Navi Mumbai Education Loan In India 2023, Abroad, Interest, Eligibility

Navi Mumbai Education Loan In India 2023: Do you want to open your own business in Navi Mumbai? Or are you simply looking to advance in your career? Then you should research the Navi Mumbai education loan in India 2023. This cost-effective and convenient option can assist you in obtaining the education you require to start or grow your business. Furthermore, with a Navi Mumbai education loan in India 2023, you can be confident that you’re making the best decision for your future. So, what are you holding out for? Find out more today.

We all know how important and difficult education is for a young person. It is a societal initiation procedure. However, one of the major reasons for students dropping out is a lack of financial support. A solution to this problem could be the Education Fund. The Education Fund was established for these purposes. This money can cover all of your education loan expenses, from books to housing and other costs. Every candidate in India can apply for an education loan.

2023 Navi Mumbai Education Loan in India

You’ve come to the right place if you’re looking for an education loan in Navi Mumbai. Our experts can assist you in locating the best loan options available and will answer all of your questions. Furthermore, we provide a variety of education loans tailored to your specific requirements. So don’t delay – get in touch with us today to learn more about Navi Mumbai education loans!

Education loan Plan covers every graduation, post-graduation, and other verified programmes in India, regardless of your college or study programme. The eligibility for education funds is extremely broad. If you study abroad, you can apply and you will almost certainly be accepted. Many banks even provide special plans to support female education. These plans include various profits for female candidates that will enhance their education loan experience.

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Details of Navi Mumbai Education Loan in India 2023

Navi Mumbai Education Loan In India 2023 Details
  Maximum Loan Amount   For abroad studies INR 20 Lakh
For education in India – INR 10 lakhs
Eligibility Should be a resident Indian
Should have got a merit-based admission to a well-ranked & recognized university abroad
Should have a good academic record
Interest Rate 9.85% (interest rate concession for women applicants – 0.50%)
0.50% interest rate concession for Candidates pursuing professional courses
Margin Money 15%
Category Current Affairs
Official Webpage Click here
Processing Fees For education in India – NIL
For abroad education – INR 5000

Education Loan in Navi Mumbai

Candidates can obtain an education fund loan to help them finish their studies. Almost all Non-banking Financial Companies (NBFCs) and banks provide education loans to candidates. With education costs rising, one of the best solutions is to apply for an education credit. An education Fund covers the cost of housing, books, and other educational expenses.

Navi Mumbai Education

Navi Mumbai is home to some of the state’s most prestigious colleges, which provide education in a variety of fields. Here are some of the well-known colleges in the area:

  • Dr. DY Patil Institute of Biotechnology and Bioinformatics
  • Pillai College of Arts, Commerce, and Science Yashwantrao Chavan College of Arts, Commerce, and Science Sanpada College of Commerce and Technology
  • Western College of Commerce and Business Management Karmaveer Bhaurao Patil College of Computer Science and Information Technology

Navi Mumbai banks that provide education loans

Banks offering education loans in Navi Mumbai
Bank Interest Rate (per annum) Tenure Margin
State Bank of India 10.55% – 10.80% Return must start one year after the course is completed and must be done within 15 years from the time of completion of the course. If the Fund amount is less than Rs.4 lakh, no margin is charged.

If the Fund amount is above Rs.4 lakh, a 5% margin is levied for studies in India and a 15% margin is levied for studies abroad

ICICI Bank Starts from 11.5% Return can range from 5 years to 10 years from the time the course has been completed. Up to Rs.20 lakh, no margin is charged.

Above Rs.20 lakh, a 15% margin is levied.

HDFC Bank 9.20% to 13.64% Return can range from 10 years to 15 years depending on the loan amount.
Axis Bank 13.7% to 15.2% Return on the loan amount, the duration can be between 10 years or 15 years. 5% and 15% margins are charged when the Fund amount is greater than Rs.4 lakh and it is used for studies in India and abroad, respectively.
Dena Bank 8.80% to 10.35%
Union Bank of India 8.60% to 11.75% Can be a maximum of 15 years. If the Fund amount is more than Rs.4 lakh, the margin charged for studies in India and abroad are 5% and 15%, respectively.
Bank of Maharashtra 8.75% to 9.75% Must be Return back by 15 years. 5% and 15% are the margin charges for studies in India and abroad for a Fund amount of more than Rs.4 lakh.

