https://www.wemakescholars.com/education-loan/cosmos-bank
Cosmos Bank Education Loan
✓ Secured and Unsecured Education Loan
✓ To study in India or Abroad
Check your Education Loan Eligibility
Table of content
- Cosmos Bank Education Loan to Study Abroad
- Cosmos Bank Offers Education Loan Up to 50 Lacs for Higher Studies in India
- Cosmos Bank Education Loan Processing Fees
- Documents Required for Cosmos Bank Education Loan
- Cosmos Bank Education loan insurance
- Cosmos Bank Education Loan Margin
- How to apply for an education loan from Cosmos Bank?
- Why go through WeMakeScholars
- Why and How to transfer your education loan to Cosmos Bank?
- Cosmos Bank Education Loan EMI Calculation
- FAQ's
- Need Help? Ask Here!
Cosmos Bank has education loan products at a relatively lower rate of interest in the best interest of Indian students wanting to pursue higher education in India or abroad. Go through the following education loan products of Cosmos Bank.
- Cosmos Bank education loan to study abroad
- Cosmos Bank education loan to study in India
Cosmos Bank Education Loan to Study Abroad
Education loan of up to 1.25 Cr is offered to students going for professional/technical courses abroad. Other details of the scheme are given below.
|
Parameter |
Details |
|
Loan Limit |
|
|
Expenses covered |
|
|
Accepted co-applicant |
Parents and guarantors other than parents can be taken |
|
CosmosBank Education loan interest rate/rate of interest (effective) |
|
|
Moratorium Period |
Course duration + 1 year or 6 months after getting a job whichever is earlier |
|
Repayment Duration |
Up to 10 years, moratorium period included |
|
Repayment policies |
Students have the option of paying or opting out of interest payment in the notice period |
|
Eligibility Criteria |
|
|
Collateral value |
Up to 1.25x the loan amount |
Courses Eligible for Abroad Education Loan
- Technical or job-oriented courses from reputed universities abroad.
- Reputed courses like MCA, MBA, and MS conducted by CIMA-London, CPA in the USA, etc.
Cosmos Bank Offers Education Loan Up to 50 Lacs for Higher Studies in India
An education loan of up to 50 lacs is offered to Indian students by Cosmos Bank to pursue higher education in reputed universities of India.
|
Parameter |
Details |
|
Loan Limit |
50 lacs If required more elevated amount can be requested |
|
Expenses covered |
|
|
Accepted co-applicant |
Parents, 2 guarantors can be taken |
|
CosmosBank Education loan interest rate/rate of interest (effective) |
|
|
Moratorium Period |
Course duration + 1 year or 6 months after getting a job whichever is earlier |
|
Repayment Duration |
Up to 10 years including the moratorium period |
|
Repayment policies |
Can prefer to opt out of interest payment in the moratorium period |
|
Eligibility Criteria |
|
|
Collateral value |
Up to 1.25x the loan amount |
Eligible courses for Cosmos Bank Education Loan to study in India
- Courses in graduation like B.A, BCom, B.Sc., etc
- Masters and PhD.
- Professional courses such as Medical, Engineering, Agriculture, Veterinary, Dental, management, computer, etc.
- Computer certificate courses in the institutes that are accredited by the Dept. of Electronics.
- Courses conducted by top institutes like the IIM, IIT, IISc, XLRI, NIFT, etc., and top courses like ICWA, CFA, and CA.
- Regular courses like Degree/ diploma courses
- Evening courses at certain approved universities
- Even the courses not included in this list can be considered by talking to the bank officials
Cosmos Bank Education Loan Processing Fees
The bank does not charge any processing for students taking an education loan to study in India. However, there is a processing fee of 0.50% of the loan amount for students taking a Cosmos Bank abroad education loan.
Documents Required for Cosmos Bank Education Loan
Below is a list of documents that you will need to process an education loan from Cosmos Bank.
- Application form
- Fill out the Cosmos bank education loan application which will be provided to you by your financial officer from WeMakeScholars. Sign the loan application form and also attach two passport-size photographs.
- Basic documents for Applicant (student), co-applicant, and/or Guarantor
- Proof of Identity
- PAN Card
- Aadhar card
- Passport if you are going abroad
- Proof of residence (if your permanent and current address are different then provide two residence proofs)
- Voter ID Card
- Aadhaar card
- Electricity Bill
- Ration card
- Telephone Bill
- Bank account statement
- Co-applicant documents
- If Salaried- Bank account statement of the last 6 months
- If Self-employed- 1-year business transactions
- Personal Asset & Liability Statement- Self-attest all the documents
- Applicant's academic documents
- Marksheets, and certificates of 10th, 12th, and degree
- Admit proof reflecting the total duration of the course
- Fee structure
- Scorecard of language tests or any other competitive exams
- Ranking of the university
- Document for financial co-applicants to prove their income
- If Salaried
- Salary slips of the last 3 months
- Form 16 for the last 2 years
- ID card of the employer
- ITR of the last 2 yrs
- If Self-employed
- ITR of last 3 yrs
- The balance sheet of the last 3 years and account of profit & loss(for self-employed businessman)
- Address proof of the business
- If Salaried
- Other Documents
- A declaration letter stating that leftover expenses will be borne by the co-applicant
- Notarised joint affidavit with the student and co-applicant in the Bank’s standard format (Format to be provided by WeMakeScholars Financial officer)
- Additional docs (if applicable)
- Receipts of any payment made to the university
- Pending loan account statements
- Explain if you have had any gap in your studies on a 100 Rs stamp paper. The format of the letter will be provided by WeMakeScholars financial officer.
