Scheme of Education Loan Tamilnadu News with interest Details

Tamil nadu Education Loan Scheme

This is the information about scheme education loan Tamilnadu News with interest Details, procedure, eligibility, rules, and interest deduction. Interest free education loan Tamilnadu is also offered by government for the welfare of poor students. Education loan or student loan is the monetary or financial help offered by the Banks, Government association and private financial organizations to provide help for the poor but eligible students who wish to complete their higher educational course from a reputed institution of university. Education loan Tamilnadu government and private information are given below.

This loan covers college education fees, books and all other study oriented expenses. Usually this loan facility also gives the benefit of repayment of the loan after completion of the desired educational course. Bank loans and many government policies have made it easy to take higher most education for the efficient students from middle earning class and from poor family background.

Day by day higher education cost is getting higher and it is very tough to achieve this education by own expenses for any family. Thus Tamilnadu educational loan is a sigh of relief for such students who really wish to touch the sky. And many families are enjoying this facility of education loan to fulfil the dreams of their children. Many of the families require this loan to send their student overseas for higher specialized studies.

Before taking loan it is necessary to decide that how much amount you can pay for the higher education and how much amount is necessary to take as a loan for completing requirement. For this it is must to estimate all the possible expenses required. Always you have to remember that you have to repay this loan after completing this education so apply for the required amount only.

Generally there are two categories of student loan; first is Government loan offered by government banks or government institutes and another is private loan by private institutions. Tamilnadu Government education loan is mostly preferred by the students as the rate of interest is comparatively less for these loans. Government also provides the facility of pay your loan in installments after completion of the studies.

Before obtaining loan from any private institution or bank it is necessary to check the reputation of the institution and the rate of interest they provide on the loan.

Education loan for mbbs in Tamilnadu : Loan is given from scheduled banks of Tamilnadu.

Education loan in tamilnad mercantile bank

Follow the below given procedure to get Education loan in tamilnad mercantile bank and contact the given loan section phone number: 91 44 25240477

Education loan procedures in Tamilnadu

Following are the purposes for which a student can obtain a loan:

1.   Education fees and other fees of the institute.

2.   Books and equipments required for the course.

3.   Total expenses for studying in abroad.

4.   Refundable deposit taken by the institute.

Education loan Eligibility Tamilnadu

There are some education loan rules in Tamilnadu and other states of India.

1.   The student should be Indian by nationality.

2.   The students should be selected for the preferred course by the institution.

3.   The student must have got admission in the overseas institute or university.

How much loan can be obtained in Education Loan Tamilnadu

Educational loans depend upon the necessity of a student and the capacity of the parents or student to repay the same with interest in due period. The maximum amount granted for studies in India is seven and half lacs (with 5% margin) and the maximum amount granted for studies in foreign countries is fifteen lacs.(with 15% margin). Get the details of education loan waiver in tamilnadu through online bank official websites.

The Rate of interest on educational loan:

SBI education loan in Tamilnadu

The rate of interest is very less on educational loan by SBI. SBI charges only 12.00% interest p.a for the loan up to four lacs and 13.00% interest p.a. for the loan above four lacs.

If the student pays interest amount before the repayment due date then the SBI offers the concession in rate of interest. Education loan interest deduction tamilnadu varies from bank to bank.

Education loan interest cancellation in Tamilnadu 2014 : Follow the mentioned procedure to do education loan interest cancellation in Tamilnadu 2014.

Process of repayment of Education Loan Tamilnadu :

Generally the duration granted for repayment is

The duration required for course + 1 year OR

6 months after obtaining job (whichever is prior)

The loan amount should be repaid within 5 to 6 years after the origination of repayment.

HDFC Bank is the top most private sector bank of India which provides educational loan for the following reasons:

HDFC provides loan for the higher education only at the organizations or institutions agreed by HDFC.

Who can get student’s loan from HDFC:

The student should have Indian nationality.

The student should carry a constant superior educational record and secured admission to approved institution.

Student should provide a proof of earnings of the parents or guardian who will be co-applicant for the loan.

The amount offered by HDFC:

HDFC offers loan up to two lac or maximum limit of 90% of the total cost required for the course. (Whichever is lowest)

Rate of Interest:

The rate of interest is 14% p.a. on education loan applied by HDFC.

The repayment of Tamilnadu Education Loan 

The maximum limit granted by HDFC for the loan to pay in 5 Years. In some cases, depending upon the merits and ability of earning of a student, this process can be speed up.