Education Loan in Bihar
Bihar has quietly grown into a key location for civil service and engineering tutoring,
with over fifteen state universities, four federal universities, and one IIT. Bihar
excels in disciplines like as management, medicine, fashion, law, and technology, in
addition to civil services and engineering. Thanks to education loans, higher education
is now more accessible than ever to all strata of Indian society. However, in order to
make a reasonable and educated decision, it is also necessary to investigate every
education loan available on the market.
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Banks Offering Education
Loan in Bihar
Mentioned below are banks that provide an
education loan in Bihar:
| State Bank of India |
6.85% to 8.65% |
Up to 15 years |
| Bank of Baroda |
6.75% to 9.75% |
Up to 15 years |
| Federal Bank |
10.05% onwards |
Up to 15 years |
| HDFC Bank |
9.55% to 13.25% |
Up to 15 years |
| Canara Bank |
6.90% to 8.90% p.a. |
Up to 15 years |
| Punjab National Bank |
6.75% to 9.50% p.a. |
Up to 15 years |
| Axis Bank |
13.70% to 15.20% |
Up to 20 years |
| Union Bank of India |
6.80% onwards |
Up to 15 years |
| Karur Vysya Bank |
10.60% to 11.60% |
Up to 7 years |
Eligibility Criteria to Apply for Education Loan in Bihar
The eligibility criteria to apply for an education loan in Bihar are:
- The applicant should be an Indian citizen
- The applicant should have secured an admission in an educational institute
Documents Required to Apply for Education Loan in Bihar
The documents required to apply for an education loan in Bihar are:
- Duly filled loan application form
- Entrance exam result
- Qualifying exam mark sheets
- Course offer letter
- Scholarship letter
- Schedule of expenses
- Asset and liabilities statement of the co-borrower, guarantor, or parent for loans above Rs.7.5 lakh
- Residence proof
- Identity proof
- Student’s PAN card
- Parent or guardian's PAN card
- Student’s Aadhaar card
- Parent or guardian’s Aadhaar card
- Gap certificate (if applicable)
- Co-borrower, guardian, or parent’s income proof: salary slips or form 16
- Parent, guardians, or co-borrower's last 6 months bank statements
- Parent, guardian, or co-borrower's last two years of IT returns or business proof (if parent, guardian, or co-borrower is not salaried)
- Student and parent/co-borrower/guarantor’s passport size photographs
Courses Covered Under Education Loan
The courses that are covered under an education loan are:
- Undergraduate courses
- Postgraduate courses
- Undergraduate and postgraduate diplomas
- Doctoral programs
- Skill development course
- Vocational training courses
Expenses Covered Under Education Loan
The various expenses covered under an education loan are:
- Course fees
- Living expenses
- Library/laboratory/examination fee
- Travel expenses for study abroad programs
- Purchase of a computer or laptop if it is required to complete the course
Factors to Look for While Applying for Education Loan
The various factors that you should consider while applying for an education loan are:
-
Interest rates: Look for an education loan with an affordable interest rate and EMI plan.
-
Repayment period: An education loan with a suitable repayment period will help you pay back the loan in time and without any hurry.
-
Eligibility criteria: Before applying for an education loan, check if your course and institute meet the bank’s criteria or not.
FAQs
- What kind of expenses does an education loan in Bihar cover?
Expenses like course fees, living expenses, examination fees, etc., are covered by an education loan in Bihar.
- Do I have to provide collateral while applying for an education loan in Bihar?
If you are applying for an education loan of Rs.7.5 lakh or above, then you would have to provide collateral.
- Who can be a co-borrower for an education loan in Bihar?
A parent, guardian, or spouse with a good credit score and a regular income source can be a co-borrower for an education loan in Bihar.
