Leading Professional Banking / NBFC Loan Consultants Firm in Chennai, Tamil Nadu, India
Category: Gold Loan
How to get an Easy Gold Loan in Chennai, Tamil Nadu, India ?
“Gold Loan your Savior in times of financial crisis”
Gold Loan is one of the quickest and simple ways of getting urgent finance. No more endless wait for taking Loan. No need to undergo troublesome Loan procedures.
Gold Loan to overcome your urgent finance needs
Need urgent funds ? Avail Finance against gold in an instant. Your gold is safe with us. Make use of Funds against gold to overcome your urgent finance needs.
Find the Best Gold Loan Consultants in Chennai, Tamil Nadu, India
S & P Bank Loan Services is one of the Financial consultancy Firm to offer Loan Support in India. Find the Best Gold Loan Consultants in Chennai, Tamil Nadu, India. Get the Finance Aid today.
Bank Loan against gold
Borrow loan against gold with Top Bank Loan Services at low interest rates. S & P Bank Loan Services offer safe and secure gold loan with simple procedures. Get Loan against gold for any of your personal needs.
Loan against Gold value and RBI regulations
Obtaining other loans involve elaborate documentation, income proofs and stringent verification process. Avail bankloans.org.in Gold Loans with only your gold and KYC documents. Income proofs may also be necessary. The loan amount depends on gold value and RBI regulations. You have the safety net of insurance for your gold. You can breathe easy and do not worry about collateral safety. Fire and theft proof vaults are being used for storing your collateral gold.
Gold Loan approval and disbursal
With us Gold Loan approval and disbursal gets done in minutes. Walk in with your gold and KYC documentation proof. Your gold gets evaluates by our in-house gold evaluators. Have Aid of loan money credited to your account minutes later.
Be wise to choose faster GOLD LOAN at affordable rates. No need to pay higher interest for personal loan when you have gold.
Features, Advantages & Benefits of Gold Loan
Indians love for gold is insatiable. In fact, Indians are the Top gold importers in the world. Of Course, Indians believe that money invested in gold never goes waste. The value of gold has increased over the decades. Hence Indians prefer to invest in gold. Moreover buying gold is simple and easy. It is an across the counter process which many people prefer.
Good collateral for getting loan across the world
Gold is not only an investment. It is one of the good collateral for getting loan across the world. You can fund emergency needs with gold as security. It can be your medical emergency-education-vehicle down payment- any other financial crisis. If you are in a dire financial situation and need cash, make use of the idle gold in your locker. Your gold can be jewelry, gold coin or bar.
Benefits of gold credit offers
What are all the Advantages and benefits of Gold Credit offers ?. They are as follows
Loan against gold have the security of physical gold. Hence bankers will be happy to process your loan in no time. Banks have the safety net of gold in case defaults by the borrower.
Interest only EMI
Loan against gold have unique feature of interest only EMIs. The principal part can be repaid in one lump sum at the end at loan closure. It can also be repaid between tenure too.
Lower interest
Loan against gold is one of the popular secured loan in India. For secured loans, banks charges lower rate of interest than unsecured loans.. Also when you provide further security apart from gold you can get better interest rates.
No processing fees
Some banks do not charges processing fees for Loan against gold. As they sanction loan against gold as collateral.
Low to nil foreclosure fees
Some lenders charge low or waive off foreclosure charge. It is easy for the lenders to repay the loan amount before agreed time.
Ray of hope in case of low credit score
Applicants who have low credit score find it difficult to secure loan from banks. When you back up your loan application with gold, your chances of getting loan is high.
Credit history a low key affair
Applicants with bad credit history may not have good chance of loans with banks. But it is a different story in case of gold loan. Bankers will have gold as collateral. They have less risk of losing the principal amount during default. They can recover default loan by selling your collateral. Thus credit history is a low key affair in case of Loan against gold.
Gold Safety
Your gold is safe and secure in your lenders’ vault. These vaults are of top of technology and safety. Hence you need not worry about gold safety. your collateral is safe with your lender. They even have insurance in case of uneventful circumstances too. You get your gold back and you repay the loan.
