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Education loan (Hints)
Age 16-35
10lac for study in india
20 lac for study aborad
E loan cover following
100%college tuiton fees payable
Accomodation charges
Exam and library fees
Books and equipments including computer
Travelling expenses abroad
Other reasonable expenses relating to complete the course
Food Expenses not covered
Security
Upto Rs.4 lacs - no security, in this case parents need to be a joint borrower
Between 4-7.5 lacs - along with parents collateral security in form of 3rd party gurantee
Above 7.5 lacs - parents to be joint borrowers + tangible collateral security of suitable value required
Security for loan
Residential property
Fixed Deposit
LIC
Non agricultural land
Moratorium period for repayment
course period + 1 year or 6month after getting job which ever is earlier
Margin money
Nil for loan upto 4lacs
5% for study in india on loan above 4 lacs
15% for study in abroad on loan above 4 lacs
Tenure
UPto 15 years for loan upto Rs 7.5 lac and above respectively
Tax rebate
Get rebate u/s 80(e) interest on education loan either for self or for his/her spouse or children
for 8 years from the year he starts to repay
Interest rate
Base rate + mark up
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