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Education Loan In Karnataka


Karnataka hosts some of the best institutions in the country like the Indian Institute of Science, Indian Institute of Technology, Indian Institute of Management and National Law School of India University.

From public banks (SBI), private banks (Axis Bank, HDFC Credila) to NBFCs such as Auxillo, Avanse and Incred, get loans suited to your needs through Credenc.


Education Loan Provider in Karnataka

Bank Interest Rate(%)
State Bank of India 8.3-10.7%
Axis Bank 10.5-15%
Avanse 12-14.5%
InCred 11.75-14%
Bank Of Baroda 11.25-14%
Bank of Maharashtra 10.15-12.1%



How to get an education loan in Karnataka?

Most public banks and private banks offer low-interest rates on your loan while they look for a strong profile with collateral whereas NBFCs usually offers unsecured loan without security at a higher rate of interest.

With Credenc, getting into your dream school is easy. You can apply for an education loan with online documentation and quick approvals and enjoy low-interest rates and accessible credit funding so that you don't have to compromise with your dreams. Unlike the traditional lenders, we invest in your future rather than assessing you on your past.

For a detailed list of documents, click here.


Geographical Effect

Most of the regions in Karnataka are serviceable for education loans excluding some of the rural areas for their inaccessibility and other conditions. Although some of the banks may limit their service to a certain radius of their headquarters, in which case, we will make sure your application is passed through other major banks and NBFCs and help you get the best rates for your loan.


Coverage & Eligibility

Service

With downstream servicing like employability services, repayment planning, and customer tracking, Credenc offers end to end free servicing that transforms and enhances your entire financial experience. We have partnered with 150+ universities across the country to catalyse finance to students in a more accessible and convenient way.  


Coverage

Expenses covered under education loan are -

  • Fees payable to school/college/hostel.

  • Examination/Library/Laboratory fees.

  • Purchase of Equipment/Books/Instruments/Uniforms.

  • Purchase of Computer/Laptop if essential for the completion of course.

  • Travel Expenses/ Passage money for studies abroad.


Eligibility Criteria

  • The borrower ought to be an Indian citizen.

  • He/She must have secured admission in the college before disbursement.

An education loan can also be availed before securing admission in a university. NBFCs also provide pre-admission loans on the basis of scorecards of competitive exams like GRE, GMAT, IELTS, TOEFL etc.


Margin

It is important to note that public banks have a strict margin policy where they provide financing upto 80-90% of the loan amount. The rest amount has to be paid from your pocket. Whereas NBFCs and private banks offer 100% financing that covers your tuition fees, travel expenses and much more.



Student Loan Interest Rate in Karnataka

  • Nationalised banks charge loan interest between 9% and 14%

  • Private banks offer loan interest at the rate of 11% and 17%

Moreover, the rates of interest also depend upon various factors such as your GRE score, your university and your academic profile.



Education Loan for MBA Students in Karnataka

Karnataka is known to host some of the top institutes for MBA mainly - Indian Institute of Management, TA Pai Management Institute, Xavier Institute of Management and Entrepreneurship etc.

MBA aspirants often back out before investing in their MBA program due to their skyrocketing fees. Thus an educational loan can do wonder to help you get the education you deserve. Check your rates now.


Education Loan for MBBS Students in Karnataka


Some of the top medical colleges in Karnataka are - Kasturba Medical College, (Mangalore); Ramaiah Medical College, (Bangalore); Manipal University etc. You can avail education loan for MBBS upto INR 10 lakh in India and 40 Lakh for abroad studies. Most of the NBFCs also provide loans with no upper limit but requires Collateral.


Education Loan for Engineering Students in Karnataka

Karnataka hosts some of the top engineering colleges mainly BMS College of Engineering, International Institute of Information Technology, RV College of Engineering etc. Most of the institutions are partnered with several banks to offer financial accessibility to the students. Some of the banks who offer loans for Engineering in Karnataka includes State Bank of India, Axis Bank, Punjab National Bank and HDFC Credila. NBFCs like Avanse, Incred and Auxilo are also prevalent on the scene.