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Studying abroad is generally beyond the affordability of an average Indian household. However, education loans by different financial institutions render the much-needed respite to the aspiring students and their families. Eduloans further facilitates the entire process of availing an education loan for studying abroad.<\/a><\/p>\n We will require as security Student Profile, Collateral and Cosigner or Guarantor. Everything will be carried out online. The loan amount is limited to 80% of Collateral. The maximum loan amount equals the total cost of study. The interest rates vary from 5% to 7%. The processing fee is fixed at 1% and is non-refundable. The other charge is for the insurance (Noncollateral).<\/p>\n Eduloans at Imperial will help you navigate through the entire process in the most seamless manner possible.<\/p>\n Axis Bank<\/u><\/strong><\/p>\n \u00a0<\/u><\/strong>Studying abroad is generally beyond the affordability of an average Indian household. However, education loans by different financial institutions render the much-needed respite to the aspiring students and their families. Eduloans further facilitates the entire process of availing an education loan for studying abroad.<\/p>\n Read on to know more about the education loans offered by Axis Bank<\/strong><\/a>.<\/p>\n A secured loan of any amount <\/strong>and an unsecured loan up to 40 lakhs {Prime List A (40 Lakhs) & B (25 Lakhs)} are offered. The percentage of loan provided against the collateral<\/strong> is 65-85% of Property Value, 90 % of FD Value, and 50 % of LIC Surrender Value. Only Registered documents, Occupational Certificate, and Completion Certification are accepted for the Collateral Property<\/strong>. Consideration<\/strong> is on the basis of Property (Non Agricultural Land, 3rd party property is not acceptable), FD’s (From Axis Bank Only), and LIC (Traditional Policies) for Secured Loans and on the basis of University List (Prime A and B) for Unsecured Loans. The student profile<\/strong> includes details about GPA, Test Score, Course, Level, and Country. Incidental Cost<\/strong> comprises Life Insurance, Equitable or Registered Mortgage. The Interest Rates<\/strong> or ROIs are as follows:<\/p>\n Secured<\/strong>: 8.99% ( Till 30th June )<\/p>\n Unsecured<\/strong>: 11% – A ( Only for US till March) to 13.00% (Negotiable)<\/p>\n Interest amount is payable as per Amount Disbursed in Tranches and the payment is not flexible. EMIs<\/strong> start a year post the completion of course. One can choose to pay earlier to save Interest. Income Tax Benefit<\/strong> Under Section 80E, i.e., benefit to Co-signer is available. I.T.<\/strong> is to be paid only on Overall Income minus the Interest Amount. The processing fee<\/strong> is 15,000 plus GST upto 20 Lakhs. 15,000 is refundable on first disbursement. It is 0.75% plus GST above 20 lakhs, and there is no PF for initial 20 lakhs. The turnaround time<\/strong> is approximately 10-14 working days post the submission of all the required documents. The margin money<\/strong> is compulsory and fixed at 15%. Funds in balance<\/strong> like Savings (Self)\/Income\/FD\/Currently Available Balance in Bank Account need to be shown. The Cosigner <\/strong>should have a cibil score of minimum 725; the IT returns of the last 2 years are mandatory. Besides parents, only siblings can become an additional co-applicant<\/strong>. The maximum repayment tenure<\/strong> is up to 15 years after the completion of the course. The currency conversion charges<\/strong> are approximately 1.5% on every disbursement. All the documentation formalities<\/strong> are done at the customers’ convenience with home visits by dedicated Relationship Managers. There are legal and valuation charges<\/strong> amounting to 5900 plus GST.\u00a0 The additional charges<\/strong> include franking charges post sanction and prior to disbursement equalling approximately 0.20% of the loan amount. There is no pre-payment penalty<\/strong>. Both property and life insurances<\/strong> are compulsory. The funding for Undergraduate courses<\/strong> through secured loans is available. It is not available through unsecured loans. The services<\/strong> can be availed for any part of the country. The funding <\/strong>is available for all countries except Italy, Russia and Ukraine. Details about Balance Transfer <\/strong>are as follows:<\/p>\n Secured<\/strong> : 10.50 %<\/p>\n Unsecured<\/strong> : 11 % or max 1.25 % discount from existing ROI (Whichever is Higher) (Sanction between 1st Oct to 15th Nov & disbursement before 30th Nov). FIs for Visa<\/strong> for all countries are available. Rental Income Consideration<\/strong> is there only if a valid ITR is filed against it.\u00a0 For study in India<\/strong>, collateral-based loans for UG Degree and Diploma courses are available. In the case of income-based, collateral may not be needed.<\/p>\n Eduloans at Imperial will help you navigate through the entire process in the most seamless manner possible and will be a stalwart accomplice in empowering your dreams of studying abroad regardless of your affordability.<\/p>\n ICICI Bank (I Smart)<\/u><\/strong><\/p>\n \u00a0<\/u><\/strong>Studying abroad is generally beyond the affordability of an average Indian household. However, education loans by different financial institutions render the much-needed respite to the aspiring students and their families. Eduloans further facilitates the entire process of availing an education loan for studying abroad.<\/a><\/p>\n