Education Loans in Jharkhand

✓ With and Without Collateral Education Loan

✓ Featuring an interest rate as low as 8.30%

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Table of content

  1. Best Bank for Education Loan in Jharkhand
  2. Other Education Loan features offered by Banks or NBFCs in Jharkhand
  3. Documents required for availing an Education Loan in Jharkhand
  4. Common reasons for Education loan rejection in Jharkhand
  5. Why choose WeMakeScholars for an education loan in Jharkhand?
  6. Repayment plan for Education Loan in Jharkhand
  7. Education loan Subsidy schemes applicable to students from Jharkhand
  8. Higher Education Institutes in Jharkhand
  9. FAQ's
  10. Need Help? Ask Here!

The public banks, private banks, and NBFC offer an education loan of up to 1.5 Cr to students residing in Jharkhand to fund their higher education in India and abroad. Students from cities like Ranchi Dhanbad, Jamshedpur, Bokaro, etc have a great opportunity to avail of education loans at interest rates starting from just 8.3% and fulfill their dream of pursuing higher education.

Best Bank for Education Loan in Jharkhand

In Jharkhand, students can apply for education loans through various nationalized and private banks. Some popular options include

For studies in India:

Bank Name

Scheme Name

Loan amount- Collateral Required

Processing fee

State Bank of India

SBI Global Ed-Vantage Scheme for India

Upto 1.5 Cr

A higher amount can be applied

Rs 10,000 + GST 

Bank of Baroda

Baroda Scholars for India

Upto 1.5 Cr

A greater loan amount is also possible

Rs 10,000 + GST 

Karur Vysya Bank

KVB education loan for India

Upto 1.5 Cr

Students can try to get a higher loan amount 

1-2% of the loan amount

Union Bank of India

Special education loan scheme for India

Upto 2 Cr

Students can apply to get an even higher amount

1-2% of the loan amount

ICICI Bank

ICICI Bank education loan for India

No upper limit for secured

Upto 50 lacs unsecured

2% of the loan amount

Axis Bank

Axis bank education loan for India

No upper limit for secured

Upto 40 lacs unsecured

1-2% of the loan amount

IDFC First Bank

IDFC First Bank education loan for India

Need-based with collateral

Upto 50 lacs unsecured

1-2% of the loan amount

Incred

Incred Education Loan for India

Upto Rs 60 lacs unsecured

1-2% of the loan amount

Auxilo

Auxilo Education Loan for India

Upto Rs 60 lacs unsecured

1-2% of the loan amount

Avanse

Avanse Education Loan for India

Upto Rs 60 lacs unsecured

1-2% of the loan amount

 

For Foreign studies:

Bank Name

Scheme Name

Loan amount- Collateral Required

Processing fee

State Bank of India

SBI Global Ed-Vantage Scheme for abroad

Upto 1.5 Cr

A higher amount can be applied

Rs 10,000 + GST 

Bank of Baroda

Baroda Scholars for abroad

Upto 1.5 Cr

A greater loan amount is also possible

Rs 10,000 + GST 

Karur Vysya Bank

KVB education loan for abroad

Upto 1.5 Cr

Students can try to get a higher loan amount 

1-2% of the loan amount

Union Bank of India

Special education loan scheme for abroad

Upto 2 Cr

Students can apply to get an even higher amount

1-2% of the loan amount

ICICI Bank

ICICI Bank education loan for abroad

No upper limit for secured

Upto 50 lacs unsecured

2% of the loan amount

Axis Bank

Axis bank education loan for abroad

No upper limit for secured

Upto 40 lacs unsecured

 

1-2% of the loan amount

IDFC First Bank

IDFC First Bank education loan for abroad

Need-based with collateral

Upto 50 lacs unsecured

 

1-2% of the loan amount

Incred

Incred Education Loan for abroad

Upto Rs 60 lacs unsecured

1-2% of the loan amount

Auxilo

Auxilo Education Loan for abroad

Upto Rs 60 lacs unsecured

1-2% of the loan amount

Avanse

Avanse Education Loan

Upto Rs 60 lacs unsecured

1-2% of the loan amount

 

If you are seeking an education loan in Jharkhand, WeMakeScholars is the ideal choice. As it is a government-funded organization and has the expertise in handling a large number of loan applications on a daily basis. Contact your financial officer at WeMakeScholars to determine your loan eligibility and begin the loan process.

No more stress about finding the right education loan. Let us help you with our education loan service.

