https://www.wemakescholars.com/education-loan/jaipur
Education Loan in Jaipur
✓ Up to 1.5 Cr Education Loan
✓ At starting interest rate of 8.30%
Table of content
- Best banks for education loans in Jaipur
- Education Loan Interest rate in Jaipur
- Other Education Loan features offered by Banks or NBFCs in Jaipur
- Documents required for availing an Education Loan in Jaipur
- Common reasons for Education Loan rejection in Jaipur
- Why Choose WeMakeScholars for an Education Loan in Jaipur?
- The repayment plan for Education loans in Jaipur
- Education loan subsidy schemes applicable to students from Jaipur
- Institutions For Higher Education in Jaipur
- FAQ's
- Need Help? Ask Here!
If you are a resident of Jaipur and are considering furthering your education in India or another country, this article may be useful to you. Typically, the cost of studying in India can reach up to 15 Lakhs, while studying abroad can cost up to 45 Lakhs. The interest rate for education loans can vary between 8.30% and 13.5% depending on the lender you choose.
Best banks for education loans in Jaipur
For studies in India
Bank Name |
Scheme Name |
Loan amount- Collateral Required |
Processing fee |
State Bank of India |
Upto 1.5 crores secured |
10K + GST |
|
Bank of Baroda |
Upto 1.5 Crores secured |
10K + GST |
|
Union Bank of India |
Upto 2 Crores with collateral |
No processing fee |
|
Karur Vysya bank |
Upto 1.5 Crores with collateral |
10K + GST |
|
Auxilo |
Upto 60 Lakhs |
1-2% of the loan amount |
|
Avanse |
Upto 60 Lakhs |
1-2% of the loan amount |
|
Incred |
Upto 60 Lakhs |
1-2% of the loan amount |
|
Axis |
Upto 40 Lakhs unsecured |
1-2% of the loan amount |
|
ICICI |
Upto 50 Lakhs unsecured |
1-2% of the loan amount |
|
IDFC First Bank |
Upto 35 Lakhs unsecured |
1-2% of the loan amount |
For Foreign studies
Bank Name |
Scheme Name |
Loan amount- Collateral Required |
Processing fee |
State Bank of India |
Upto 1.5 Crores with collateral |
10K + GST |
|
Bank of Baroda |
Upto 1.5 Crores with collateral |
10K + GST |
|
Karur Vysya Bank |
Upto 1.5 Crores with collateral |
10K + GST |
|
Union Bank of India |
Upto 1.5 Crores with collateral |
Zero |
|
Auxilo |
Upto 60 Lakhs for studying abroad |
1-2% of the loan amount |
|
Avanse |
Upto 60 Lakhs for studying abroad |
1-2% of the loan amount |
|
Incred |
Upto 60 Lakhs for studying abroad |
1-2% of the loan amount |
|
Axis |
Upto 40 Lakhs unsecured |
1-2% of the loan amount |
|
ICICI |
Upto 50 Lakhs unsecured |
1-2% of the loan amount |
|
IDFC First Bank |
Upto 50 Lakhs unsecured |
1-2% of the loan amount |
Education Loan Interest rate in Jaipur
For studies in India
Bank Name |
Interest rate |
Interest rate concession |
State Bank of India |
Starts from 8.30% |
0.50% - for female students 0.50% - Rinn Raksha |
Bank of Baroda |
Starts from 10.60% |
Upto 2% on going through with WemakeScholars |
Union Bank of India |
Starts from 11.15% |
0.5% for female students 1% if the SI is paid in full |
Karur Vysya bank |
Starts from 10% |
Upto 2% on going through with WemakeScholars |
Auxilo |
Starts from 11% |
Upto 2% on going through with WemakeScholars |
Avanse |
Starts from 11% |
Upto 2% on going through with WemakeScholars |
Incred |
Starts from 11% |
Upto 2% on going through with WemakeScholars |
Axis |
Starts from 11.5% |
Upto 2% on going through with WemakeScholars |
ICICI |
Starts from 10.5% |
Upto 2% on going through with WemakeScholars |
IDFC First Bank |
Starts from 8.5% |
Upto 2% on going through with WemakeScholars |
For Foreign studies
Bank Name |
Interest rate |
Interest rate concession |
State Bank of India |
Starts from 10.90% |
0.50% - for female students, 0.50% - Rinn Raksha |
Bank of Baroda |
Starts from 10.60% |
Upto 2% on going through with WemakeScholars |
Union Bank of India |
Starts from 11.15% |
0.5% for female students 1% if the SI is paid in full |
Karur Vysya bank |
Starts from 10% |
Upto 2% on going through with WemakeScholars |
Auxilo |
Starts from 11% |
Upto 2% on going through with WemakeScholars |
Avanse |
Starts from 11% |
Upto 2% on going through with WemakeScholars |
Incred |
Starts from 11% |
Upto 2% on going through with WemakeScholars |
Axis |
Starts from 11.5% |
Upto 2% on going through with WemakeScholars |
ICICI |
Starts from 10.5% |
Upto 2% on going through with WemakeScholars |
IDFC First Bank |
Starts from 8.5% |
Upto 2% on going through with WemakeScholars |
Other Education Loan features offered by Banks or NBFCs in Jaipur
Expenses covered
An education loan is a financial aid that helps students cover the costs associated with pursuing their studies, whether it be in India or abroad. The education loans offered by lenders in Jaipur can be used to pay for a wide range of expenses, including but not limited to
- College fees
- The cost of accommodation
- Examination charges
- Library charges
- Laboratory fees
- Price of Books
- Airfare (For abroad education)
- The premium for the applicant's insurance (For abroad education)
Moratorium Period
In Jaipur, many banks, both public and private, as well as non-banking financial companies (NBFCs) offer education loans, with moratorium periods that vary depending on the lender. Typically, the moratorium period lasts for the duration of the course, plus an additional 6 months to 1 year. However, the terms and conditions of loan repayment can vary between different financial institutions.