Multi purpose
Use your gold loan for any of the purposes. The banker is least bothered, as long as he gets repayment on time with interest. You can use Finance against gold for education, buying home or for business.
Why you must approach S & P Bank Loan Services ?
You have many reasons to choose S& P Bank Loan Services in Chennai, Tamil Nadu, India. They are as follows.
Flexibility
Urgent funds
No Collateral
Tailored Loan solutions
Best Customer Care
Transparent gold Loan Process
Flexibility
Customer convenience is our prime priority during loan processing. Our loan consultants in S& P Bank Loan Services help you understand ups and down of various Flexible loan options. They help you choose right loan option to match your cash flow at no extra cost.
Urgent funds
When you need urgent funds for any of your personal or business matter. S& P Bank Loan Services Experts are here to help you with quick Loan against gold. Walk in with your gold and walk out with money in your account. You have the advantages of low interest rate too.
No collateral
We do not need further collateral apart from the gold you pledge. Sometimes in case of huge fund needs few banks need extra security backup.
Tailored Loan solutions
S& P Bank Loan Services offer tailored loan solutions to suit your finance needs. You may choose options of long tenure . / principal repayment at end of loan option or interest only option. For more details contact us.
Best customer care
Customers hold highest importance by us. S& P Bank Loan Services value our relationship with our customers. Our loan consultants are patient and client friendly.
Transparent process
S& P Bank Loan Services is popular for Our Straight Forward & transparent gold Loan Process. Our loan consultants will verify your gold for its purity and approve your loan. Top Loan Consultants deliver exemplary Finance against Gold at competitive interest rates.
The Best Finance Consultants aspire to be your financial partner than simple lender. S& P Bank Loan Services have best interests in your growth and success. As you grow, so do we!
Top Gold Loan Consultants
A dedicated loan consultant gets allocated to every client with Best Customer Care. S& P Bank Loan Services are happy to end to end loan support to all our clients. Choose Top Top Gold Loan Consultants
Documents and Eligibility for Gold Loan
Our Loan against gold does not have complex eligibility requirements. You should be between 21 to 65 years of age with steady income. All you need is to have physical gold with you along with KYC documents like PAN, Aadhar. , Identity proof and address proof. and income proof and photo. For a complete list, get in touch with our consultants.
Frequent Questions on Gold Loan
What is Gold Loan?
It is loan obtained against pledging gold as collateral. Loan against gold is an one of popular secured loans in India. An applicant can get funds in an instant through Finance against gold. They have simple and easy documentation too.
What gold items can I pledge for gold loan?
Gold purity should be of 18 karat to 24 karat. Gold can be in form of jewelry, coins or bars. Stones and other adornments of gold are not acceptable. Some banks do not accept gold items like hair pins, cuff lings, gold idols, gold utensils and so on.
Is income proof must for gold loan?
Some banks prefer income proof to disburse Loan against gold. You need to submit kyc documents for address proof and identify proof. Some banks may need only your PAN and Aadhar for gold loan approval. It varies from bank to bank.
How to get gold loan?
To get this loan, walk with your gold and KYC documents. Our loan consultants will help you breeze through the process without any hassles.
Which bank offers best gold loan?
The best bank for this loan is a bank that gives instant funds at low interest rate with minimal document. The bank should also accommodate your repayment options and terms too. They should offer great customer service too.
Which loan is cheaper- gold loan or personal loan?
Gold loan is one of kinds of secured loan. But Personal loan is one of kinds of unsecured loan. In general secured loan will have low interest rate than unsecured loan. As with secured loan, the banker faces less risk of loan recovery.
Does gold loan affect credit score?
Yes. this Loan will have positive impact on credit score. Secured loans like Finance against Gold helps you to improve credit score
Are gold loans good choice?
Gold loan are great way to get quick finance at low interest. It is smart choice when funds get used for urgent needs. It may be like medical emergencies, child education and so on.
Veritas Finance Private Limited is a Non-Banking Finance Company (NBFC) headquartered in Chennai. In fact, Their mission is to lend finance to Micro, Small and Medium enterprises and other borrowers.
Finance to Micro, Small and Medium Enterprises and other borrowers.