Courses in Navi Mumbai that are eligible for the India Education Fund

In order to study in India,
  • Approved courses leading to graduate PG degrees and postgraduate diplomas are offered by colleges and universities accredited by the UGC.
  • Courses such as I.C.W.A., C.A., C.F.A., and so on.
  • Courses at IIMs, IITs, IISc, XLRI, NIFT, NID, and other institutions.
  • Reputable foreign universities offer approved courses in India.
  • Aeronautical, pilot training, shipping, degree diploma in nursing, and many other disciplines are examples of regular degree diploma courses. Indian Nursing has been approved by the Director General of Civil Aviation Shipping.
  • Taken by the Head Office and added to the list of approved educational institutions.

For international studies

  • Graduation: Taken by reputable universities for job-oriented professional technical courses. (No Diploma Certification courses are permitted.)
  • Postgraduate programmes include MCA, MBA, and MS degrees, among others.
  • CIMA-London, CPA-USA, and other organisations have taken courses.
  • Degree | Diploma: Aeronautical, pilot training, and shipping courses, among others. Given that these are recognised by competent regulatory bodies in India| abroad for employment in India and abroad.

Criteria for Eligibility Education Loan from State Bank of India in Navi Mumbai

  • Candidates must be citizens of India.
  • Candidates must have been accepted into a college or university that has been recognised by a competent authority in India or abroad.
  • Candidates must have completed their secondary education.
  • According to Reserve Bank of India (RBI) guidelines, there is no restriction on the upper age limit; however, banks may have maximum age criteria.

Expenses and courses paid for with an education loan

An education fund covers expenses such as course fees, examination fees, hostel fees, uniform, equipment, and book purchases. Education Funding is provided for professional/technical courses, post-graduation courses, and graduation courses in India that provide future employment opportunities. However, the study should be in a college or university that is Taken by UGC, AICTE, IIT, IIM, etc.

How do I apply for a student loan in Navi Mumbai?

Applying for an education loan in Navi Mumbai is very simple. An education fund can be used both in person and online.

Online: You can apply for an education fund directly on the bank’s website by clicking here. You must submit your personal and contact information, and a bank executive will contact you to assist with the loan process. If you already have a bank account, you may be approved immediately based on your credit history.

Offline: If you want to apply for an education fund, you must go to a bank branch and meet with an executive. All Needs documents and the application form must be submitted to the bank. The education fund will be approved once the documents have been verified.

Documents Required for an Education Loan in Navi Mumbai in India

For salaried workers

  • Completed and signed education Fund application form with photographs.
  • KYC (Know Your Customer) paperwork.
  • Passport, voter ID card, driving licence, PAN card, Aadhar card, government department ID card are all acceptable forms of identification.
  • Recent salary slip with all deductions or Form 16 with most recent salary proof.
  • Bank account statement, most recent electricity bill, most recent mobile/telephone bill, most recent credit card statement, most recent house lease agreement are all acceptable forms of proof of address.
  • Bank statement or bank pass book with entries from the previous six months.
  • Guarantor Form, Admission Letter or the Institute, and Fee Schedule (Optional).
  • S.S.C., H.S.C., and Degree course mark sheets/pass certificates (Optional).
  • A detailed breakdown of the course’s costs (Optional).

Except for salaried individuals

  • Duly Fill out and sign the Education Fund application form, and include photographs.
  • KYC (Know Your Customer) paperwork
  • IT returns for the previous two years and income computation for the previous two years, certified by a Chartered Accountant
  • Identity verification: Passport, voter identification card, DL, PAN card, Aadhar Card, and government department ID card
  • Evidence of residency Bank account statement, most recent electricity bill, most recent mobile/telephone bill, most recent credit card statement Existing lease agreement for a house
  • Bank Pass or Bank Statement Having a book of having Fill in the blanks from the previous six months.
  • Guarantor Form, Admission Letter or the Institute, and Fee Schedule (Optional)
  • S.S.C., H.S.C., and Degree course mark sheets/pass certificates (Optional)
  • Cost of the course information breakdown (Optional)
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