Are you from Kochi? Considering continuing your education abroad? If you are worried about not being able to afford it, you've landed in the right place. Despite the financial commitment, studying abroad can be a life-changing experience. Fortunately, Kochi is home to many educational loan providers that can help you reach your goals. When looking for the best loan providers in Kochi, it's important to consider several factors, such as interest rates, loan terms, customer service, reputation, and eligibility criteria. If you want to find out more, keep reading!
| Table of Contents |
Top 5 Education Loan Providers in Mumbai to Study Abroad
Here are the best education loan providers in Mumbai to study abroad are:
1. State Bank of India
|
Name of the Scheme |
Expenses Covered |
Margin of Collateral |
Margin of Loan |
Period of Moratorium |
Fee of Process |
Amount of Loan (Required Collateral) |
Base Interest rate |
|
SBI Scholar Loan Scheme |
|
Max. 100% of collateral value |
5% for loans up to Rs. 4 lakhs, 15% for loans above Rs. 4 lakhs |
Up to 12 months after course completion or getting a job (whichever is earlier) |
Rs 10,000 + GST |
Upto 1.5 Crores with collateral |
Starts from 8.35% 0.50% - Rinn Raksha 0.50% - for female students, |
2. Bank of Baroda
|
Name of the Scheme |
Expenses Covered |
Margin of Collateral |
Margin of Loan |
Period of Moratorium |
Fee of Process |
Amount of Loan (Required Collateral) |
Base Interest rate |
|
Baroda Scholar |
|
Up to 100% of collateral value |
Nil for loans up to Rs. 4 lakhs, 5% for loans above Rs. 4 lakhs |
Upto the course period plus one year or six months after getting a job |
Rs 10,000 + GST |
Upto 1.5 Crores with collateral |
Starting from 10.60% |
3. Karur Vysya Bank
|
Name of the Scheme |
Expenses Covered |
Margin of Collateral |
Margin of Loan |
Period of Moratorium |
Fee of Process |
Amount of Loan (Required Collateral) |
Base Interest rate |
|
KVB education loan for abroad |
|
Up to 75% of collateral value |
Nil for loans up to Rs. 4 lakhs, 5% for loans above Rs. 4 lakhs |
Upto the course period plus one year or six months after getting a job |
1-2% of loan amount |
Upto 1.5 Cr Students can try to get a higher loan amount |
Starting from 10% |
4. Union Bank of India
|
Name of the Scheme |
Expenses Covered |
Margin of Collateral |
Margin of Loan |
Period of Moratorium |
Fee of Process |
Amount of Loan (Required Collateral) |
Base Interest rate |
|
Union Bank Abroad Education Loan |
|
Max. 75% of collateral value |
Nil for loans up to Rs. 4 lakhs, 5% for loans above Rs. 4 lakhs |
Up to 12 months after course completion or 6 months after getting a job (whichever is earlier) |
1-2% of loan amount |
Upto 1.5 Cr Student can apply to get even higher amount |
Starting from 11.15% 1% if the SI is paid in full 0.5% for female students |
5. Axis Bank
|
Name of the Scheme |
Expenses Covered |
Margin of Collateral |
Margin of Loan |
Period of Moratorium |
Fee of Process |
Amount of Loan (Required Collateral) |
Base Interest rate |
|
Axis bank education loan for abroad |
|
Max. 85% of collateral value |
Nil for loans up to Rs. 20 lakhs |
Up to 12 months after course completion |
1-2% of the loan amount |
Upto 40 lacs unsecured |
Starting from 11% |
6. ICICI Bank
|
Name of the Scheme |
Expenses Covered |
Margin of Collateral |
Margin of Loan |
Period of Moratorium |
Fee of Process |
Amount of Loan (Required Collateral) |
Base Interest rate |
|
ICICI Bank education loan for abroad |
|
Max.100% of collateral value |
Nil for loans up to Rs. 20 lakhs |
Up to 6 months after course completion or getting a job (whichever is earlier) |
2% of the loan amount |
Upto 50 lacs unsecured |
Starting from 10.5% |
7. IDFC First Bank
|
Name of the Scheme |
Expenses Covered |
Margin of Collateral |
Margin of Loan |
Period of Moratorium |
Fee of Process |
Amount of Loan (Required Collateral) |
Base Interest rate |
|
IDFC First Bank education loan for abroad |
|
Max. 100% of collateral value |
5% for loans up to Rs. 4 lakhs, 15% for loans above Rs. 4 lakhs |
Up to 12 months after course completion or getting a job (whichever is earlier) |
1-2% of loan amount |
Upto 40 lacs unsecured |
Starting from 8.5% |
Documents Required For Education Loan Providers in Kochi
The lender and type of education loan in Kochi determine the required documents. However, some common documents required are:
- Duly filled application form
- Passport-size photographs
- Photo ID proof (such as Aadhaar card, PAN card, passport, etc.)
- Residence proof (such as electricity bill, Aadhaar card, etc.)
- Academic documents (such as mark sheets, certificates, admission letter, standardized test scores, etc.)
- Income proof of the co-applicant or guarantor (such as salary slips, bank statements, ITR, property proof, etc.)
- Collateral documents (such as property papers, FD receipts, etc.) if applicable
- Loan agreement signed by the applicant and co-applicant or guarantor
- Repayment instructions (such as PDCs, ACH or SI mandate, etc.)
Final Words
It is crucial to note that to determine the most suitable loan provider for your specific needs you must consider several factors. To make a well-informed decision, it is advisable to do a comprehensive comparison of loan offerings from various banks. Conduct thorough research and read customer reviews to assess the experiences of others. When evaluating loan options, it is important to consider key aspects such as interest rates, processing fees, customer service quality, and loan terms. It is also important to stay updated with the latest information from banks by checking their websites or contacting them directly.
As you prepare to study abroad, remember that Yocket's counsellors are available 24/7 to answer any questions or offer additional help.
If you are a student looking to study abroad efficiently and affordably, Yocket Finances is your platform. You can find out if you qualify for a loan. Opt for the best loan rates and terms from multiple lenders, and get complete protection at no extra cost. The AI College Finder, Test Prep+, Community, Events, and other smart features are all here to help you enrich your study abroad journey.