The Chennai-based NBFC shores-up a whooping amount of ₹350 Crore capital from varied E-Investment Series. Moreover, The company’s main business focus is to provide finance to Micro, Small and Medium Enterprises and other borrowers. Of course, The additional influx of investments has been funded by Kedaara Capital, a new investor. Avove all, The existing players Lok Capital Growth Fund, Norwest Venture Partners (NVP) and P. Surendra Pai & family have also funded investment in Veritas Finance. Meanwhile, Their big-brain financial advisor is none other than Spark Capital.
Funding of working capital, buying assets and business expansion
The company indeed is keen to utilize this top-up capital to finance business sectors and conquer existing markets. By the way, MSMEs can approach VERITAS FINANCE for funding of working capital, buying assets and business expansion.
Best customer service, transformative technology and robust credit appraisals.
Borrowing Loan from this finance company is a pleasant experience due to best customer service, transformative technology and robust credit appraisals.
Mr.Arulmany, the MD and CEO of Veritas Finance
Veritas Finance started in 2015 by Mr D. Arulmany, has 48000+ customers with a lending record of ₹1,308 Crore. Mr.Arulmany, the MD and CEO of the company was quoting that they had set a milestone of ₹1,000 Crore as finance target for the first four years of phase-1.
Crossing the milestone with great success, at present the company is set upon embarking the next thrilling journey of phase-2.
MSMEs employment opportunities in Veritas Finance
Mr Shiv Chaudhary, MD of Norwest Venture Partners, India, a Co-investor of Veritas believes that MSMEs are the engines that boost the economic growth of our country. MSMEs generate numerous employment opportunities at the base level. By all means, They have a great pleasure to top-up investment with ₹200 Crore expecting great returns.
MSMEs have a great impact on our Indian economy, contributing to 45% exports & 69% employment opportunities. Most of all, Veritas finance takes great pride to serve MSMEs and borrowers thereby contributing to our society.
What is Rate of Interest in Various Banks in India ?.
Banks offer loans that need settlement with principle + interest for an agreed period. In fact, The first factor any borrower will be curious to know is about the rate of interest on loan offered by various banks. Of course, Rate of interest is one of the important catalysts that finalize a loan deal.
Meanwhile, A lower rate of interest is always an attraction and beneficial to the borrower. However, it is important to consider other factors before you finalize your lender. Moreover, You need to consider factors like income and repayment capacity, processing fee, quick loan processing and loan process comfort.
Compare loan offers based on interest rates
It is smart to compare loan offers based on interest rates and other factors to decide on the best loan deal. At any rate, To lend you a helping hand we have listed out interest rate and loan eligibility. Most of all, We also detail you about processing fee and time-frame of various kinds of loans amongst various banks.
BUSINESS LOAN
Getting a business loans has now become simple and easy. By the way, You could follow the traditional way of direct visit to the bank. Likewise, You can also approach us to get your business loans approved in a simple and easy. Generally, Our loan consultants will help guide your various business loan offers in market. Eventually, They will help you decide on the right loan deal.
Market scenario of business loans from various banks
Let us see the Market scenario of Business Loans from Various Banks.