Loan Margin
Loan margin, also known as margin requirement, is the percentage of the total loan amount that the borrower must pay upfront before the loan is disbursed. This is a requirement by the lender to ensure that the borrower has some stake in the loan. The margin charged for an education loan can vary between different types of financial institutions and loan products. Generally, public banks charge a loan margin of around 10%, whereas private banks charge a margin of 5% to 10%.
For instance, if a bank charges a loan margin of 10% and the loan amount is 50 Lakhs, the student would have to provide 5 Lakhs as a margin amount before the loan can be approved and disbursed. This means that the student would have to have 5 Lakhs in cash or in other forms of liquid assets that they can pledge as collateral to the bank.
Collateral Margin
Collateral margin is a percentage of the value of the collateral that is required by the lender when the loan is secured or collateralized. The collateral margin is calculated based on the value of the collateral provided as security.
For example, if a bank requires a collateral margin of 20% and the collateral pledged is worth 50 Lakhs, the bank would then approve a loan of 40 Lakhs. In case the borrower is unable to repay the loan, the bank can then reclaim the amount by utilizing the property or collateral provided for the secured loan. This is why it is important for the borrower to provide collateral that is of high value or liquidity to ensure they get the maximum loan amount they can get.
Documents required for availing an Education Loan in Jaipur
Getting an education loan in Jaipur involves several documents from the side of the applicant and the co-applicant. This section gives details of the type of documents required, for identity and residence, income, and documents in support of academic and financial status. As for the documents concerning collateral, if the applicant has applied for a secured loan, he or she has to furnish certain documents concerning the same. The following are some of the fundamental requirements that applicants must meet while applying for a loan; Understanding these requirements may help you gain a smooth and quick loan approval.
Parameter |
Details |
Basic documents for Applicant (student) and co-applicant and Guarantor |
1. A completed application form with their personal information and two passport-size photographs.
(If the applicant's permanent and current addresses are different, two different proofs are needed). 3. Proof of identity, such as
4. A Liability and Personal Asset statement In the format directed by a banking professional.
6. The documents must be self-attested |
Applicant academic documents |
1. The applicant will need to provide proof of their enrollment or admission in a program 2. If available, they should also provide an i20 form if the course is located in the United States. 3. Scorecard of a standardized test such as GRE, IELTS, or GMAT 4. University Ranking printout form 5. Education mark sheets and certificates- 10th, 12th, Degree |
Financial Co-applicant Income documents |
If Salaried:
If Self-employed:
|
Other Documents |
|
Additional docs |
|
Collateral documents required for a secured education loan in Jaipur
When applying for a secured loan, you will need to submit collateral documents for the property you are using as collateral. The specific collateral documents required for an education loan in Jaipur are listed.
1. The pledged property's title deed
2. A will, a sale contract, or a gift deed that has been registered.
3. The original receipt for registration of the above-mentioned agreement.
4. The letter of allocation from the municipal corporation or the relevant approved government agency, such as Jaipur municipal corporation
5. A 30-year-old document or an EC or a preceding chain of sale deed establishing title is required. It is a 30-year record of who acquired the property in the 30-year period before from whom. If you have held the property for more than 30 years, the preceding sale paperwork will do.
6. Current property tax and power bills coming from the same address
Acceptable collaterals in Jaipur for education loans
In order to obtain a secured education loan, certain conditions and restrictions apply regarding the types of collateral that can be accepted. Generally, the following assets are accepted as collateral for secured education loans in Jaipur:
- House, apartment, or non-agricultural land that is clearly defined by boundaries
- Properties that are used for commercial purposes
- Agricultural land
- Financial assets such as fixed deposits, insurance policies, and government bonds.
Common reasons for Education Loan rejection in Jaipur
When students try to apply for an education loan by directly contacting banks or lenders, they may be denied. There are several specific reasons why students in Jaipur may be rejected for an education loan.