Other Education Loan features offered by Banks or NBFCs in Jharkhand

Covered Expenses

Education loans in Jharkhand offered by banks or non-banking financial companies cover various expenses such as

  • Course or tuition fees
  • Hostel or accommodation fees
  • Stationery and book costs
  • Travel expenses (including airfare, if studying abroad)
  • Mess and food expenses
  • Costs associated with uniforms, projects, and thesis work
  • Laptop or computer expenses

Additionally, these loans may also cover other expenses related to the course of study.

Moratorium Period

The moratorium period refers to the time period immediately following the loan disbursement. It typically lasts for the duration of the course, plus an additional 6 months or 1 year after completion, as per the bank's policy.

Loan Margin

Loan margin refers to the portion of the loan that the applicant must arrange for themselves. It is a percentage of the requested loan amount and is used to assess the applicant's ability to repay the loan. Generally, the loan margin for studying in India is 5% of the loan amount, while for studying abroad it is 15% of the loan amount. However, the actual loan margin can vary depending on the loan type and scheme.

Collateral Margin

Collateral margin is the proportion of the collateral value that banks consider when determining the loan amount. Banks may accept up to 100% of the value of immovable properties or liquid assets, depending on the type of collateral. Contact your financial officer at WeMakeScholars to find out the precise loan amount you qualify for based on your collateral security.

Documents required for availing an Education Loan in Jharkhand

When applying for a student education loan in Mumbai, lenders require specific documents, including:

Section 1: Application form & Photograph

  • Submit the completed education loan application form. A hard copy of the loan application form filled out online on the WeMakeScholars website is also acceptable.
  • Provide 2 passport-sized photographs of the applicant.

Section 2: Basic documents of applicant, co-applicant, and/or guarantor

1. Identification proof

  • Aadhaar card
  • PAN Card
  • Passport, if the applicant is studying abroad

2. Proof of residence (if the permanent and present addresses are the same, then the student must provide 2 different documents)

  • Electricity Bill
  • Aadhaar card
  • Telephone Bill
  • Bank passbook statement
  • Voter ID Card
  • Ration card

3. Co-applicant documents

  • If salaried, provide bank statement for the last 6 months
  • If self-employed, provide business transactions of the last 1 year

4. Asset and Liability statements approved by the bank employees

Section 3: Academic documents of the applicant

  • Proof of admission in an eligible course
  • Fees structure as provided by the university with payment deadlines
  • Scorecard of GMAT/ IELTS/ GRE
  • School and college mark sheets from class 10th along with certificates

Section 4: Financial co-applicants income proof documents

If salaried:

  • Last 2 years' details of Form 16
  • Salary slips of last 3 months
  • Applicant’s office ID card
  • Last 2 years ITRs

If self-employed:

  • Last 3 years ITRs
  • Profit and loss statement in the balance sheet of the last 3 years
  • Business address proof

Section 5: Other Documents

  • Co-applicant declaring that all other expenses will be taken care of by them
  • Joint affidavit in the bank’s standard format from the student and co-applicant’s side

Section 6: Additional documents (if applicable)

  • Payment receipts made in the name of the university
  • Statement of any pending loans in the last 1 year
  • Gap certificate on Rs 100 stamp paper explaining the reason for the break in academics

Additional Documents for Secured Loans for Jharkhand

  • Allotment letter from a government authority such as JIADA (Jharkhand Industrial Area Development Authority) 
  • Property’s title deed to be used as collateral for education loan
  • Copy of plot layout for the property or municipality-approved building plan.  
  • Registered will, sale agreement, or gift deed 
  • Receipt of the above-mentioned agreement
  • Latest electricity bill and property tax bill of the property
  • Transfer of ownership of the property documents of the past 30 years or an earlier chain of ownership and sales deed, including controlled document (EC)

The lender banks in Jharkhand are particular about documents that are required to start the loan process. So to get the complete detailed documents checklist, request a callback from your financial officer at WeMakeScholars, who will analyze your loan profile and give you the checklist of documents.

Acceptable collaterals in Jharkhand for education loans

Acceptable collaterals for education loans in Jharkhand include:

Properties: Residential houses and flats are acceptable as collateral to get education loans

Non-Agricultural Lands: Non-agricultural land with proper boundary demarcation is acceptable as collateral

Agricultural lands: They are allowed to be pledged as collateral in most cases. 

Fixed Deposits, LIC Policies, and Government Bonds: These liquid securities are also acceptable as collaterals for education loans in Jharkhand.

Note: Tribal properties are not accepted

We offer personalized education loan solutions that are customized to your needs.

Common reasons for Education loan rejection in Jharkhand

Common reasons for education loan rejection in Jharkhand may include:

Insufficient income or employment: Lenders may reject an education loan application if the applicant does not have a stable source of income or is unemployed.

