between 16 years to 35 years.
✅ Can I get a 50000 education loan?
Yes, you can get a minimum loan amount of Rs. 50,000 along with various other benefits offered by the bank.
✅ Should I take a loan for B.Tech?
Considering the rising B.tech fees in top b-schools, it is clear that one should surely opt for an education loan to ease their pockets.
