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FAQ on education loans ( Part 4) - 6-Jun-2023
Education loan has become handy to students as well as parents to ensure to fulfill the education dream of a family or an individual. But, many are not aware of the intricate process of education loans. Here it is for you ....!
45. Are there any special benefits if the woman receiving education loan is a single girl child?
Yes. waiver 0.5% interest is available.
46. Whom should the applicant approach the bank for information on educational bank loan?
Approach the Branch Manager
47. What is Lead Bank?
The bank with the highest number of branches in that district is called the Lead Bank of that district. Lead Bank is involved in the integration of various lending activities.
48. How to get the Lead Bank Manager's contact?
Your bank manager will able to provide the contact details of Lead Bank Manager.
49. Are there any special incentives for first generation students availing education loan?
No. But there some educational assistance for such students.
Details available at https://static.tneaonline.org/docs/11_FG_PMSS_2022.pdf?t=1655596800022
50. Is there any fees or processing fee for availing education loan?
No.
51. Do banks offer interest free education loans?
No.
52. What is the interest rate for education loan?
The interest rate for education loan is 11.15% to 12.40% per annum. It varies slightly from bank to bank. For correct information, the applicant should approach the education loan department of the bank.
53. From when interest rate for education loan will be calculated?
Right from the next month of disbursement of the loan.
54. Will the interest rate for education loan vary from bank to bank or will it be the same interest rate?
The interest rate for education loan varies from bank to bank.
55. Is it mandatory to have a bank account to apply for education loan?
No. The applicant can open an account while obtaining the loan.
56. What is meant by education loan 'on hold'?
In case the requires any additional documents or requests to be submitted. Then that stage is called 'on hold'.
The applicant may submit the same documents to the bank or through Vidya Lakshmi website.
57. What are the common reasons for rejection of education loan?
If applicant gets less than the minimum marks required:
To study in India:
General 60%
OBC 55%
SC & ST 50%
Study Abroad:
General 60%
OBC 50%
SC & ST 50%
o Joining in University/College not recognized by UGC / AICTE
o If application doesn't have complete details
o If applicant has poor CIBL Score
58. How to know the education loan interest rates of various banks?
Please approach the respective branch manager.
59. Can the applicant get educational loan after clearing plus two common exams in second attempt after failing in the first?
Yes. The applicant can avail the education loan if he/she has sufficient marks.
60. Can a student availing education loan get a partial fee loan?
Yes. The applicant can get a portion of the loan anytime during the time of study.
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