Education Loan For Working Professionals in India | GyanDhan
Updated on: 11 May 2021
Keeping yourself updated with the latest in technology and upskilling yourself according to the needs of your profession is the need of the hour. This is the reason behind the large number of working professionals choosing to pursue a part-time or even a full-time course. These courses allow them to not just perform well in their current role but also help them move up the job hierarchy.
But with the rising cost of education, many working professionals find it difficult to fund their education. At such times, an education loan comes to their rescue and prevents them from using their savings to fund their education. In this blog, let us take a look at education loans for working professionals and discuss a few crucial points related to them.
Do lenders in India provide education loans for working professionals?
Well, the answer is a resounding yes. A few Indian banks such as SBI, Bank of Baroda, Oriental Bank of Commerce, Axis Bank, sanction education loans for working professionals. NBFCs like Avanse too offer education loans for working professionals. Let us take a look at some of the loan schemes offered.
Banks
SBI Education Plus loan - Permanent employees of the Centre government, State government, reputed Private Sector and Public Sector Companies or Institutions aspiring for higher education (part-time or distance) can apply for this loan. Employees who are above 45 years of age and have a minimum work experience of 2 years are eligible for this loan. This loan scheme has an attractive rate of interest and a 10% margin money. The minimum loan amount under this scheme is INR 25,000 and the maximum loan amount is INR 1,00,000. SBI needs a letter of consent from the employer to sanction this loan.
Baroda Career Development Loan - This loan is given by the Bank of Baroda to employed Indian citizens who wish to pursue diploma, degree, vocational, certificate, skill training, pilot training, and vocational training courses in the fields of hospitality, executive development, aviation, travel management, etc. This loan is given for studying both in India as well as abroad. With margin money of 20%, applicants can apply for a maximum loan amount of INR 10,00,000 for studying in India. The maximum loan amount for studying abroad is INR 20,00,000 under this scheme. Borrowers can repay this loan amount in 60 months.
Axis Bank education loan for working professionals - Axis Bank offers unsecured education loans of up to INR 20 lakhs to working professionals at interest rates between 13.70% and 15.20%. Borrowers can repay the loan in 10 years.
Oriental Bank of Commerce education loan for working professionals - Employees of the public, defense, and private enterprises can apply for this loan scheme for studying a part-time course at institutes that are approved by the bank. With margin money of 25%, this loan is given to graduate working professionals. The bank has not set any maximum limit and the maximum loan amount for this loan scheme depends on the fees of the program. Borrowers have to provide a personal guarantee when taking this loan. The repayment time for loans up to INR 7.5 lakhs is 10 years while it is 15 years for loan amounts higher than INR 7.5 lakhs.
IDBI Bank education loan for non-vocational courses- This loan is sanctioned to Indian working professionals who have got admission to an executive management program offered by premium Indian institutes in collaboration with NIIT Imperia. Applicants can get a maximum loan of INR 20,00,000 under this scheme. Borrowers with a loan of less than INR 7.5 lakhs get repayment tenure of 10 years while the repayment period is 15 years for borrowers who take loans greater than INR 7.5 lakhs. Depending on the bank’s policy, the borrower might have to pledge security when taking the loan.
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NBFCs
Avanse education loan for working professionals - Avanse sanctions education loans to working professionals who have secured admission to professional programs, offered by reputed Universities that are approved by Avanse, in India or abroad. This loan is given to working professionals who are above the age of 18 and have a minimum work experience of two years. The minimum loan amount is INR 1,00, 000 and there is no maximum loan amount for this scheme. Borrowers have a repayment tenure between 1 year and 10 years.
If you are a working professional planning to take an education loan and are confused about which loan to choose, then come to GyanDhan and get help. We have a dedicated team of counselors who will study your profile and suggest the best loan scheme for your profile.
We have also tied up with some leading lenders in India and help our students get the best deals on education loans. We also offer help with the loan application process and even coordinate with the lender to expedite the loan sanction and disbursement process in case of a delay. What are you waiting for then? Get in touch with us now.
This is a companion discussion topic for the original entry at https://www.gyandhan.com/blogs/education-loan-for-working-professionals