HDFC BANK business loans
Rate of Interest on business loans is 15% – 19%. Processing fee is 2.49% on loan amount. In like manner, The loan tenure is 12-36 months. In the same fashion, Timeline for loan disbursal is 4-Working Days
ICICI BANK business loans
Rate of Interest on business loans is 16%-22% by all means. Processing fees is 2.00% on loan amount. Similarly, The loan tenure is 12-36 months. Timeline for loan disbursal is 5-Working Days
TATA Capital business loans
Rate of Interest on business loans 18%-24%. Processing fees is 2.50% on loan amount. The loan period is 12-36 months. Timeline for loan approval is 5-Working Days
BAJAJ FINSERV business loans
Rate of Interest on business loans is 19%-23%. Processing fees is Up to 3.00% on loan amount. The loan period is 12-60 months. Timeline for loan approval is 2-Working Days
YES BANK business loans
Rate of Interest on business loans is 15.5%-21%.Processing fees is 2.00% on loan amount. The loan period is 12-60 months. Timeline for loan approval is 5-Working Days
RBL BANK business loans
Rate of Interest on business loans is 19%-26%. Processing fees is 2.50% on loan amount. The loan term is 12-36 months. Timeline for loan approval is 5-Working Days
Fullerton India business loans
Rate of Interest on business loans is 22%- 29%. Processing fees is 3.00% on loan amount. The loan term is 12-36 months. Timeline for loan approval is 7-Working Days
Capital First business loans
Rate of Interest on business loans is 18%-25%. Processing fees is 3.00% on loan amount. The loan term is 12-48 months. Timeline for loan approval is 4 to 5-Working Days
Aditya Birla business loans
Rate of Interest on business loans is 20%-26%.Processing fees is 2.00% on loan amount. The loan tenure is 12-36 months. Timeline for loan disbursal 3-Working Days
Kotak Bank business loans
Rate of Interest on business loans is 18%-23%. Processing fees is 2.50% on loan amount. The loan tenure is 12-36 months. Loan disbursal time frame is 7-Working Days
Eligibility for Business loan
Any person who is operating a legitimate business can apply for business loan. Business organization like sole proprietors, partnership firms, MSME and companies can also borrow business loans. It is important to enumerate the business potential in your business plan. This will have positive effect of business loan approval. Banks are the final authority to decide on business loans. In general banks consider the following factors like business type, turnover and profit. They also assess cash flow and track record of business.
How to compare and decide on best business loan?
It is important you need to consider 3 factors like EMI, processing fee and prepayment charges. If you are planning to stick to the loan schedule then consider EMI & processing fee only. In case you are planning to repay early consider prepayment charges too.
Interest chart of business loan
Observe the above rate of interest chart of business loan. The best business loan interest rate is 13.5%. Processing fee is up to 3% of loan amount. Loan tenure is up to 5 years. Loan disbursal time is minimum 2 days.
Rate of interest on business loan
Rate of interest on business loan depends on annual business turnover, business years, loan amount and repayment capacity. In other words, High business loan amount will have low interest rates.
Compare and land good business loan deals with us. Business loans can be secured loan and unsecured loan. Yes. You heard it right. You can also apply business loan with no collateral. To know more contract our loan advisors.
PERSONAL LOAN
Any person who is a salaried employee or self employed can apply for personal loans. The borrower can use personal loan for any private or general purposes. When you have urgent need of funds, personal loan is a good idea. Personal loans are unsecured loans that require no collateral. Hence personal loans get processed and disbursed quickly. Borrowing Personal loan is wise when you are in a financial crisis or have no collateral. In case you do not have time for long documentation and loan process, personal loan is good. Go for personal loan if you need short term loan less than 5 years
Market scenario of personal loans from various banks
Standard Chartered Bank- Rate of interest for personal loan is 10.99% – 18%. Processing fees is ZERO. Foreclosure charges are Up to 5%. Timeline for loan disbursal is 3-4 Working Days.
ICICI Bank- Rate of interest for personal loan is 11% – 17.50%. Processing fee is 0.50% – 2.25%. Foreclosure charges is Zero > 10 lakh+ 12 EMI Paid, else 5.00%. Timeline is 2 working days.
HDFC Bank- Rate of interest for personal loan is 75% – 13.45%. Processing fee is up to 3999 + GST. Foreclosure charges is Zero >10 lakh, else 4.00%. Timeline for loan disbursal is 48 working hours
SBI Bank- Rate of interest for personal loan is 11.95% – 16.55%. Processing fee is 00% – 3.00%. Foreclosure charges are NIL. Timeline for loan disbursal is 72 working hours.
Bajaj Finserv- Rate of interest for personal loan is 11.99% – 16.00%.Processing fee is Up to 2.00%. Foreclosure charges are Up to 4% >1st EMI. Timeline for loan disbursal is 48 working hours
Kotak Bank- Rate of interest for personal loan is 29% – 20.15%. Processing fee is Rs.999 – 2%. Foreclosure charges are Zero > 10 lakhs , Else 5.00%. Timeline for loan disbursal is 60 working hours
Fullerton India- Rate of interest for personal loan is 11.99% – 26.00%. Processing fee is 2.00%. Foreclosure charges are Up to 7.00%, 0% above 3 years. Timeline for loan disbursal is 48 working hours.
