Education Loan for BCom Students: Lenders & Interest Rates

Education Loan for BCom Students: Lenders & Interest Rates

The B.Com (Bachelor of Commerce) course is a three-year undergraduate program that provides knowledge of commerce, finance, accounting, and business management. It also serves as a stepping stone for professional certifications like CA, CS, and CMA or for pursuing higher education, such as an MBA or M.Com.

Let’s take a look at all the details regarding an education loan for BCom Students in this blog. 

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Education Loan for BCom Students: Highlights 

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Eligibility for Education Loan for BCom Students

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Types of Education Loan for BCom Students

Usually, there are two types of education loans available for students. You can choose any one of them based on the loan amount, interest rates, and other factors. 

Let’s take a look at both types of education loan for BCom students: 

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Collateral for Education Loan for BCom Students 

A secured education loan for BCom Students will require collateral. Here are the types of collateral accepted by most banks and the value assured for them: 

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Co-applicant for Education Loan for BCom Students

For an unsecured loan, you will need a co-applicant to take the education loan for BCom Students with you. Here are the requirements that the co-applicant should fulfil: 

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Don’t have anyone who fulfils these criteria in your immediate family or friends circle? No problem. Learn how to get an education loan in India without a co-applicant. 

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Education Loan for BCom Students Interest Rate & Other Details

Here's a comparison of education loan offerings for BCom students from various Indian banks:

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Notes:

1. Interest Rates: These are indicative and may vary based on the bank's policies and the applicant's profile.
2. Processing Charges: Many banks waive processing fees for education loans, especially for amounts up to a specific limit.
3. Repayment Duration: Typically, banks offer a moratorium period (grace period) during the course duration plus an additional 6 months to 1 year before repayment begins.

Students applying for an education loan for the UG program are often overwhelmed by these new terms and requirements. To make the best decision, you need to be aware of all the things about getting an education loan in India. 

Check out everything you need to know about applying for an Education Loan for a UG Program in India. 

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‍‍Get your Loan Disbursed 10 times Faster than Banks. Click to Know How!

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Documents for Education Loan for BCom Students

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Check out the exhaustive list of documents required to apply for an education loan in India. 

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‍Minimal Documentation. Higher Chances of Approval. Easy Online Processes. Check Your Eligibility.

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How to Apply for an Education Loan for BCom Students?

Propelld offers a 100% digital loan process without any complicated paperwork, making it super easy for BCom students to get an education loan. 

Apply for an education loan for BCom Students from Propelld in 4 easy steps: 

• Step 1:  Visit Propelld’s official website.

• Step 2: Click on “Apply Loan” 

• Step 3: Fill in the details of your institute and complete a quick and easy KYC. 

• Step 4: The loan amount will be disbursed into the account in a TAT that is 10 times faster than banks. 

Do you still have questions about the application process? Here's the complete process for applying for an education loan in India.

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Why Propelld?

Propelld covers 100% of your expenses for any educational course in India. Unlike complex bank application processes offered by other education loan lenders, Propelld offers a student-friendly loan application process for students. 

Here are some more benefits of applying for a loan through Propelld Education Loan: 

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Get an Education Loan for BCom Students from Propelld today! 

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FAQs About Education Loan for BCom Students

What is an education loan for BCom students in India?

It is a loan provided by banks or financial institutions to help students cover the cost of pursuing a B.Com degree, including tuition fees, exam fees, and other academic-related expenses.

Which banks offer education loans for B.Com students in India?

Many banks, including SBI, HDFC Bank, ICICI Bank, Axis Bank, Bank of Baroda, and Bank of India, provide education loans for B.Com students.

What is the maximum loan amount available for BCom students?

The maximum loan amount can vary by bank. Typically, loans range from ₹10 lakh for domestic studies to ₹1 crore or more for higher amounts, depending on the financial institution.

Do I need collateral for an education loan for BCom studies?

Collateral is usually required for loans above ₹7.5 lakh. However, some banks may offer loans without collateral for smaller amounts, depending on the applicant's and co-applicant's financial background.

What expenses are covered under an education loan for BCom students?

These loans cover a wide range of expenses such as tuition fees, library fees, examination fees, hostel or accommodation charges, and the purchase of books, laptops, and other study-related materials.

What are the eligibility criteria for BCom education loans in India?

The applicant must be an Indian citizen, have secured admission to a recognised institution, and generally require a co-applicant (parent/guardian) with a steady income. Age limits may vary by bank.

What is the interest rate for education loans for BCom students in India?

Interest rates typically range from 7% to 13%, depending on the bank and loan amount. Some banks offer concessional rates for female students or students studying at premier institutions.

What is the repayment period for an education loan for BCom courses?

The repayment tenure generally ranges from 7 to 15 years, depending on the loan amount. Most banks offer a moratorium period of the course duration plus an additional 6 months to 1 year.

Is there a moratorium period for education loans for BCom students?

Yes, most banks offer a moratorium period, which is the course duration plus an additional grace period of 6 months to 1 year after course completion or until the student secures a job.

What documents are required to apply for an education loan for BCom Students?

Commonly required documents include admission proof, the institution's fee structure, academic records, identity and address proof, a co-applicant's income proof, and collateral documents (if applicable).

What is the processing time for an education loan for BCom Students?

The processing time usually takes between 7 to 15 working days after submitting all required documents, though it can vary depending on the bank.

Are there any tax benefits for BCom students on an education loan?

Yes, under Section 80E of the Income Tax Act, the interest paid on an education loan is eligible for a tax deduction. This benefit can be claimed for up to 8 years or until the interest is fully paid.

Can I apply for an education loan before securing admission to a B.Com course?

You can begin the loan application process, but most banks require proof of admission to a recognised institution before disbursing the loan.

Do banks provide any concessions for female students pursuing a B.Com degree?

Some banks, like SBI and others, offer lower interest rates or other concessions for female students applying for education loans.

Can I get an education loan for BCom students if I study at a private institution?

Yes, loans are available for students pursuing B.Com at both government and private institutions, as long as the institution is recognised by relevant regulatory authorities.

What happens if I am unable to repay the education loan on time?

In case of repayment default, banks may impose penalties or additional interest charges. For loans with collateral, banks may take legal action to recover the outstanding loan amount. The borrower’s credit score will also be affected.