Education loan info

[rohit911]

Hii,
I need education loan of about 40-50lakhs for MBBS in India.
I have already payed the 1st year fee.(48.6lakh)
Can I get the paid fees in my account?
From which bank should I take the loan ?
We will preclose the loan in 1-2 years.
What things should I keep in mind before taking it. ?
Any tips ?
(I talked to HDFC credilla , they r giving loan at 10.25% with EMI starting immediately.)

 

[Arpi]

Hii,
I need education loan of about 40-50lakhs for MBBS in India.
I have already payed the 1st year fee.(48.6lakh)
Can I get the paid fees in my account?
From which bank should I take the loan ?
We will preclose the loan in 1-2 years.
What things should I keep in mind before taking it. ?
Any tips ?
(I talked to HDFC credilla , they r giving loan at 10.25% with EMI starting immediately.)

Getting the paid fees depends on when you have paid it, banks have restrictions, like should be within 3/6 months, etc.
I'd prefer SBI, they usually don't have preclosure fees.
EMI generally starts 1 year after completion of degree, you will only have to pay the interest.

 

[HumorSimpson]

@Vasuki @VISHESH_BANSAL .

 

[rohit911]

Getting the paid fees depends on when you have paid it, banks have restrictions, like should be within 3/6 months, etc.
I'd prefer SBI, they usually don't have preclosure fees.
EMI generally starts 1 year after completion of degree, you will only have to pay the interest.

I paid the fees just 15days ago.

 

[praful47]

Hii,
I need education loan of about 40-50lakhs for MBBS in India.
I have already payed the 1st year fee.(48.6lakh)
Can I get the paid fees in my account?
From which bank should I take the loan ?
We will preclose the loan in 1-2 years.
What things should I keep in mind before taking it. ?
Any tips ?
(I talked to HDFC credilla , they r giving loan at 10.25% with EMI starting immediately.)

You will need collateral if you apply .
Nbfc might give without collateral but your emi would start from the very next month .
Your college must be tied up with some financial institutions or nbfc , you can get easily

 

[rohit911]

You will need collateral if you apply .
Nbfc might give without collateral but your emi would start from the very next month .
Your college must be tied up with some financial institutions or nbfc , you can get easily

I have the collateral, but hdfc credila still asking for monthly emi payment

 

[praful47]

I have the collateral, but hdfc credila still asking for monthly emi payment

Credila is also nbfc .
Try like SBI , ICICI, axis , idfc

 

[rohit911]

Credila is also nbfc .
Try like SBI , ICICI, axis , idfc

Ok,
Also generally , what's the interest rate for edu loan ?
Can it be negotiated or is it fixed ?

 

[Arpi]

Ok,
Also generally , what's the interest rate for edu loan ?
Can it be negotiated or is it fixed ?

Depends on institute, lower if they have a tie-up with the bank. Might be around 10-12% currently.
You might be able to negotiate in pvt banks, try and see.

 

[praful47]

Ok,
Also generally , what's the interest rate for edu loan ?
Can it be negotiated or is it fixed ?

Loan miljaye wahi bada bat hai . Negotiation you can do for processing fee and any other miscellaneous fees .

 

[VikasBhindwar]

Ok,
Also generally , what's the interest rate for edu loan ?
Can it be negotiated or is it fixed ?

I have got at 8.05% with no foreclosure from PNB in 2017 for top tier National College of 8 lakh without any collateral. If your college is of national importance, will suggest to go with PSU bank, they will give you easily with low interest rate and with no foreclosure charge.