Axis Bank- Rate of interest for personal loan is 15.00% – 20.00%. Processing fee is 2.00%. Foreclosure charges are N.A. Timeline for loan disbursal is 60 working hours.
TATA Capital- Rate of interest for personal loan is 12.50% – 19.50%. Processing fee is 1.25% – 2.50%. Foreclosure charges are Timeline for loan disbursal is 72 working hours
Eligibility for Personal loan
Applicant age must be above 21 years. His Minimum income depends on varied banks. He should have a Regular income with valid documents like salary slips/transfers. Good CIBIL score is attractive. 6 month stability with current employer or 2 years IT returns for self employed is desirable for loan approval.
How to compare and decide on best personal loan?
Doing a little home work, before deciding a loan proposal is a good idea. Compare and analyze the following important factors.
Rate of interest on personal loan
First- Rate of interest on personal loan varies from bank to bank. It is based on your employer too. Banks float regular schemes with low interest rates. Hence check offers of various banks before you decide. Next -Processing fees is an important factor that increase your loan cost. It is wise to go for all inclusive interest rate. Our loan advisors can guide you on your personal loan queries. Further- You need to consider insurance premium on personal loan. It is an additional loan cost too.
Insurance premium
The insurance premium varies too. So choose an insurance policy with adequate coverage with low premium. Then- Prepayment and foreclosure charges are important too. When you plan to settle loan early before tenure these charges are extra. Hence consider the same before you decide on personal loan offer.
Basic factors of the bankers for personal loan approval
Loan amount- tenure- EMI-work experience-age- employer & interest rate are some of the basic factors the bankers consider for personal loan approval.
In the current market the best rate of interest for personal Loan is 10.5%. Processing fees can be up to 2% of loan amount. Loan tenure is up to 5 years. Prepayment charges are up to 5%. To know more details get in touch with our personal loan advisors.
HOUSING LOAN
Home loans are also called as housing loans. Banks offer loans for purchase of land, house and buildings. You can buy new house or construct / extend your house with home loans. Home loans are secured loans. The collateral is the property you buy. In case you are unable to repay the banks have property to recover due from you.
Deciding on a home loan offer is an important personal decision. The amount of home loan is huge. The tenure of home loan is long term. Hence you need to assess your financial position, bank offers and interest rates before deciding on home loan.
Market scenario of Home Loans from various banks
SBI Home Loan
Rate of interest on home loan is 7.90%. The type of benchmark is RLLR. Processing fee is 0.20% -Rs. 4,000 to 30,000
HDFC Home Loan
Rate of interest on home loan is 8.00%. The type of benchmark is PLR.Processing fee is 0.50% / Rs. 3,000 to Rs.10,000
Citibank Home Loan
Rate of interest on home loan is 8.20%. The type of benchmark is TBLR. Processing fee is NIL
Bank of Baroda Housing Loan
Rate of interest on home loan is 8.00%. The type of benchmark is RLLR. Processing fee is Min Rs. 10,030
ICICI Bank Housing Loan
Rate of interest on home loan is 8.25%. The type of benchmark is RLLR. Processing fee is 1.00%
Axis Bank Housing Loan
Rate of interest on home loan is 8.25%. The type of benchmark is RLLR. Processing fee is 0.20% / Rs. 5,000 to Rs. 25,000
PNB Housing Finance
Rate of interest on home loan is 8.95%. The type of benchmark is PLR. Processing fee is 0.50%, Minimum of Rs. 10,000
LIC Housing Finance
Rate of interest on home loan is 8.10%. The type of benchmark is PLR. Processing fee is 0.25%
India bulls Housing Loan
Rate of interest on home loan is 9.25%. The type of benchmark is PLR. Processing fee is Min Rs. 7,500, Max Rs. 10,000
Eligibility of Home Loan
Banks consider factors like income of applicant, credit history and property value. Based on this the banks decide the loan approval amount.
