Education Loan for Working Professionals in India

 

In the current world of competition, where technology is evolving every day, individuals must stay up-to-date with the most recent technological developments. To stay ahead of the rest and keep current on the latest happenings globally, many people enrol themselves in various part-time or distance-learning courses when they work. However, not all people can afford the cost, and therefore, does that mean they shouldn't pursue their ambitions? You can, however, apply for a loan to study. In this article, we have listed some top banks that offers education loan for working professionals in India.

Indian Banks that offer Education Loans for Working Professionals

Finding a student loan is now easy as numerous banking and financial establishments in India offer this loan. In addition to employees, those planning to enrol in full-time or part-time courses are eligible for this kind of loan. A few Indian banks that offer loans for education in part or full-time courses include State Bank of India, Oriental Bank of Commerce, IDBI Bank, Avanse, Bank of Baroda, etc.

Banks that Provides Education Loans to Working Professionals

1 - Education Plus by State Bank of India:

State Bank of India offers an educational loan known as "Education Plus which can be availed by employees of the Central, State, reputable Private Sector institutions or Public Sector firms to help with higher education. They must be under 45 years of age and have experience of at least two years. They must enrol in a Part-time or distance education course to apply for the loan.

If someone wants to apply for the 'Education Plus,' they need to submit an official letter to the institution. With 'Education Plus,' you can get the minimum amount of Rs.25 000 and a maximum amount of Rs.1 0 000. The loan is backed by an interest rate of 10 percent and attractive interest rates. The principal and interest amounts must be paid back to the bank within 60 months. Contact the bank for more information on this SBI education Loan and the approved courses.

Baroda Career Development by Bank of Baroda:

Baroda Career Development is an education loan program offered by the Bank of Baroda for working professionals who want to further their education. Indian residents who are employed and wish to pursue degrees, diplomas or certificates, vocational pilot training, skills training, and vocational courses in aviation, hospitality leadership development, management, and so on. In India or other countries can apply for this loan. You can get an amount of Rs.10 and 10,000 under this program within India and Rs.20 or 2000 outside of India. There is a 20 % margin for this loan. Those who apply must provide the security required to obtain the loan. The total amount of the loan has to be paid back to the bank over a maximum of 60 months. To learn more about Baroda Career Development, Contact the bank.

3 - Oriental Bank of Commerce Education Loan Scheme for Working Professionals:

The scheme's name clearly outlines its goal. It is an educational loan provided by the Oriental Bank of Commerce to those who work in a public, private, or defence company with attractive interest rates. The applicants are Indian citizens, possessing graduated from a recognized university, and have obtained admission to the part-time program at an institution that has been that is approved by the bank. The loan's margin is 25%. The applicants must submit an individual guarantee to the bank in the application procedure. They must pay their EMI each month using the auto collection, standing instructions, and the ECS facility. The amount of the loan is contingent on the fees of the course. It, together with interest, is to be paid back at the lender's expense by the borrower in a full fifteen years. If the loan amount that the borrower takes is greater than Rs.7.5 Lakhs, they are required to repay the loan within a maximum 10-year period. For more information about the loan and its requirements for eligibility, call Oriental bank of Commerce.

4 - IDBI Bank Education Loan for Non – Vocational Courses:

With this scheme, IDBI Bank offers students, working professionals, and executives an education loan. Working professionals who have been accepted into an executive management course provided at NIIT Imperia in association with the top Indian institutes are eligible for the loan. The maximum amount for loan working professionals can obtain under this program is Rs.20 or 10,00 000. If an applicant is granted an amount of less than Rs.7.5 lakhs, the borrower has to pay it back in 10 years. However, if they take more than Rs.7.5 lakhs, the loan has to be paid back within a maximum time of fifteen years. The bank might ask applicants to submit security when applying for the IDBI Bank Education Loan for non-vocational Courses. For more information about this loan and the eligible courses, you can call IDBI Bank.

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