Nainital Bank Education Loan

✓ Up to 75 lacs of Loan

✓ Repay in up to 15 years

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Table of content

  1. Nainital Bank Education Loan schemes to study Abroad
  2. Nainital Bank Gyani Education Loan scheme to study in India
  3. Government Interest Subsidy schemes
  4. Nainital Bank Processing Fee
  5. Documents Required for Nainital Bank Education Loan
  6. Nainital Bank Education Loan Insurance
  7. Nainital Bank Loan Margin Calculation
  8. How to apply for an Education Loan from Nainital Bank?
  9. Why go through WeMakeScholars?
  10. Why and How to transfer your education loan to Nainital Bank?
  11. Nainital Bank Education loan EMI Calculation as per Interest Rate
  12. Nainital Bank Education Loan Repayment Process
  13. FAQ's
  14. Need Help? Ask Here!

The Nainital bank offers education loans to deserving students who wish to pursue higher education in technical or professional courses in India or Abroad. There are different types of education loans offered by the Nainital bank and hence analyze all the options carefully to choose the best one.

  • Nainital Bank Gyani Education Loan scheme to study Abroad
  • Nainital Bank Gyani Education Loan scheme to study in India

Nainital Bank Education Loan schemes to study Abroad

The Nainital bank through Nainital bank Gyani Education Loan scheme to study abroad offers up to 75 lacs of loans to students for pursuing technical or professional courses Abroad.

Parameter

Details

Loan Limit

Up to 75 lacs

(Depending on the profile of the applicant and co-applicant, can try for a higher amount)

Expenses covered

Study costs

Tuition fee

Fee for examination

Library/lab fee

Expenses for books

laptop or computer purchase if required

Living expenses

Hostel

Cost for accommodation

Food

Other

Insurance

Expenses for travel

Other miscellaneous expenses

Accepted co-applicant

Parents, parents-in-law, sibling, spouse

Nainital Bank Education loan interest rate

Generally, the interest rates for Nainital bank education loan to study in India are:

Non-collateral- 12% to 14% 

Concession of up to 0.50% depending upon the collateral coverage if going for a collateral loan

Lower interest rates for female students

Moratorium Period

Course Duration plus 1-year

Repayment Duration

It depends on the loan amount

10 years for up to Rs 7.5 lac loan

15 years for a loan above 7.5 lacs

Repayment policies

Payment of interest in the moratorium period is optional

Eligibility Criteria

Indian nationals are eligible

Value of Collateral (for collateralized loans)

Collateral value to be equal to 125% of the loan amount(concession in interest rates if it is a collateralized loan)

Collaterals Accepted

A land, flat, house, and FD

 

Get 0.25% concession in interest rate if your parents are working in Nainital Bank!

Nainital Bank Gyani Education Loan scheme to study in India

Parameter

Details

Loan Limit

Up to 75 lacs

In case you need a high amount, it can be tried provided the profile of the applicant and co-applicant is good

Expenses covered

Living expenses

Hostel/accommodation cost

Food

Study costs

Tuition fee

Examination fee

Lab/library fee

Books expenses

Laptop or computer purchase if required

Other

Insurance

Travel expenses

Other miscellaneous expenses

Accepted co-applicant

Parents, parents-in-law, sibling, spouse

Nainital Bank Education loan interest rate

Interest rates for Nainital bank Gyani education loan scheme are,

Non-collateralized loan- 12% to 14% 

Difference of up to 0.50% interest rate if going for a collateral loan

Interest concession for female students

Moratorium Period

1-year post Course Duration

Repayment Duration

Depending on the amount of loan amount

10 years for loans up to Rs 7.5 lac loan

15 years for loans above 7.5 lacs

Repayment policies

Payment of interest in the moratorium period is optional

Eligibility Criteria

Indian nationals can apply

Value of Collateral (for collateralized loans)

125% of the loan amount

Collaterals Accepted

House, land, flat, and FD

 

Tip: If you own collateral, then go for a collateral loan as the interest rates will be lower. Check other eligibility parameters considered by banks regarding an education loan to choose the best education loan.

Government Interest Subsidy schemes

A few schemes were introduced by the government to help students by providing interest subsidies in their education loans

Dr. Ambedkar Central sector scheme

The scheme is to provide interest subsidies to students from EBC and OBC backgrounds(family income should be less than 8 lacs per annum). 

Padho Pardesh scheme

The students from minorities(Buddhists, Sikhs, Muslims, Jains, Christians, and Zoroastrians) having a family income of fewer than 6 lacs per annum are eligible for interest subsidies under Padho Pardesh Scheme.