The basic eligibility is applicant age should between 21-65 years. Minimum income should be 1.8 lakhs per annum. Job stability / business stability least 3 years. A good credit score and credit history is an advantage.
How to compare and decide on best home loan?
It is smart compare and analyze different loan offers from varied banks. There are multiple parameters you need to consider like interest rates, processing fees and foreclosure charges. Customer service, loan process and documentation are few other factors.
Taking a home loan is not a “walk-in to the bank and walk out with home loan thing.” You need to do lot of ground work before deciding on the loan offer
Eligibility and Housing loan EMI
The first step is to check your eligibility and Home loan EMI. Check out with your bank the amount of loan you are eligible for. Based on the amount calculate your Equated Monthly repayments. You need to consider your income, existing financial obligations and other loans too. EMI amount is subject to factors like interest rate, loan amount and tenure.
Banks consider net income, existing obligations, property type and other factors for loan eligibility/approval. The Home loan amount is dependent on these factors.
Verify legal documents and approval of property
The next is to verify legal documents and approval of property. For new property get bank approval of the builder project. In case of resale property track the complete property history right from first owner to current owner. Choose the bank loan favorable to you.
Comparing home loan based on interest
Further you need to compare interest rate. Comparing home loan based on interest is a challenging task. You need consider other factors too before you decide. Decide you want to go for fixed or floating rate of interest. Floating interest rates gets reset based on MCLR, benchmark types and PLR. Majority of home loans have floating interest rates. Check and compare home loan rates of all banks.
Quick loan processing and customer reviews
Then is the big decision of short listing the bank loan. It is necessary to take the final step based on parameters like transparency, customer care and turnaround time of bank. They also make your home loan journey smooth. Quick loan processing and customer reviews can also be useful.
At present the best home loan interest rate is 7.9%. You can get 90% of property worth as loan. Processing fees is 0.5% / Rs.10000. Loan tenure up to 30 years. No Pre-closure charges for floating rates
TRAVEL LOAN
Before you plan your travel, it is important to assess your finances. Traveling expenses include transport fare, lodging and boarding. It also includes site tours and local transport. In case of foreign tours and travels you need to incur insurance and visa charges too.
Travel loan is an unsecured loan. It does not need any collateral. It gets processed within few days.
Purpose of travel requirements of the borrower
Travel loan is a loan for the purpose of travel requirements of the borrower. Many banks offer travel loans for the vacation in India or abroad. Travel loan cover airfare, accommodation and boarding expenses. They even include insurance and other important expenses. Before deciding on travel loan compare the interest rate and other factors of travel loan.
Market scenario of Travel Loans from various banks
SBI Personal Loan- Rate of interest on travel loan is 10.55%. Processing fee is 1%
HDFC Bank Personal Loan- Rate of interest on travel loan is 10.75%. Processing fee is 2.50% / Rs. 1,999
ICICI Bank Personal Loan- Rate of interest on travel loan is 11.25%. Processing fee is 0.99% – 2.25%
Bajaj Finserv- Rate of interest on travel loan is 11.99%. Processing fee is 1.50% – 3%
Citibank- Rate of interest on travel loan is 10.50%. Processing fee is Up to 0.5%
IDFC First Bank- Rate of interest on travel loan is 10.75%. Processing fee is Up to 1.5%
Axis Bank- Rate of interest on travel loan is 10.99%. Processing fee is up to 1.75%
Tata Capital- Rate of interest on travel loan is 10.99%. Processing fee is Rs. 1499 / Up to 2.50%
Fullerton India- Rate of interest on travel loan is 99%. Processing fee is 2%
IndusInd Bank- Rate of interest on travel loan is 00%. Processing fee is 0.75% to 1.75%
Kotak Bank- Rate of interest on travel loan is 10.75%. Processing fee is Up to 2.5%
Is travel loan a good idea?
One can avail travel loan in case you are keen to enjoy life with family and friends. You may not want to postpone your trip anymore. Travel loan is good when you can fund the travel expenses in one shot. You do not want to touch your savings/deposit that are long term. Get a travel loan when you are confident the repayment is not a task.