- Collateral documents(not mandatory)
- You will require collateral documents if you are going through a collateralized loan. These documents vary with the state you are applying from.
Cosmos Bank Education loan insurance
Cosmos bank offers education loan insurance of 1 to 2% of the loan amount along with the education loan you are taking from the bank. This amount is to make sure that the burden of your loan doesn’t fall on the shoulders of your family members in case of a mishap with you.
Cosmos Bank Education Loan Margin
The Loan margin is brought in on a year-to-year basis. The education loan margin for Cosmos Bank education loan of up to 4 lacs is Nil. Follow the below table for loan margin information for loans above 4 lacs.
|
Location of study |
Loan Margin(loans above 4 lacs) |
|
Study in India |
5% |
|
Study Abroad |
15% |
How to apply for an education loan from Cosmos Bank?
There are two ways by which an education loan can be applied for through Cosmos Bank and these are as follows: Offline and Online. This section offers a clear guideline on how to go through both processes. Whichever option you choose between physically applying at a branch or applying online via WeMakeScholars, knowing what steps are taken and the function of the financial officers will make the process of applying for the loan a lot easier.
Offline
- Visit your nearest Cosmos bank branch with the full list of documents
- Follow the instructions of the bank officials to process your loan
- If eligible, you may get your education loan sanctioned, though it may take more time than when you go through WeMakeScholars
Online
- You will need to request a callback from the WeMakeScholars team
- You will receive a callback from a WeMakeScholars financial officer and will ask you certain details to start off your process
- After taking the details the financial officer will provide you the details of lenders you are eligible for taking an education loan from
- The financial officer will then send you a document uploading link where you will need to upload all the required documents
- You will be then connected to all the lenders you are eligible to take an education loan from
- The process will then be continued by your assigned lender. Meanwhile, your financial officer will also be in touch with you for clearing any kind of doubts in the process
- You will receive loan sanction in the timeline provided by your financial officer
Why go through WeMakeScholars
Banks are very slow in processing your education loans, hence you can take an alternative way out, which is WeMakeScholars.
WeMakeScholars is an organization that was established to offer unbiased education loans to students going for higher education. We are supported by the Ministry of IT, govt of India as we help students attain higher education from quality universities. Below are the benefits of going through WeMakeScholars rather than directly going to banks.
- Lower interest rate: We are partnered with 14+ banks(Public/Pvt) and hence you attain education loans at a lower rate of interest than when you go through Cosmos bank
- Multiple options: We have different options for you to take an education loan and hence you can compare and choose the best one
End-to-end support: We at WeMakeScholars assist students right from the education loan process until the repayment of the loan. - Tax benefits: We make sure students are aware of all kinds of tax exemptions for education loans so they can take full advantage of them.
- Cashback: Students going through us can claim a cashback of up to 3000.
Why and How to transfer your education loan to Cosmos Bank?
Cosmos Bank offers better terms for an education loan and hence you may be tempted in transferring your education loan to Cosmos bank. Below are the steps to transfer your education loan to Cosmos Bank.
- Gather information regarding your education loan from the current bank and then request a callback from WeMakeScholars.
- WeMakeScholars financial officer will get in touch with you, and provide him/her with all the details about your current education loan.
- A financial officer from WeMakeScholars will give you the list of documents that you will need to upload.
- Once you submit the asked documents, Cosmos Bank will clear all your dues with your current bank and will start an education loan with Cosmos bank.
Cosmos Bank Education Loan EMI Calculation
Go through the below example to learn to calculate your EMI after your education loan sanction!
Let’s suppose that you have taken an education loan of 25 lacs for your abroad education at an interest rate of 8.4% for a course of 2 years. Your repayment duration will be of 10 years and your moratorium period will be of 3 years. Here’s how much you will pay for 7 years after your moratorium period of 3 years!
|
Repayment cycle |
EMI |
Interest portion |
Principal portion |
Loan Outstanding |
|
Year 1 |
47273 |
18863 |
28409 |
2666376 |
|
Year 2 |
47273 |
16383 |
30890 |
2309549 |
|
Year 3 |
47273 |
13686 |
33587 |
1921567 |
|
Year 4 |
47273 |
10754 |
36519 |
1499710 |
|
Year 5 |
47273 |
7565 |
39708 |
1041021 |
|
Year 6 |
47273 |
4098 |
43174 |
542283 |
|
Year 7 |
47273 |
329 |
46944 |
0 |
FAQs:
-
What is the maximum loan amount in Cosmos bank?
-
What is the interest for an education loan from Cosmos bank?
Our Education Loan team will help you with any questions
WeMakeScholars- supported by IT Ministry, Govt. of India.
Sahil Husein Mukhida
Harish Dammannagari
Scholarship Expert
Hello Sahil Husein Mukhida,
Hopefully, you're in touch with Pari Rani, our financial officer, as she can assist you in this matter. Feel free to contact her and explore banks that offer education loans suitable for your profile.