Ask Experts - Any Question on Education Loan (FREE)

If you need a loan of ₹3,50,000, the interest rate and subsidy will depend on the bank and any applicable government schemes. For education loans, interest rates typically range from 8% to 12%, and repayment periods can be up to 15 years. If you qualify for an interest subsidy under schemes like the Central Sector Interest Subsidy (CSIS), the government may cover the interest during the moratorium period. Be sure to inquire with banks about subsidies and specific interest rates. Repayment generally starts after the moratorium period, which lasts until your course is complete and you secure a job.

Yes, most Indian banks offer education loans for undergraduate courses like BA English (Hons) at Christ University. The loan will cover tuition fees, hostel, and other related expenses. Typically, unsecured loans up to 7.5 lakhs are available without collateral, but larger amounts may require collateral such as property or fixed deposits. You will need to submit the university’s fee structure and the co-applicant's financial documents. Interest rates vary, so compare offers from multiple banks. Some banks may also offer a moratorium period, delaying repayment until after your daughter completes her degree.

NSFDC (National Scheduled Castes Finance and Development Corporation) loans are available to SC students, and Propelld may assist in facilitating these loans. To apply, you will need to meet NSFDC’s eligibility criteria and provide the required documentation. The repayment process typically begins after you complete your course, with a grace period of 6 months to 1 year. Interest rates and repayment terms depend on the loan amount and duration, so be sure to confirm these details with Propelld and your loan provider.

If you are unable to find a job after completing your studies, many banks offer an extended moratorium period or flexible repayment options. You should contact your bank and explain your situation. Some banks allow grace periods, during which you are only required to pay the interest. Others offer loan restructuring options to reduce the monthly payment amount until you secure employment. However, interest will continue to accumulate, so it’s best to communicate with your bank as soon as possible.