- Poor CIBIL scores: Loan applications may be denied if the financial co-applicants CIBIL score does not meet the bank's requirements. Banks usually require a minimum CIBIL score of 685, but SBI may accept scores as low as 591.
- Poor academic scores: If the applicant has a history of poor academic performance, it may negatively impact their chances of obtaining the loan.
- Chosen country for higher studies: Banks generally do not approve loans for higher education in developing countries.
- Chosen course for higher studies: Banks generally prefer STEM courses over other fields of study, as the employability prospects are higher for STEM graduates.
- Insufficient documentation: Without the necessary documentation, banks cannot begin the process of approving an education loan for studying abroad. Therefore, it is important to provide the proper documentation and income proofs to be considered for an overseas education loan.
Why Choose WeMakeScholars for an Education Loan in Jaipur?
- Direct engagement with lenders -You can reach out to the lender directly by getting the contact information for the person handling your case from the lender's team.
- Negotiation - The team at WMS will work to get the best deal for you by negotiating with the lenders on your behalf (Upto 2% lesser ROI). We ensure you are charged a fair price for the entire process, including legal fees and other expenses. education Loan Management WMS.
- Cashback - Additionally, if you apply for your study abroad education loan through WeMakeScholars, you will be supporting the Digital India campaign. You can receive a cashback of up to INR 3000 for multiple disbursements.
- No hidden charges: WeMakeScholars ensures that there are no hidden charges or processing fees associated with the loans. This makes it easier for students to plan their finances and make informed decisions.
The repayment plan for Education loans in Jaipur
Your amortization plan might be like this, for instance, if you took out a 25.5 lakh unsecured education loan from Jaipur at a rate of interest of 9% with a grace period of 6 months and a repayment duration of 12 years.
- Monthly EMI: 33,737
- Total payment: 48,58,173
- Total payable interest: 23,08,173
Repayment cycle |
EMI |
Interest portion |
Loan Outstanding |
Principal portion |
End of 1st year |
33737 |
21249 |
12489 |
2820656 |
End of 2nd year |
33737 |
20077 |
13660 |
2663280 |
End of 3rd year |
33737 |
18796 |
14942 |
2491142 |
End of 4th year |
33737 |
17394 |
16343 |
2302856 |
End of 5th year |
33737 |
15861 |
17876 |
2096908 |
End of 6th year |
33737 |
14184 |
19553 |
1871640 |
End of 7th year |
33737 |
12350 |
21388 |
1625240 |
End of 8th year |
33737 |
10343 |
23394 |
1355726 |
End of 9th year |
33737 |
8149 |
25588 |
1060931 |
End of 10th year |
33737 |
5749 |
27989 |
738481 |
End of 11th year |
33737 |
3123 |
30614 |
385783 |
End of 12th year |
33737 |
251 |
33486 |
0 |
Education loan subsidy schemes applicable to students from Jaipur
Education loan subsidy schemes that are available for students of Jaipur have been denoted below to reduce the burden of the cost of higher education. This section looks into major programs which include the Padho Pardesh Scheme that offered interest subsidies to religious minority students pursuing education in foreign countries, but which is now closed for new applicants as of 1st April 2022. The Central Scheme for Interest Subsidy assists the economically weaker section of students and the Dr. Ambedkar Central Sector Scheme provides scholarships for the OBC students and for those belonging to the economically weaker section of the society. Keep reading to know more about these subsidies.
Padho Pardesh Scheme
Eligibility:
- The applicant is a member of a religious minority (Muslim, Christian, Sikh, Buddhist, Jain, Zoroastrian) and has an annual family income of fewer than 6 lakhs.
Note: The Padho Pardesh Scheme is no longer in effect as of April 1, 2022. However, as of March 31, 2022, the previous beneficiaries will continue to receive the interest subsidies during the loan's term and its moratorium period.
Central Scheme for Interest Subsidy for Economically Weaker Sections
Eligibility:
- The household income of the applicant is less than 4.5 lakhs.
Dr. Ambedkar Central Sector Scheme
Eligibility:
- The applicant comes from a financially underprivileged class, and their total annual family income is less than 8 lakhs.
- The applicant is from the OBC class, and their family makes less than 8 lakhs per year.
Institutions For Higher Education in Jaipur
Numerous well-known institutions in Jaipur provide courses that range from engineering to medicine and arts. Below are a few of the top institutions.
- Malaviya National Institute of Technology Jaipur
- University of Rajasthan
- JECRC University
- The LNM Institute of Information Technology
- TAPMI School of Business, Manipal University Jaipur
- Jaipur National University
FAQs:
-
How can I get a student loan in Jaipur?
-
What are the co-applicant eligibility criteria in Jaipur?
-
What is the age range to get an education loan in Jaipur?
-
Can I get a student loan without a co-applicant in Jaipur?
-
What is the eligibility for an education loan in Jaipur?
WeMakeScholars- supported by IT Ministry, Govt. of India.
Our Education Loan team will help you with any questions
Kindly login to comment and ask your questions about Education Loan in Jaipur