Note: The Padho Pardesh scheme has been stopped by the government. However, previous beneficiaries(before 31st march) will receive the interest subsidy as usual. 

Central Scheme for Interest Subsidy for Economically Weaker Sections

Students from Economically weaker sections of society whose family income is less than 4.5 lacs per annum are eligible for interest subsidies in the moratorium under this scheme.

Nainital Bank Processing Fee

The Nainital bank does not charge any processing fee for loans up to 10 lacs. However, there is a processing fee for loans above 10 lacs. To know the accurate details of it, talk to a financial officer from WeMakeScholars.

Documents Required for Nainital Bank Education Loan

Ready the below documents to start a Nainital bank education loan.

Section 1: Application form

Fill out the Nainital bank education loan application provided by WeMakeScholars Financial officer with your signature and 2 photographs. 

Section 2: Required documents for the applicant and co-applicant

Applicant

1. Identity proof

  • Aadhar card
  • Passport in case you are going abroad
  • Pan card

2. Residence proof

  • Aadhar card
  • Utility bills(electricity bill, telephone bill)
  • Voter ID card
  • Bank account statement
  • Ration card

 3. For Co-applicant 

  • Salaried: Last 6 months' bank account statements
  • Self-employed: 1-year business transactions

4. Self attest Personal Asset and Liability statement

Section 3: Academic documents of the applicant

  • 10th, 12th, degree mark sheets, and certificates
  • Proof of admission for the course with the duration of the course
  • Fee structure
  • Scorecard of GRE/GMAT/IELTS
  • Ranking of the university

Section 4: Financial co-applicant income documents

Salaried

1. Payslips for last 3 months

2. Form 16(last 2 yrs)

3. ID card of the organization working in 

4. ITR of the last 2 yrs

Self-employed

1. ITR of previous 3 yrs

2. Balance sheet and profit and loss account for last 3 yrs

3. Address proof of your business

Section 5: Other documents

1. Your financial officer will provide a format of the letter in which you have to state that the leftover expenses apart from the loan will be covered by the co-applicant

2. A Notarised joint affidavit of the student and co-applicant in the standard format of the bank(the format will be provided by your financial officer)

Section 6: Other additional documents

1. Receipts of any payment made to the university for tuition fees or admission fees, if you want reimbursement

2. Statement of any pending loans

3. Explain if you have had any gap in your studies through a letter on Rs 100 stamp paper whose format will be provided by WeMakeScholars financial officer. 

Section 7: Documents for collateral (optional)

These are only required when you are going for a collateralized loan. The collateral documents vary with state and so talk to your financial officer for accurate details.

Have you got your customized list of documents required for an education loan?

Nainital Bank Education Loan Insurance

Nainital bank insists its students on taking loan insurance as that covers the loan amount and helps in the repayment if the student faces unforeseen situations like a sudden death or disability. The loan insurance for the Nainital bank is 1 to 2% of the whole loan amount.

However, students do not need to pay any amount upfront to the bank for loan insurance as its amount is adjusted in the loan account. Talk to your financial officer in case you have any doubts regarding the loan insurance or any other term in the education loan process.

Education Loan insurance to insure the loan and WeMakeScholars to insure you from any trouble in the process

Nainital Bank Loan Margin Calculation

Nainital bank has a loan margin according to the loan amount. The bank has a loan margin of 5% for loans up to 4 lacs and 15% for loans above 4 lacs. 

In case of any confusion, ask your financial officer from WeMakeScholars to calculate the loan margin for you.

How to apply for an Education Loan from Nainital Bank?

Follow the education loan process through WeMakeScholars to apply for an education loan from Nainital bank.

  • Fill out a common application form or request a callback from WeMakeScholars
  • A financial officer from WeMakeScholars will get in touch with you and check your eligibility for an education loan by asking some basic questions
  • Once done with checking the eligibility, he/she will then connect you to eligible lenders and will also send you a document uploading link to upload all the required documents
  • The next process will be carried on by the lenders until the loan is sanctioned. However, your financial officer from WeMakeScholars will be in touch with you throughout the process and will clear all your doubts.
  • You will get the loan sanction in the promised time provided you follow the process diligently.

Why you should not go directly to banks?

The education loan process directly through banks has the following consequences.

