Education is one of the most potent tools available in the modern world. Financial difficulties prevent many students from pursuing a decent education. Due to this, students who desire to pursue higher education, particularly from institutions overseas, can now choose to take out loans.
Due to the abundance of banks and other financial organizations offering education loans in India, obtaining one is now simple. In addition to students, working professionals who want to enroll in full-time or part-time courses may also apply for this sort of loan.
Top 5 Loans for Professional Education in India for Working Professions
1. State Bank of India (SBI)
This bank offers student loans for professional and technical graduate and post-graduate programs at respected universities. You must send your admittance letter, the course fees, and other Know Your Client (KYC) documentation in order to apply for a loan. The loan covers tuition fees, course materials, travel costs, library fees, laboratory fees, examination fees, a caution deposit, and other necessary expenditures.
The maximum loan amount from SBI is Rs. 30 lakh. Only loans over Rs. 7.5 lakh must have collateral security. Your loan application may take a while to be processed. There are no processing costs for loans up to Rs. 20 lakh.15% is the loan margin rate. After one year of graduating, you begin making payments on your student loan, and you have up to 15 years to finish. Up to 2% of the SBI’s current base rate is charged as interest.
2. Omozing
Omozing helps make Smart Money Moves for a Lifetime. They strive to get lowest interest rates and best terms for your Online Applications at www.Omozing.com . We’ve made business lending smarter, faster and easier by transforming the approval process from stumbling blocks to stepping-stones. This enables borrowers to not just get access to capital, but also understand what areas they need to work on in order to enhance their credit profile. Omozing ensures that Borrowers get a secure, safe and reliable application process that be tracked online.
Personal Loan Interest Rates starting from 0.8% p.m, and Loan amount ranging from INR 10,000 to INR 25,00,000. The Minimum and maximum repayment period ranges from 1 month to 48 months. CIBIL 600+ all company categories (including LLP, Self Employed, Proprietorship)
5 Reasons to choose Omozing
1. Loans from INR 10k to INR 25 lakhs
Personal Loan Interest Rates starting from 0.8% p.m, and Loan amount ranging from INR 10,000 to INR 25,00,000. The Minimum and maximum repayment period ranges from 1 month to 48 months. CIBIL 600+ all company categories (including LLP, Self Employed, Proprietorship)
2. Cutomised Tailor Options
- Depending on your demands, we may provide quick financing of varying quantities at affordable interest rates.
- You have the freedom to utilise your loan anyway you want, whether for business or for immediate personal needs.
- Flexible repayment options from 3 months to 3 years depending on your specific cash flow and budget, as well as conditions that is beneficial to your position.
3. Lower CIBIL
While most lenders require borrowers to have a CIBIL score of over 750, at Omozing.com provide loans even with 600. Besides the CIBIL score, we also considers your age, employment status, and net monthly income.
4. Ways to apply
You can apply for a personal loan through us by 2 ways:
1. You can download our Mobile Application from Google app store.
2. Apply on portal using out Personal Loan link
5. Prompt Loan Disbursal
An easy online application process facilitates speedy verification and disbursal of loan. Get KYC verified from the comfort of your home and have our loan manager take care of an instant transfer of funds to your account. Money in Bank account in 24 hours post Loan approval.
3. Punjab National Bank (PNB)
One of India’s top lenders of student loans is Punjab National Bank (PNB). Students who have earned acceptance letters for graduate or postgraduate degrees, professional or technical courses that prepare them for employment, and CIMA, CBA, and MBA courses are eligible for loans. The loan pays for travel costs, school costs, test costs, library costs, course costs, and other costs. PNB has no maximum ceiling on school loans; your loan will be approved based on your needs and ability to repay, as well as the loan margin.
If the loan is for less than Rs. 4 lakh, there is no lending margin. If your loan is for more than Rs. 4 lakh, you must pay 15% of it. With no prepayment penalties, you can begin repaying your loan after one year and for a maximum of 15 years. PNB imposes an interest rate, which is the basic rate, if you want to attend one of the top 200 colleges in the globe. A 1% processing charge is also required; however, if you are studying in India, there are none at all.
4. Bank of Baroda (BOB)
A maximum loan sum of Rs. 20 lakh is made available by Bank of Baroda (BOB) under the “Baroda Scholar” program for Indian students who wish to pursue studies overseas. You are needed to pay a loan margin of 15%. The transition phase, also known as the moratorium period, begins once you get work and lasts for six to twelve months before you must begin loan repayment.
You have ten years to pay off a loan that is up to Rs. 7.5 lakh. However, if your debt is greater than Rs. 7.5 lakh, you can pay it off in 15 years. If your college debt is less than Rs. 4 lakh, there is no need for collateral security.
The bank requires a third-party guarantee for loans between Rs. 4 lakh and Rs. 7.5 lakh. If the amount exceeds Rs. 7.5 lakh, you must provide concrete collateral security. With loans greater than Rs. 4 lakh, BOB assesses a 2% penalty interest rate for late payments.
5. Canara Bank
Canara Bank’s loan amount is needs-based, with a cap of Rs. 40 lakh for prestigious schools, and is modeled after the education loan program of the Indian Bank Association. The maximum loan amount authorized by Canara Bank in other institutions, however, is Rs. 20 lakh. The Canara Bank education loan covers necessary costs including tuition, transportation costs, library fines, and book costs.
For college loans under Rs. 4 lakh, there is no need for collateral security. If your student loan balance is between Rs. 4 lakh and Rs. 7.5 lakh, you must present a third-party guarantee. However, if your loan is greater than Rs. 7.5 lakh, you must provide a co-borrower and real estate as collateral security.If your student loan balance is up to Rs. 7.5 lakh, the payback duration may be up to 10 years; if it is more, it may be up to 15 years. The interest rate is reduced for female students by 0.5 percent.