Key Features of Standard Chartered Education Loan: Eligibility Criteria, Documents Required

Key Features of Standard Chartered Education Loan: Eligibility Criteria, Documents Required

To help students achieve their goals, Standard Chartered Education Loan offers loans at low interest rates and maximum benefits. This blog outlines all the essential details of the Standard Chartered Education Loan.

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Key Features of Standard Chartered Education Loan

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Standard Chartered offers competitive incentives for those who qualify for a college loan. The salient characteristics of the Standard Chartered Education loan are listed below:

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Also Read: 5 Best Education Loans in India: Complete 2024 Guide 

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Standard Chartered Education Loan Interest Rate 

The interest rate is not fixed and may change over time. If the bank decides to change the interest rate, they are required to notify you two months in advance before implementing the change. This means borrowers need to stay aware of possible future adjustments to their loan terms.

Contact your nearest Standard Chartered Bank Branch to know the interest rate.

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Standard Chartered Education Loan: Eligibility Criteria 

Students who want to apply for a Standard Chartered Education Loan must fulfil the qualifying requirements set forth by Standard Chartered. Let's examine the eligibility requirements provided by the bank.

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Courses Eligible for Standard Chartered Education Loan

Several courses are eligible for a Standard Chartered Education Loan. They are: 

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Also read: Education Loan Eligibility, Interest rates and How to Apply.

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Standard Chartered Education Loan: Documents Required

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Also read: Documents Required for Applying for an Education Loan.

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

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How to Apply for a Standard Chartered Education Loan?

You can apply for the Standard Chartered Education Loan by following the below-mentioned steps: 

1. Applicants should have all the necessary paperwork and know all the requirements before applying for the Standard Chartered Education Loan.
2. Candidates should visit the bank office closest to them to obtain the application form.
3. All required documentation must be sent with the completed application form.
4. After successfully submitting the application and all supporting documentation, candidates must patiently wait for the verification procedure to begin.

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Banks and NBFCs Providing Education Loans: A Comparison

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Why Propelld?

There are several other benefits of opting for a Propelld education loan. They are:

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FAQ: Standard Chartered Education Loan 

What is a Standard Chartered Education Loan?

Standard Chartered offers education loans to help students finance their education in India and abroad. The loans cover tuition fees, living expenses, and other educational costs, and they offer competitive interest rates and flexible repayment options.

What are the eligibility criteria for a Standard Chartered Education Loan?

To qualify for a Standard Chartered Education Loan, the student must be an Indian citizen with an admission offer from a recognised educational institution. The applicant should meet minimum academic standards, and the co-applicant (usually a parent or guardian) must meet income and credit requirements.

What documents are required to apply for a Standard Chartered Education Loan?

Applicants must provide proof of admission, academic records, identity proof (Aadhar, PAN), address proof, bank statements, income proof of the co-applicant, and collateral documents (if applicable).

What maximum loan amount is available under the Standard Chartered Education Loan?

Standard Chartered offers loan amounts of up to ₹ one crore for students studying abroad and up to ₹50 lakhs for students studying in India. The amount varies based on the institution, course, and repayment capacity.

What expenses are covered by the Standard Chartered Education Loan?

The loan covers tuition fees, accommodation, travel expenses, exam fees, library fees, and purchase of books or equipment. It may also cover other related costs like study tours and project work.

What is the interest rate on a Standard Chartered Education Loan?

The interest rate for Standard Chartered Education Loans typically ranges between 9% and 13%, depending on factors such as the loan amount, collateral, and the applicant's creditworthiness. The bank may offer lower rates for specific courses or institutions.

What is the repayment period for Standard Chartered Education Loan?

The repayment period ranges from 5 to 15 years, starting after the course completion or a predefined moratorium period. The moratorium typically extends 6 to 12 months after the course completion.

Does Standard Chartered offer a moratorium period for education loans?

Yes, Standard Chartered offers a moratorium period during which the borrower doesn't need to repay the loan. The period usually includes the duration of the course plus an additional 6 to 12 months post-completion, allowing students time to secure employment.

Is collateral required for a Standard Chartered Education Loan?

For loan amounts exceeding a certain threshold (typically ₹7.5 lakhs), Standard Chartered may require collateral such as immovable property, fixed deposits, or life insurance policies. Smaller loans may be granted without collateral, depending on the borrower's profile.

Can I get a loan without a co-applicant for a Standard Chartered Education Loan?

In most cases, a co-applicant, such as a parent or guardian, is mandatory for securing the loan. This person serves as a guarantor, ensuring repayment if the borrower defaults. The co-applicant's income and credit score significantly influence loan approval.

What are the tax benefits of a Standard Chartered Education Loan?

Under Section 80E of the Income Tax Act, the interest paid on education loans is eligible for tax deductions. The benefit is available for up to 8 years or until the interest is fully repaid, whichever is earlier.

Can international students apply for a Standard Chartered Education Loan?

Standard Chartered typically offers education loans to Indian citizens. International students may not qualify, but the bank does offer financing options for Indian nationals who are studying abroad.

How is the Standard Chartered Education Loan disbursed?

According to the fee schedule, the loan is disbursed in instalments directly to the educational institution. In some cases, funds for living expenses may be transferred to the student’s account.

What happens if the student cannot repay the Standard Chartered Education Loan on time?

Standard Chartered may charge penalty interest on the outstanding loan amount in case of non-repayment. The borrower's credit score may also be negatively impacted, making future borrowing more difficult. Legal action may be taken if necessary.

Are there any processing fees for the Standard Chartered Education Loan?

Standard Chartered charges a processing fee, generally between 0.5% and 1% of the loan amount. However, this may vary based on the applicant’s profile and loan type.

How can I apply for a Standard Chartered Education Loan?

You can apply for a Standard Chartered Education Loan by visiting a branch, applying online via their website, or contacting customer service for assistance. The application process involves submitting the required documents, verification, and approval.