  • The interest rate will be a little higher when compared to going through WeMakeScholars
  • Inaccurate and incomplete education loan process information
  • Pay several visits to the bank for the complete list of documents
  • You will have a lot of hidden charges and the process will also be longer
  • The chances of loan sanction will be lesser than through WeMakeScholars

Why go through WeMakeScholars?

WeMakeScholars is an organization that was started to provide unbiased education loans to students pursuing higher education. It has also got support from IT Ministry, govt of India under the Digital India campaign. We are partnered with 14+ banks(public/Pvt) and so offer an education loan that can be sanctioned in lesser time and at a lesser rate of interest. Below are the advantages listed to go through WeMakeScholars.

  • Better interest rates: As we are partnered with 14+ banks, the students going through us automatically have a 0.5% to 2% lesser rate of interest.
  • Faster education loan process: We have a timeline of 21 working days for govt banks and 7 working days for private banks to sanction an education loan, which is 50% lesser than when you go directly through banks.
  • Tax benefits: Students have tax benefits in the form of exemptions when going for an education loan. A financial officer from WeMakeScholars educates you about all those benefits. 
  • End-to-end support: We assist students throughout their education loan process from loan sanction to repayment, even at 12hrs different timezone.
  • Cashback: We reward students going through us with a cashback of ₹3000.

Students looking for a simpler education loan process with a lot of benefits can request a callback from our team!

Do not miss out on the benefits that you will have in your education loan process!

Why and How to transfer your education loan to Nainital Bank?

You can always opt for an education loan transfer, in case you are not feeling satisfied with the current bank. We at WeMakeScholars provide a simpler process for an education loan transfer. Follow the below-given steps. 

  • Visit your current bank where you have processed an education loan and collect all the information regarding your outstanding.
  • Request a callback from the WeMakeScholars team.
  • Your financial officer from WeMakeScholars will get in touch with you as soon as possible. Ask him/her if you wish to transfer your education loan to Nainital bank.
  • He/She will guide you through the process and will give you a list of documents that you will need to submit to Nainital bank.
  • Once you are done with submitting the documents to Nainital bank, they will clear off your dues with the previous bank and start the education loan with them.

Nainital Bank Education loan EMI Calculation as per Interest Rate

Follow the below given example to perfect the EMI calculation using the Nainital bank EMI calculator.

Let us take your loan amount as 10 lacs from Nainital bank at an interest rate of 12% per annum with a course duration of 2 years and repayment duration of 10 years excluding the moratorium period. Your moratorium period is course duration plus 1 year.

Timeline

EMI

Interest portion

Principal portion

Loan Outstanding

Year 1

18479

12232

6247

1216990

Year 2

18479

11440

7039

1136974

Year 3

18479

10547

7932

1046810

Year 4

18479

9541

8938

945211

Year 5

18479

8408

10071

830727

Year 6

18479

7131

11348

701723

Year 7

18479

5691

12788

556358

Year 8

18479

4070

14409

392558

Year 9

18479

2242

16237

207983

Year 10

18479

183

18296

0

 

If confused with the calculation of EMI, request a callback from WeMakeScholars and ask him/her to calculate it for you.

Nainital Bank Education Loan Repayment Process

Nainital bank offers its students the option to pay interest in the moratorium period. If they opt out of it, it will be added to the following EMIs. The bank also offers its students the option to close off the loan early through the following ways.

  • Choosing a shorter duration to repay the amount
  • Prepayment
  • Loan transfer to another bank

Stay safe from the hurdles caused in the repayment by taking an education loan through WeMakeScholars, as we will provide you with services throughout the loan process from sanction to repayment.

Empower yourself with quality education by taking an Education Loan through WeMakeScholars!

Education Loan FAQs

  • Is there any age limit to avail City Union Bank education loan?

    There is no mention of any age limit criteria in the Nainital Gyani education loan scheme.

  • What is the maximum amount of loan that can be availed from Nainital bank?

    Students going through Nainital bank can avail of a maximum of up to 75 lacs as an education loan

  • Are there any processing fees for the Nainital bank education loan?

    There are no processing fee charges for Nainital bank education for loans of up to 10 lacs. However, they do charge a processing fee for loans above 10 lacs.

  • Can I get a 100% education loan from Nainital bank?

    The Nainital bank education loan has a loan margin of 5% for loans up to 4 lacs and 15% for loans over 4 lacs.

  • Who is eligible for an education loan from Nainital bank?

    Students who are citizens of India and have secured admission into a recognized university of India or a foreign university, preferably through merit-based selection are eligible for an education loan from Nainital bank.

Our Education Loan team will help you with any questions

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