Eligibility for Travel loan
Applicant age must be above 21 years. His Minimum income depends on varied banks. He should have a Regular income with valid documents like salary slips/transfers. Good CIBIL score is attractive. 6 month stability with current employer or 2 years IT returns for self employed is desirable for loan approval.
How to compare and decide on best travel loan?
Doing a little home work, before deciding a loan proposal is a good idea. Compare and analyze the following important factors.
Rate of interest on travel loan
First- Rate of interest on travel loan varies from bank to bank. It is based on your employer too. Banks float attractive schemes with low interest rates. Next -Processing fees is a main factor that increase your loan cost.
Our loan advisers can guide you on your travel loan queries. Further- You need to consider insurance premium and visa expenses too when deciding on travel loan . It is an additional loan cost too. So choose an insurance policy with adequate coverage with low premium. Then- Prepayment and foreclosure charges are important too.
When you plan to settle loan early before tenure these charges are extra. Hence consider the same before you decide on travel loan offer.
Loan amount- tenure- EMI
Loan amount- tenure- EMI-work experience-age- employer & interest rate are some of the basic factors the bankers consider for travel loan approval.
EDUCATION LOAN
Truly, Education is the road to success and growth of an economy. Banks indeed offer loan for education purposes. In addition, Students can aspire for higher education in India or foreign countries through education loan. In detail, It is a secured loan where the parents or guardians act as guarantors.
Choose the right Bank for Education Loan
To choose the right bank for education loan you can check EMI on education loan with online EMI calculators. Choose the one that suits you better. The repayment of loan does not commence until six months of course completion for a maximum up to 2 years. But you need to pay simple interest every year. Even this can be repaid after completion of the course too.
Market scenario of Education Loans from various banks
Axis Bank Education Loan – Rate of interest for education loan in India is 13.70% & abroad is 13.70%
Bank of India- Rate of interest for education loan in India is 9.85%. & abroad is 9.85%
Bank of Maharashtra- Rate of interest for education loan in India is 10.25% & & abroad is 25%
Canara Bank- Rate of interest for education loan in India is 9.95% and abroad is 9.95%
Central Bank of India- Rate of interest for education loan in India is 10.10% and abroad is 10.00%
Corporation Bank- Rate of interest for education loan in India is 90% and abroad is 10.90%
IDBI Bank- Rate of interest for education loan in India is 50% and abroad is 9.50%
Indian Bank- Rate of interest for education loan in India is 8.60% and abroad is 10.60%
Indian Overseas Bank- Rate of interest for education loan in India is 10.65% and abroad is 10.65%
Karnataka Bank- Rate of interest for education loan in India is 10.90% and abroad is 10.90%
Karur Vysya Bank- Rate of interest for education loan in India is 11.35% and abroad is 11.35%
SBI- Rate of interest for education loan in India is 8.85% and abroad is 10.00%
UCO Bank- Rate of interest for education loan in India is 65% and abroad is 10.65%
Union Bank of India- Rate of interest for education loan in India is10.20% and abroad is 10.20%
Eligibility for education loan
Applicant age in case unemployed up to 35 years of age and in case of employed up to 45 years of age. Furthermore, Indian nationals who have admission letter from recognized institutions. Students who want pursue higher education.
Employees with more than 3 years of association with an organization can apply for education loan. Maximum loan for studies in India is 10 lakhs and abroad is 20 lakhs. Certainly, Some banks allow up to 30 lakhs subject to conditions
The Most important criteria for loan approval are good academic report- admission letter- passport-visa-abroad study form- Net worth and credit history of guarantors.
What are the costs covered in education loan?
Admission fees
Monthly fees
Examination fees
Equipment
Books
Airfare for abroad
Personal computer
Lodging and boarding
Caution deposit
Insurance premium
Above all, These are few expenses covered in education loan
How to decide which bank loan is the best education loan deal?
First of all, The bank that offer loan towards studies in the educational institute can be considered for comparison. Secondly, Compare the favorable educational loan offers that suit your repayment, interest rates and courses you choose.
For more information and details, get in touch with our loan consultants.
Finally, We are happy to answer your Bank Loan queries!
