Education Loan in Patna

In the city of Patna (Bihar), students are presented with a wide range of education loan providers. These lenders meet the ambition of pursuing higher education in institutions across India or overseas. Depending on various factors considered in the loan application, students can avail loans of up to a substantial amount, reaching 2 Cr.

This financial support is made available through Public Banks, Private Banks, as well as Non-Banking Financial Companies (NBFCs). The interest rates for education loans in Patna vary, starting from 8.5% and going up to 13%. The specific course chosen, the destination country for education, and the analysis of the co-applicant (if applicable) all play a role in determining the interest rate.

To discover more about the specific education loan products offered by various public banks, private banks, and NBFCs, continue reading.

For Studies in India

For Foreign Studies

For Studies in India

NOTE- To check the latest interest rate of all the banks click here

For Foreign studies

NOTE- To check the latest interest rate of all the banks click here

For Studies In India

NOTE- To check the latest interest rate of all the banks click here

For Foreign Studies

NOTE- To check the latest interest rate of all the banks click here

• Principal Amount:- This serves as the initial sum borrowed from the bank, and is to be repaid along with an additional interest charge over the agreed loan tenure.
• Interest Rates:- Imposed by the lending institution can either be fixed or variable, representing the cost of borrowing the loan.
• Moratorium Period:- This is a designated timeframe, generally from 6 months to 1 year after the student completes their studies, the borrower is granted the flexibility of not making any loan repayments. However, it's important to note that interest may or may not be applied during this period, depending on the terms of the loan agreement.
• Secured Loan:- To secure the loan and ensure repayment, the lending institution may require Collateral, which is an asset or property provided by the borrower as a guarantee.
• Co-applicants:- When applying for an education loan, a Co-applicant, typically a parent or guardian, may jointly apply with the student and share the responsibility of loan repayment.
• Loan Repayment Duration:- Spans over several months to years, providing the borrower with a feasible timeline to repay the loan in installments.
• Each Monthly Installment:- Consists of a fixed amount that includes both the principal and accrued interest, easing the burden of loan repayment.
• Processing Fee:- Applicants should be aware of the fee charged by the lending institution for handling the loan processing.
• Credit Rating/CIBIL Score:- Plays a crucial role in loan approval for borrowers and may influence the terms of interest. This numerical representation of creditworthiness ranges from 300 to 900, and a higher score reflects a more favourable credit history.
• Margin Money:- Required by the lending institution, which represents the percentage of the total course cost that the borrower needs to finance personally. The remaining amount is covered through the education loan.

• Admission Fees: When enrolling in an educational program, candidates are required to pay an upfront admission fee, ensuring their reservation of a position within the course, and may vary across different educational institutions.
• Tuition Fees: The tuition fees encompass the actual cost of the course curriculum. Students have the flexibility to either pay the fees in convenient installments or opt for a lump sum payment at the commencement of each academic year.
• Hostel and Meal Charges: For those students who opt to take on-campus accommodation, additional charges for lodging and meals apply. The exact costs are contingent upon the specific institution's housing options and the chosen type of housing by the student.
• Library, Laboratory, and Examination Fees: Beyond the standard tuition fees, there might be supplementary charges to facilitate access to the institution's extensive library resources, utilization of laboratory equipment, and registration for examinations.
• Visa Fees: Aspiring international students intending to pursue their studies abroad must factor in visa application expenses. These fees are associated with obtaining the necessary student visa and complying with immigration regulations.
• Insurance Premium: While not mandatory, students are presented with the option to secure insurance coverage, providing financial protection in the event of unforeseen circumstances like unfortunate accidents, critical illnesses, or in the unfortunate case of death or permanent disability.
• Miscellaneous Costs: In addition to the aforementioned fees, students should also consider other potential expenses that may arise during their study period. These miscellaneous costs encompass travel expenses, expenses related to study materials, and costs associated with project work or assignments.

• Citizenship: The applicant must be an Indian citizen with a valid passport and other identity card, intending to pursue higher education abroad or in India.
• Age Limit: The age of the applicant should typically fall between 18 and 35 years.
• Recognized Courses: Education loans are available for various courses, including undergraduate, postgraduate, and doctoral programs, that are recognized by reputable international universities or institutions.
• Academic Performance: A strong academic record is often considered a positive factor in the loan approval process, as well as scorecards of competitive exams like - GRE, GMAT, IELTS, TOEFL, etc.
• Letter of Admission: Applicants need to provide a confirmed letter of admission from the educational institution as proof of enrollment.

1. Patna University
2. IIT (Indian Institute of Technology) /NIT (National Institute of Technology) , Patna
3. A N Anugrah Narayan College (A N college, Patna)
4. Birla Institute of Technology (BIT, Patna)
5. Lalit Narayan Mishra Institute Of Economic Development And Social Change, Patna
6. All India Institute of Medical Sciences (AIIMS Patna)
7. Patna Women’s College

• Wide Lender Network: WeMakeScholars has established strong partnerships with 14+ of lenders, including both Public and Private banks and Non-Banking Financial Companies (NBFCs). This extensive network increases your chances of finding suitable loan options with competitive interest rates and favorable terms.
• Effortless Application Process: At WeMakeScholars, our user-friendly online application process ensures a seamless experience, eliminating the need for cumbersome paperwork and allowing you to focus solely on pursuing your educational aspirations.
• Expert Guidance: Our dedicated team of financial officers provides comprehensive support throughout the loan application journey. They carefully review your profile and recommend the most suitable loan options available to you. Additionally, they offer ongoing assistance, helping you handle any challenges that may arise during the loan repayment phase.
• Effective Negotiation: Leveraging their vast experience in dealing with lenders, our financial officers skillfully negotiate on your behalf to secure the best terms and conditions for your education loan. This guarantees that you benefit from the most favourable interest rates and repayment terms.
• Competitive Interest Rates: Through our wide-ranging partnerships with over 14 private and public banks, we are able to offer you discounted interest rates of up to 2% on your education loans. This presents an excellent opportunity for you to save a substantial amount of money over the course of your loan repayment.
• No Service Charges: WeMakeScholars is committed to providing our services free of cost. As a government-supported initiative under the Digital India campaign, we ensure that you can access our expert guidance and support without worrying about any hidden costs.
• Swift Loan Processing: We understand the importance of timely loan approval. Through our efficient processes, education loan applications with state banks can be processed in approximately 21 days, while private banks and NBFCs typically require just 2-7 days for loan authorization.
• Tax Benefits Guidance: Our team of experts will educate you on the tax exemption options available under sections 80C and 80E. By maximizing your savings and minimizing your tax liability, you can optimize the financial benefits of your education loan.
• Cashback Incentives: Once your loan is approved and disbursement is received through us, we offer a cashback of up to Rs. 3000. This exclusive offer further rewards you for choosing WeMakeScholars as your trusted provider of student loans.