Poor credit history: A low credit score or a history of defaulting on loans can also lead to rejection of an education loan application.

Lack of collateral: Some lenders may require collateral, such as property or other assets, to secure the loan. If the applicant does not have sufficient collateral, their application may be rejected.

Insufficient documentation: Incomplete or inaccurate documentation can also lead to loan rejection. The applicant must provide all the necessary documents to the lender in order for the loan to be processed.

The applicant's academic record: Lenders may also consider the applicant's academic record and their likelihood of success in their chosen field of study.

It is important to note that different lenders may have different requirements and criteria for approving education loans, and rejection of an application by one lender does not necessarily mean that the applicant will be rejected by others.

Why choose WeMakeScholars for an education loan in Jharkhand?

WeMakeScholars is a government-funded student platform aimed to provide funding solutions to students in Jharkhand and pan India, for their higher education anywhere in India and even abroad. We are partnered with 14+ public & private banks, along with NBFCs in India. Here are the other reasons why to choose WeMakeScholars as your education loan partner: 

Lesser Processing time - Processing times of education loans with WeMakeScholars is 50% lesser than what banks typically need. We take just 6-7 days if you acquire your loan from a private bank or NBFC, and 15-20 days if you get it from a public bank with collateral. 

Better Interest rates - As we are the bank's largest education loan partner, an interest rate discount of 0.5% to 2% is offered to all the students who process their education loan with WeMakeScholars.

Expert advice - Your financial officer will help you pick the best lenders based on bank rules and your eligibility after thoroughly analyzing your loan profile from all angles.

Application procedure digitization - Students can easily apply for a student loan online at any time and from any location. The burden of making repeated trips to the banks only to turn in the necessary documents is also lessened by our documents site.

Support for negotiations - To make it simple for you to process, we offer assistance in negotiating loan terms and interest rates with the banks.

End-to-end support - If there are any post-sanction concerns, your financial officer will remain by your side throughout the loan sanctioning procedure and even at the moment of distribution.

Tax advantages - By notifying you of the income-tax department's tax-saving programs, such as Section 80E, 80C, and others, as well as the tax collected at source, we assist you in saving money and obtaining tax advantages on your student loan (TCS).

Cost-free services - We get funding from the IT Ministry as part of the Digital India Campaign, and all of our services for authorizing prime loans are provided without charge to all students.

Cashback offer - When we release your funds to you, you may receive up to Rs 3,000 as cashback.

Looking for the best education loan options? We've got you covered.

Repayment plan for Education Loan in Jharkhand

Suppose, you apply for an education loan of Rs 40 lacs to fund your higher education in Canada at 11.5% rate of interest from a private bank in India and choose to repay the loan in 10 years, once the moratorium period finishes. Then, your education loan repayment cycle will be according to the following table:

Repayment Cycle

EMI

Interest portion

Principal portion

Loan Outstanding

Start of loan EMI

64322

43844

20479

4554521

End of year 1

64322

41578

22744

4315880

End of Year 2

64322

38821

25502

4025340

End of Year 3

64322

35728

28594

3699569

End of Year 4

64322

32261

32061

3334296

End of Year 5

64322

28373

35949

2924729

End of Year 6

64322

24014

40308

2465499

End of Year 7

64322

19126

45196

1950582

End of Year 8

64322

13646

50677

1373228

End of Year 9

64322

7501

56822

725863

End of Year 10

64322

611

63712

0

 

Your loan details may be different, still to check your repayment schedule use the WeMakeScholars Education Loan EMI calculator for quick and accurate results

We provide you with all the guidance and support you need to secure the best education loan.

Education loan Subsidy schemes applicable to students from Jharkhand

Central Government Interest Subsidy Scheme

The Central Government Interest Subsidy Scheme (CSIS) is a program introduced and governed by the Indian government that offers eligible students an interest discount on education loans up to 7.5 lacs. However, the overall loan amount can exceed 7.5 lacs.

Eligibility criteria for CSIS include:

  • Only Indian students are eligible
  • Only for Indian study-abroad programs
  • Students must come from a socioeconomically disadvantaged group with a family income of under 4.5 lacs.

Padho Pardesh Scheme

The Padho Pardesh Scheme is another program that offers qualifying students from India's designated minority communities who are members of the EWS an education loan interest subsidy for up to 7.5 lacs for their international studies. However, the loan amount might be greater than that.

Eligibility criteria for Padho Pardesh Scheme include:

  • Only Indian students are eligible
  • Only for international study programs
  • The family's combined total income of the student cannot exceed Rs 6 LPA.

Note: Students will continue to receive subsidy benefits if they applied for interest subsidy benefits under this scheme before April 1, 2022. Due to the government's decision to end this program on March 31, 2022.

