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Education Loan in Jharkhand: Interest Rates and Guruji Student Credit Card Loan Scheme

Education Loan in Jharkhand: Interest Rates and Guruji Student Credit Card Loan Scheme

Read the blog to know: 
  • Most Banks and NBFCs provide education loans in Jharkhand at competitive interest rates. Read on to know the features, interest rates and other charges of these lenders.
  • The government of Jharkhand provides a simple scheme for higher education financing, called Guruji Credit card Scheme. Read on to know the features and how to apply.
  • You might also be interested to know about various scholarships like Kalyan Jharkhand Scholarships.

Read Time: 9 Mins | Vaishali Pandey

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Education Loan in Jharkhand Overview

Investing in education can be one of your most significant financial decisions as a student. In Jharkhand, almost all major banks and a few NBFCs provide education loans at best interest rates. Apart from these, there is also the government powered Guruji Student Credit Card Loan Scheme. 

Details Information
Banks Available SBI, Bank of Baroda, Union Bank of India, etc
Interest Rate Starts from 9%
Collateral Required You can take a secured or unsecured loan
Scholarships Available for students belonging to SC, ST, OBC, etc

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  • No Collaterals Required.
  • Check Eligibility
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Education Loan in Jharkhand: Banks & Interest Rates

Know more about banks, their loan limits, interest rates and processing fees:

Bank Maximum Loan Amount Interest Rates Concession Processing Fees
SBI Up to ₹1.5 Crores (with collateral) 8.10% - 11.15% 0.50% concession for girl students; additional 0.50% concession for students availing SBI Rinn Raksha or any other life insurance assigned to the bank. ₹10,000 + GST
BOB Varies (Depends on University) / Up to ₹1.5 Crores (with collateral) 9.70% - 13.70% No processing fee for loan amounts up to ₹7.5 lakh. ₹10,000 + GST
Karur Vysya Bank Up to ₹1.5 Crores (with collateral) Varies Not explicitly mentioned ₹10,000 + GST
Union Bank Up to ₹2 Crores (with collateral) 11.15% onwards 0.50% concession for female students; 1% concession if Standing Instruction (SI) is paid in full. 1-2% of the loan amount
Axis Bank Up to ₹40 Lakhs (unsecured) 13.70% - 15.20% Eligible for Central Sector Interest Subsidy Scheme for students from economically weaker sections (income up to ₹4.5 LPA); West Bengal Student Credit Card Subsidy Scheme (loan up to ₹10 lakh without collateral). 1-2% of the loan amount
ICICI Bank Up to ₹1 crore for India; Up to ₹3 crore for abroad Repo Rate + 3.75% onwards No margin for premium institutes; Special offerings for government employees, CXOs, and professionals with 2 years of work experience. Up to 2% of the loan amount
IDFC First Bank Up to ₹50 Lakhs (unsecured) / Up to ₹40 Lakhs (unsecured) 8.50% - 11.10% 0.50% concession for female applicants 1-2% of the loan amount

Education Loan in Jharkhand: NBFCs and Interest Rates

NBFC Maximum Loan Amount Interest Rates Concession Processing Fees
Avanse Up to ₹60 Lakhs for India; Up to ₹75 Lakhs for abroad 10% - 16.50% 0.25% interest concession for female students; Waiver of last 12 EMIs; ₹10,000 benefit for students with 80%+ or CGPA 3.5+ ₹10,000 + GST
Incred Up to ₹60 Lakhs for India; Up to ₹75 Lakhs for abroad 11% - 13.5% onwards 0.5% - 2% concession based on profile and loan details 1-2% of the loan amount
Auxilo Up to ₹60 Lakhs for India; Up to ₹75 Lakhs for abroad 11% - 13.5% onwards 0.5% - 2% concession based on profile and loan details 1-2% of the loan amount
Credila Up to ₹60 Lakhs for India; Up to ₹75 Lakhs for abroad Varies Tailored loan products for different countries; supports disbursement before visa 1-2% of the loan amount

‍

Bank Rejected Your Loan? Try Propelld – Quick, Hassle-Free Education Loans!

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Looking For a Better Option? Get Your Loan Disbursed 10X Faster than Banks.

