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Originally Posted by pinaksaraf Can you pls let us know the banks that provide education loans at reasonable rates?
The seniors must have taken loans from various banks. Hence they can suggest us to go for particular banks for better deals.
Also, pls share ur experiences with different banks.. |
CORPORATION BANK .... it's the cheapest source of loan.
Then u have State Bank, Bank of India, Bank of Baroda, etc PSU banks.
Don't go to pvt banks because they will give u their personal loans under the name of educational loan plus ur repayment starts right away ... whereas in case of PSU banks ur repayment starts after 2 yrs.
Upto 4 lacs ... banks cannot ask for third party gurantee or collateral ... but still some banks ask ... it's their local staff which doesn't want to take risk. So it always helps to take a print out of their documental requirements from their website and then visit the branch so that u can show them that they can not ask for these things because the amount is less than 4 lacs.
For 5 lacs (or for 5.5 lacs because of the laptop) ... some banks will ask for collateral (so u need to put ur asset under bank's hypothication) and some banks will just ask for third party gurantee (so just a third party person promises bank to pay the money if u default). So again visiting bank's website in advance helps. As long as SBI is concerned, I am 100% sure their policy says that if the amount is less than 7.5 lacs they cant ask for colletaral.
It's really a bad exp running here and there for loan and also running for passport. Just keep ur head cool and keep running ... eventually everyone gets it.
Once again ... go through the websites of all the banks. And if any near/dearone is workng in a bank then nothing like it.