Dr. Ambedkar Central Sector Scheme of Interest Subsidy

The Dr. Ambedkar Central Sector Scheme of Interest Subsidy offers eligible students no interest to be paid on education loans up to 7.5 lacs.

Eligibility criteria for Dr. Ambedkar interest subsidy scheme include:

  • A Cast certificate is mandatory
  • The family income of the applicant should be less than Rs 8 lacs per annum
  • An income certificate will be required
  • Students must have taken admission abroad in Masters, MPhil or PhD

Higher Education Institutes in Jharkhand

Jharkhand is home to a number of reputable higher education institutes. Some famous higher educational institutes in cities like Ranchi, Dhanbad, Jamshedpur, Hazaribagh, etc of Jharkhand are listed below:

  • Indian Institute of Technology (IIT) Dhanbad
  • National Institute of Technology (NIT) Jamshedpur
  • Ranchi University
  • Birsa Agricultural University
  • Vinoba Bhave University
  • XISS Ranchi
  • ICFAI University

Education Loan FAQs

  • Who is eligible for an education loan in Jharkhand?

    Students who are residents of Jharkhand and are seeking financial assistance to pursue their higher education anywhere in India or abroad are eligible to apply for an education loan in Jharkhand.

  • What are the documents required for an education loan in Jharkhand?

    The documents required for an education loan in Jharkhand may include proof of identity, proof of residence, proof of income, and proof of admission to the educational institution along with other necessary academic, income, or collateral-related documents, depending on the student's loan profile. Get your specially customized documents checklist from WeMakeScholars.

  • What is the maximum loan amount that can be availed under an education loan in Jharkhand?

    The maximum loan amount that can be availed under an education loan in Jharkhand can be up to Rs 1.5 Cr, depending on other parameters of the applicant’s loan profile. It also depends on the lender and the applicant's specific circumstances. Get a quote of the maximum loan amount that you can get, and apply through WeMakeScholars.

  • What is the interest rate for education loans in Jharkhand?

    The interest rate for education loans in Jharkhand starts from 8.30% for public banks, however, it may vary depending on the lender and the loan scheme.

  • Are there any tax benefits for education loans in Jharkhand?

    Tax benefits for education loans in Jharkhand may be available under the Section 80E of Income Tax Act, 1961. It is advisable to consult your financial officer at WeMakeScholars for more information.

  • What is the repayment period for education loans in Jharkhand?

    The repayment period for education loans in Jharkhand may vary depending on the lender and the loan scheme. Typically, it is after the student completes their education and starts working. For private banks and the NBFCs repayment period is usually 10 years and for public banks, it can be a maximum of up to 15 years.

  • How can I apply for an education loan in Jharkhand?

    Education loans can be applied online through WeMakeScholars. 14+ public & private banks including NBFCs are partnered with us to provide education loans. To get your loan profile analyzed, request a callback as it is important to check the specific requirements and processes of the lender.

NEWS

New Educational Schemes for Students from Jharkhand 2024

Jharkhand's government launched the CM Fellowship Scheme and other educational initiatives to enhance academic standards in the state. Rahul Purwar, the Higher Education Principal Secretary, outlined these measures to support research, offer financial aid, and improve education quality.

The CM Fellowship Scheme provides monthly stipends to PhD students from both government and private universities in Jharkhand. Qualified students will receive Rs 25,000 monthly if UGC NET/CSIR NET qualified, and Rs 22,500 if they've passed the Jharkhand Eligibility Test, for four years. The scheme aims to benefit a thousand students annually, reflecting a significant investment in the state's academic future.

Other initiatives include the Guruji Student Credit Scheme, offering education loans up to Rs 15 lakh at a concessional 4% annual interest rate, and the Eklavya training scheme, providing free coaching for competitive exams like UPSC and JPSC, with a monthly allowance of Rs 2,500 for eligible students. Additionally, the Manki Munda Scholarship Scheme supports female students pursuing technical education, offering annual financial assistance.

Jharkhand's state universities, including the Technological University, have adopted a standard credit framework for four-year undergraduate programs in alignment with the new National Education Policy 2020. The Model University Act (Jharkhand Private Universities Bill) aims to ensure quality teaching in private universities, emphasizing educational excellence. The state's commitment to educational advancement was highlighted during a press conference attended by officials, including Information and Public Relations Department Director Rajeev Lochan Bakshi.

Last Updated On - 25/01/2024

Our Education Loan team will help you with any questions

Naresh Kumar
WeMakeScholars- supported by IT Ministry, Govt. of India.
Published: | Updated: