Education Loan in Thane

Thane-based students are presented with a wide array of education loan providers, both within the city and beyond, catering to their aspirations of pursuing higher education in  institutions across India or overseas. These loans can be availed of up to a substantial amount, reaching 2 Cr, depending on various factors considered in their loan application.

The interest rates for education loans in Thane vary, starting from 8.5% and which goes up to 13%, depending upon the specifics of their chosen course, the destination country for their education, and the analysis of their co-applicant, if applicable. This financial support is made available through a mix of public and private banks, in addition to Non-Banking Financial Companies (NBFCs), granting students the means to pursue their academic aspirations, whether within India or internationally.

Keep reading to know more about specific education loan products offered by various public banks, private banks and NBFCs

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 - Refers to the initial loan provided to the student for educational purposes, which is to be repaid, along with interest, upon completion of your studies. 
• Interest Rate - Expressed as a percentage, it determines the cost of borrowing and impacts your monthly payments. Various factors, such as creditworthiness, chosen course or institution, and market conditions, can influence the interest rate.
• Moratorium Period- This is also known as the grace period. Typically, this period spans the duration of the course and may extend a few months after its completion.
• Loan Margin- It represents the portion of educational expenses that you are responsible for covering yourself. It denotes the amount not covered by the loan and requires payment from you or your family. The loan margin reflects your commitment to education and the financial investment you make.
• Collateral Margin- It is crucial when considering secured education loans that require collateral. It indicates the difference between the market value of the collateral and the approved loan amount. Lenders employ this margin to safeguard themselves, ensuring that the collateral's value remains sufficient to cover the loan, even if its value depreciates

• Admission Fees: When you enroll in a course, you'll need to pay an admission fee upfront to secure your spot. This fee covers administrative expenses and varies from one institution to another.
• Tuition Fees: The tuition fees refer to the actual cost of the course itself. You can either pay the fees in installments or in full at the start of each academic year.
• Hostel and Mess Charges: If you decide to live on campus, you may have to pay for your accommodation and meals. The costs will depend on the institution and the type of housing you choose.
• Library, Laboratory, and Examination Fees: These are additional charges that cover access to the library, use of laboratory equipment, and registration for exams.
• Visa Fees: If you plan to study abroad, you'll need to obtain a visa, and there is a cost associated with the visa application process.
• Insurance Premium: While not mandatory, you have the option to pay for insurance coverage, which protects you in case of unexpected events like death or permanent disability.
• Miscellaneous Costs: These are any other expenses that may arise during your study period, including travel costs, study materials, and expenses related to projects or assignments.

Banks have specific policies and conditions when it comes to offering student loans, and they can be quite strict about them. Even a small error in one of your documents can lead to loan rejection

• If you own a chawl property, it cannot be pledged as collateral for an education loan. The bank requires a different type of property for this purpose.
• Similarly, properties under the pagdi system, where tenants pay a fixed amount as rent, are not acceptable as collateral for education loans.
• Government-provided properties given to slum people for their rehabilitation cannot be pledged as collateral for an education loan.
• In the case of MAHADA (Maharashtra Housing and Area Development Authority) properties, if the property is less than 10 years old, it is generally not accepted as collateral by the banks.
• Flats or houses in Mumbai without an occupancy certificate, which verifies that the property is fit for habitation, are usually not accepted as collateral in public banks. However, there might be a possibility to consider other documents like the certificate of possession and property tax receipt as alternatives.

NOTE-
Padho pardesh has been discontinued from March 31, 2022, but existing eligible students still receive benefits.

• Wide Range of Options: We have partnered with over 14 public and private banks, as well as NBFCs in India, to offer a diverse array of education loan choices for students. 
• Speedy Processing and Expert Guidance: Our streamlined process ensures lightning-fast approval, with private bank or NBFC loans processed in just 6-7 days and collateral-based loans from public banks taking approximately 15-20 days. Our experienced financial officers provide expert guidance throughout the loan application process.
• Student-Friendly Interest Rates and Negotiation Support: As a top education loan partner, we've negotiated exclusive deals with banks, resulting in student-friendly interest rate reductions ranging from 0.5% to 2%. Our financial officers also assist you in negotiating loan terms and interest rates with the banks.
• Hassle-Free Online Applications: Apply for student loans conveniently from the comfort of your home, eliminating the need for long queues and multiple visits to banks.
• Comprehensive Support and Fund Disbursement: Our financial officers provide end-to-end support, addressing any post-sanction concerns and ensuring a seamless fund disbursement process.
• Tax Benefits and Cashback Bonus: We provide information on tax-saving programs like Section 80E and 80C, as well as tax collected at source (TCS), helping you save money and enjoy tax benefits on your student loans. Eligible students may also receive a cashback of up to Rs 3,000 upon loan disbursement.
• No Charges: Thanks to our funding from the IT Ministry as part of the Digital India Campaign, all our loan approval services come to you absolutely free of charge.