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Calculate Your Education Loan EMI

Calculate your monthly EMI, total interest and total repayment amount - based on loan amount, rate of interest, and tenure of the loan

₹ 10,00,000
10%
36 months
₹ 32,267
Monthly EMI
₹ 1,61,612
Total Interest
₹ 11,61,612
Total payable

Want to grab a low interest rate?

Check these boxes
  • Loan up to Rs. 50 Lakhs for 10 Years
  • Loan up to Rs. 50 Lakhs for 10 Years
  • Loan up to Rs. 50 Lakhs for 10 Years
  • Loan up to Rs. 50 Lakhs for 10 Years

Documents to Avail an Education Loan in Jharkhand

Document Applicant Co-applicant/Co-borrower
Application Form ✅ ✅
2 photographs ✅ ✅
Proof of Identity ✅ ✅
Proof of Residence ✅ ✅
Signature Verification from Bank ✅ ✅
Income Details ❌ Latest payslip or Form 16 or 2 years ITR
Proof of Ownership ❌ ✅
Confirmed Admission Letter ✅ ❌
Letter from College Details of course and fee structure to be paid ❌
Academic Pass out Mark sheet/Certificate ✅ ❌
Bank Statement ✅ ✅
Others ❌ A letter accepting responsibility for any costs not covered by the loan

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

Features of Education Loan in Jharkhand

The key features of an education loan in Jharkhand that needs to be taken care while deciding on the loan, include the expenses covered, moratorium, interest rates, collateral requirement etc. Lets see the key features: 

Costs Covered

Education loans provided by various lenders in Jharkhand covers Tuition fees, accommodation, Books, Travel, Food, Projects, Laptops etc.

Moratorium Period

Usually a 6 months period after the completion of the course when repayment is not required and helps the student to settle down with their job search etc.

Loan Margin

This is the applicant’s share towards education expenses, while applying for an education loan. The loan margin is typically 5% of the total loan amount when studying in India and 15% when studying overseas.

Collateral Margin

The percentage of the collateral value that banks take into account when calculating the loan amount.

That's it? Here’s Another Feature -> No Collateral Instant Education Loans. Explore and Apply!

What is Guruji Student Credit Card Loan Scheme?

The Guruji Student Credit Card Loan Scheme is a government initiative aimed at providing financial assistance to students pursuing higher education. It offers collateral-free loans at low interest rates to help cover tuition fees, accommodation, and other educational expenses.

Read more to know about its eligibility, documents required and how to apply. 

Guruji Student Credit Card Loan Scheme Eligibility

To apply for this scheme, students must meet the following criteria:

  • Be a resident of the respective state implementing the scheme
  • Have secured admission to a recognized educational institution
  • Fulfill the age and academic requirements set by the state government

Documents Required for Guruji Student Credit Card Loan Scheme

Applicants need to submit the following documents for verification:

  • Aadhaar Card and residence proof
  • Admission letter from the institution
  • Academic certificates
  • Income proof of parents/guardian
  • Bank account details

How to Apply for Guruji Student Credit Card Loan Scheme

Students can apply for the loan by following these steps:

  1. Visit the official website of the scheme
  2. Register and fill out the online application form
  3. Upload the required documents
  4. Submit the application for verification and approval
Best Education Loan in Minimum Time - 10X Faster than Banks - No Collateral Required Apply Now

‍

What is Kalyan Jharkhand Scholarship 2024‍ and How to Apply? 

The Kalyan Jharkhand Scholarship 2024 is a government-funded initiative aimed at providing financial assistance to students from economically weaker sections in Jharkhand. It covers tuition fees, hostel charges, and other educational expenses. Students can apply for the scholarship through the official Jharkhand e-Kalyan portal.

Read more to know about its eligibility, documents required and how to apply. 

Eligibility for Kalyan Jharkhand Scholarship 2024

To qualify for the scholarship, students must:

  • Be a permanent resident of Jharkhand
  • Belong to SC, ST, or OBC categories
  • Be enrolled in a recognized institution for higher education
  • Meet the income criteria set by the government

Documents Required for Kalyan Jharkhand Scholarship 2024

Applicants must provide:

  • Aadhaar Card and residence proof
  • Caste certificate
  • Income certificate
  • Academic certificates and admission letter
  • Bank account details

How to Apply for Kalyan Jharkhand Scholarship 2024

  1. Visit the Jharkhand e-Kalyan portal
  2. Register and fill out the online application form
  3. Upload the required documents
  4. Submit the application for verification and approval

While Government Education loans and the ones from commercial loans carry their own advantages, here is a comparative analysis on why Propelld can be a better choice: 

‍Why Choose Us?

