Education Loan In Pune
Pune, known as ‘the Oxford of the East’ is home to some of the best educational institutions in the country. Being as one of the chosen destinations for professional courses like engineering and mass communication, the city also hosts some of the leading institutes mainly - the ILS Law College, Armed Forces Medical College, Lalit Kala Kendra, and the Film and Institute of India. With loan agencies from Avanse, Incred, Auxillo and HDFC Credila, you can seek loan assistance suited for your needs. You can opt for an interest rate starting from 11.50%.
Education Loan Provider in Pune
State Bank of India
Bank Of Baroda
Bank of Maharashtra
How to get an education loan in Pune?
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.
Most of the regions in Pune 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
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.
Expenses covered under education loan are -
Fees payable to school/college/hostel.
Purchase of Equipment/Books/Instruments/Uniforms.
Purchase of Computer/Laptop if essential for the completion of course.
Travel Expenses/ Passage money for studies abroad.
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.
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 Pune
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 Pune
Pune host some of the best institutions for MBA like MITCON, Flame University,
ASM-IBMR, SCMHRD. Some of the colleges charge 10-20 lakh as their fees including the IIM. 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.
Education Loan for Engineering Students in Pune
The city is home to some of the major institutes of the country like Indian Institute of Technology, College of Engineering. The city hosts a total of 61 institutes that cater to engineering programs. If a student has secured admission in one of the premier institutions, then getting an education is very easy. 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 Pune include State Bank of India, Axis Bank, Punjab National Bank and HDFC Credila. NBFCs like Avanse, Incred and Auxilo are also prevalent on the scene.
Education loan for MBBS Students in Pune
Pune hosts a number of top-premier institutions for MBBS mainly Armed Forces Medical College, Maharashtra Institute of Medical Education and Research, BJ Medical College, Bharati Vidyapeeth Deemed University Medical College. You can avail education loan for MBBS up to 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.