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EDUCATIONAL LOANS

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Comparative analysis of Educational loan schemes

Dena Bank Punjab National Bank State Bank of India

Eligibilty

Age 15-25 years 16-30 years N.A

Annual income of parents no ceiling Rs 3,00,000 N.A

Minimum loan amount Nil Nil Rs 4,000

Maximum loan amount

India Rs 3,50,000 Rs 5,00,000 Rs 5,00,000

Abroad Rs 3,50,000 Rs 10,00,000 Rs 10,00,000

Maximum % financed

India 75% 100% 90%

Abroad 75% 100% 90%

Interest rate 12-16% 12-15% 12-14%

Maximum tenure

India 5 years 7 years 5 years

Abroad 7 years 7 years 5 years

Repayment holiday completion of course or


1 year after completion of 2 years after completion of
securing a job, whichever is
the course the course
earlier

Purpose to meet school/college fees, hostel fees, examination fees, cost of books, air tickets,
passage money etc

Documentation fee Nil Nil Nil

Processing fee Nil Nil 0.25%

Guarantors parent/third party parent/third party parent/third party

Security collateral in the form of co-obligation of Govt. securities, public


bonds, shares, LIC policy, parent/third party, sector bonds, units of UTI,
NSC collateral security NSC, LIC policy of
equivalent to 150% of the equivalent value, shares,
amount of the loan hypothecation of motor
cycles, gold, immovable
property

Bank of Baroda IDBI Bank Allahabad Bank

Eligibilty :

Age 18-30 years 18-30/35 years #

Annual income of parents N.A Rs 3,00,000 N.A

Minimum loan amount Nil Nil Nil


Maximum loan amount

India Rs 5,50,000 Rs 5,00,000 Rs 2,50,000

Abroad Rs 15,00,000 Rs 15,00,000 Nil

Maximum % financed

India 75% 100% 100%

Abroad 80% 100% Nil

Interest rate 11.75-14% 13-15 % 12.5-16%

Maximum tenure

India 5 years 5 years 4 years

Abroad 5 years 5 years Nil

Repayment holiday 1 year after completion of 2 years after completion of 1 year after completion of
the course the course the course

to meet school/college fees, hostel fees, examination fees, cost of books, air tickets,
Purpose
passage money etc

Documentation fee Nil Rs 1500 Nil

Processing fee Nil Nil Nil

Guarantors parent/guardian parent/guardian parent/guardian

Security personal guarantee of guarantee of third party,


parent/third party, mortgage of property assignment of LIC policy
collateral in the form of equivalent to 150% of the on the life of the student
FDR, NSC, units of UTI, loan, pledge of bank equivalent to the amount of
shares, debentures, LIC deposits, shares, NSC, the loan
policies Kisan Vikas Patra, govt.
securities, assignment of
LIC policy equivalent to
150% of loan amount,
insurance cover for student
borrower

# Any student who has secured admission or is already studying in any IIM, IIT, Indian institite of Science-
Bangalore, Jamnalal Baja Institute of Management Studies-Mumbai, XLRI-Jamshedpur, Roorkee Engineering
college or Indian School of Mines-Dhanbad is eligible for the loan

Canara Bank Indian Overseas Bank State Bank of Mysore

Eligibilty :

Age above 18 years above 18 years above 18 years

Annual income of parents N.A N.A N.A

Minimum loan amount Nil Nil Rs 10,000

Maximum loan amount

India Rs 5,00,000 Rs 2,00,000 Rs 1,00,000/8,00,000

Abroad Rs 10,00,000 Rs 6,00,000 Rs 10,00,000

Maximum % financed
India 85% 75-90% 90%

Abroad 75% 75-90% 90%

Maximum tenure

India 5 years 5 years 4 years

Abroad 5 years 5 years 4 years

Interest rate 12.25-14.25% 12.25-13.25% 12-15%

Repayment holiday 6 months after completion 6 months after completion 12 months after completion
of the course of the course of the course

to meet school/college fees, hostel fees, examination fees, cost of books, air tickets,
Purpose
passage money etc

Documentation fee Nil Nil Nil

Guarantors parent/guardian parent/third party parent/third party

Security personal guarantee of collateral security equal to


co-obligation of parent or parent or third part, the amount of loan in the
guardian, collateral collateral security of form of govt securities,
security of property, NSC, immovable property, NSC, NSC, units of UTI,
LIC policy equivalent to LIC policy immovable property
150% of the loan amount

HDFC Bank Federal Bank Saraswat Co-op Bank

Eligibilty :

student of Indian
Age over 21 years over 18 years
nationality

Annual income of parents Rs 72,000 Not applicable 12 times net monthly


income

Minimum loan amount Nil Rs 50,000/2,00,000 Nil

Maximum loan amount

India Rs 5,00,000 Rs 5,00,000 Rs 5,00,000

Abroad Nil Rs 10,00,000 Rs 5,00,000

Maximum % financed

India 90% 100% 80%

Abroad 90% 90% 80%

Maximum tenure

India 4 years 5 years 5 years

Abroad Nil 5 years 5 years

Interest rate 21% 13.5-16% 14.75%

Repayment holiday 3 months after completion 12 months after 6 months after completion
of the course completion of the course of the course

to meet school/college fees, hostel fees, examination fees, cost of books, air tickets,
Purpose
passage money etc

Documentation fee Nil Nil Nil


Processing charges 2% Rs 500-1000 Nil

Guarantors parent parent/ third party parent/third party

Security collateral in the form of collateral in the form of


Demand pro-note,
LIC policy of the student, bonds, shares, NSC, Kisan
guarantee from parents or
guarantee of parents Vikas Patra, immovable
third party or guardian,
property
collateral security in the
form of NSC, UTI units and
insurance policies

N.A = Not Available

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