Choosing the right education loan is tough with so many options. But what makes us different? Here’s a clear, honest comparison to help you decide with confidence.

USP Propelld Others
Loan Processing Time As low as 2 days Much Higher
Collateral Requirement No Needed for Loan above 7.5 Lacs
Online Process 100% Not Completely
Relatives as Co-applicants Acceptable Not Acceptable
Benefits on Student Potential Easy Approval and ROI Benefits No
Documents Requirements As low as 4 documents Quite Tedious
Self Employed Documentation Easy, Special Underwriting. Alternate choices for documentation Strict documentation with requirement for ITR and other income proofs
Approval Chances High, because of numerous factors considered Low, because of strict adherence to limited factors

Vaishali Pandey
A Content Marketer who talks about Money. A banker turned finance writer with a diverse background encompassing various roles in the finance industry
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Apply for Education Loan in Jharkhand

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  • No collaterals required
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Propelld in Founder's words

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Education is an investment that has the highest returns. Education has the highest capability to uplift us economically. We believe financing should never be a barrier for anyone to access education. We aim to transform education financing with tailored, accessible and hassle free solutions that prioritise academic potential over strict eligibility and paperwork.

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FAQ About Education Loan in Jharkhand

How do I apply for the Jharkhand NMDFC Education Loan?

You need to download the application form from the NMDFC website, fill it out, and submit it with the necessary documents to the Jharkhand State Minorities Development Finance Corporation.

Is there any application fee for the NMDFC Education Loan Scheme?

No, there is no application fee for applying under the NMDFC Education Loan Scheme in Jharkhand.

What documents are required to apply for an education loan in Jharkhand?

Required documents include the loan application form, admission letter, income certificate, Aadhaar card, academic certificates, and other necessary identification documents.

Are there any specific loans for minority communities in Jharkhand?

Yes, the Jharkhand NMDFC Education Loan Scheme is specifically designed for students from minority communities, offering lower interest rates and a favorable repayment period.

What is the repayment period for education loans in Jharkhand?

Typically, the repayment period is flexible and can extend up to 5–15 years, depending on the scheme and the loan amount.

What is the moratorium period for education loans in Jharkhand?

The moratorium typically lasts six months after course completion or until the student secures a job, whichever is earlier.

Can I apply for an education loan in Jharkhand while studying abroad?

Yes, many banks and schemes, like the Guruji Student Credit Card Scheme, offer loans that can also be used for studying abroad, covering related expenses like airfare and accommodation.

What is the maximum loan amount I can get without collateral?

Under the Guruji Student Credit Card Scheme, you can get a loan of up to INR 15 lakhs without collateral.

What is the interest rate for education loans under the NMDFC scheme?

The NMDFC scheme offers loans at an interest rate of 8% per annum for male students and 5% for female students.

What expenses are covered under the Guruji Student Credit Card Scheme?

The scheme covers tuition fees, hostel charges, examination fees, and other educational expenses like books, equipment, and travel costs.

What is the Guruji Student Credit Card Scheme?

This scheme provides collateral-free education loans of up to INR 15 lakhs at a 4% interest rate, specifically for students who have completed Class 10 or 12 in Jharkhand and are pursuing higher education.

What primary education loan schemes are available in Jharkhand?

Jharkhand offers various education loan schemes, including the Guruji Student Credit Card Scheme, Jharkhand NMDFC Education Loan Scheme for minority communities, and loans provided by nationalised banks with specific benefits for Jharkhand students.

Who is eligible for the Guruji Student Credit Card Scheme?

Students who have secured admission to recognised institutions and have completed Class 10 or 12 in Jharkhand are eligible for this scheme.

How can I apply for the Guruji Student Credit Card Scheme?

You can apply online through the official Jharkhand government portal dedicated to this scheme.

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