Student loans in India (popularly known as Education loans ) have become a popular method of funding higher education in India with the cost of educational degrees going higher. The spread of self-financing institutions(which has less to no funding from the government) for higher education in fields of engineering, medical and management which has higher fees than their government aided counterparts have encouraged the trend in India. Most large public sector and private sector banks offer educational loans.
Credila Education Loan
Credila is the only organization in India which provides Education loans in India for the students going to USA for Higher Studies and for Students studying in India.
On 13th Nov 2009 Housing Development and Finance Corporation (HDFC) has acquired a 41% stake in Credila Financial Services, a company that specialises in education loans in India
HDFC has acquired the stake from Merrill Lynch, which was an initial investor in the company, promoted by Anil Bohora and Ajay Bohora in 2006. Credila commenced business as an NBFC from 2007 with its registered office in Mumbai. It currently has offices in Pune, Bangalore, Hyderabad, Chennai, Delhi and Nashik.
“Education is growing expensive and the demand for education loans is growing,” said VS Rangan, senior GM — treasury, HDFC. Mr Rangan said HDFC would have some involvement in the company and in the distribution of education loans. “We will use our existing distribution network for the loans,” he added.
Unlike bank education loans, Credila’s loans are all secured. The company insists on one or more creditworthy co-borrowers for all disbursals. It has also entered into agreement with a students tracking agency abroad.
Income Tax benefits
Under section 80(e) of the Indian Income tax act, a person can exempt the amount paid against the interest of the education loan - either for self or for his/her spouse or children - for eight years from the year (s)he starts to repay the loan or for the duration the loan is in effect, whichever is lesser.
Education loan is becoming popular day by day because of the rising fee structure of higher education. It came into existence in 1995 started first by SBI bank and after that many banks started offering study loan. If you looking for education loan then visit here first to check out the latest rates and then the general eligibility criteria of all major banks.
The Education Loan Provider BANKS & Financial Institutes in India are
Andhra Bank (http://andhrabank.in/scripts/ABDrPattabhiVidyaJyothi.aspx)
Allahabad Bank (http://www.allahabadbank.com/education.asp)
Axis Bank (http://www.axisbank.com/personal/loans/studypower/Education-Loan.asp)
Bank of Baroda (http://www.bankofbaroda.com/pfs/eduloans.asp)
Bank Of India (http://www.bankofindia.com/eduloans1.aspx)
Bank of Maharashtra (http://www.bankofmaharashtra.in/credit_fac_edu.asp)
Canara Bank (http://www.educationobserver.com/Loans/Canara_Bank.htm)
Central Bank of India (http://www.centralbankofindia.co.in/english/loan_vidyarthi.asp)
Centurion Bank of Punjab (http://www.centurionbop.co.in/retailloan/eduloans.html)
City Union Bank (http://www.cityunionbank.com/home/cubvidyavani.htm)
Corporation Bank (http://www.corpbank.in/asp/0100text.asp?presentID=110&headID=99)
Credila Financial Services (http://www.credila.com)
Dena Bank (http://www.denabank.com/viewsection.jsp?id=0,4,26,68)
Development Credit Bank (http://www.dcbl.com/disclosures/educational_loan.html)
Dhanalakshmi Bank (http://www.dhanbank.com/asp/0100page.asp?mainlink=17&pagename=retail&sublink=86&linkname=0100page.asp)
HDFC Bank (http://www.hdfcbank.com/personal/loans/express_loans/express_loans.htm)
HSBC (http://www.hsbc.co.in/1/2/personal/loans/educational-loan)
Indian Bank (http://www.indian-bank.com/educational_loan.htm)
IDBI Bank (http://www.idbibank.com/products/educationalloan.asp)
Karnataka Bank (http://www.karnatakabank.com/ktk/Loans.jsp)
Oriental Bank of Commerce (https://www.obcindia.co.in/obcnew/site/inner.aspx?status=2&menu_id=40)
Punjab & Sind Bank (http://www.psbindia.com/education.php)
Punjab National Bank (http://www.pnbindia.com/english_web/c_vidya.htm)
State Bank of Bikaner & Jaipur (http://www.sbbjbank.com/We_offer/pb_advance4.htm#SBBJ EDUCATION LOAN SCHEME)
State Bank of Hyderabad (http://www.sbhyd.com/advances_educationalloan.asp)
State Bank of India (SBI) (http://www.sbi.co.in/viewsection.jsp?id=0,1,20,118)
State Bank of Indore (http://www.indorebank.org/personal.htm)
State Bank of Mysore (http://www.statebankofmysore.co.in/gnanamitra.htm)
State Bank of Patiala (http://www.sbp.co.in/personal-banking/education-loan.htm)
State Bank of Saurashtra ( is now SBI)
State Bank of Travancore (http://www.statebankoftravancore.com/domloan.htm#gjyothi)
Syndicate Bank (http://syndicatebank.in/scripts/SyndVidya.aspx)
Tamil Nadu Mercantile Bank Ltd (http://www.tnmbonline.com/r_education.htm)
UCO Bank (http://www.ucobank.com/loan.htm#EDUCATIONALLOAN)
Union Bank of India (http://www.unionbankofindia.co.in/ln_Union_Education.aspx)
Vijaya Bank (http://vijayabank.com:8081/vijaya/vijaya/internet-en/menus/loans-advances/retail-lending-schemes/educational-loans.html)
References
- ^ http://law.incometaxindia.gov.in/TaxmannDit/DispCitation/ShowCit.aspx?fn=http://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2008ITAct/section80E.htm&sh=y
Template:Http:
Student Loans from U.S. Bank
Apply for a private student loan from U.S. Bank. Learn how to finance your college education or your bar exam today with U.S. Bank!
BND - Student Loan Services
Welcome to BND Student Loan Services Your Student Loan Source! Since 1967, Bank of North Dakota (BND) has been North Dakota’s trusted source for high quality customer service and ...
Dollar Bank - Student Loans
Dollar Bank in Pittsburgh and Cleveland offers true internet banking services including online checking accounts, savings, certificate of deposit (CDs), online bill payment ...
Student Loans: Manage Student Loans with Affordable ...
Find student loan resources, research tools and information to help you make the best decision about your college student loans. Citizens Bank offers a variety of student loan ...
Student Loans from Private Banks and Lenders
Look for the best student loans. Don't neglect your personal banking institution when shopping for student loans. Banks such as SunTrust, Wachovia and Bank of America all offer ...
Student Loans | Commerce Bank
Apply Online for Commerce Bank college student loans, including Stafford loans, Parent PLUS Loans and Graduate PLUS Loans.
Student Bank, Student Bank Loans - Studentbank.com
StudentBank.com - Your resource for college planning, financial aid and more!
Student Banking Overview from Bank of America
Bank of America has suspended the origination of federal student loans. We are no longer accepting applications for Stafford, PLUS, or Graduate PLUS loans.
Bank Of America Student Loans
Bank of America Student Loans will provide you with funds to complete your education. Bank of America offers both private and public loan programs to suit your needs.
Student Lending Announcement from Bank of America
Description For Page ... Federal Student Loans: Bank of America has suspended the origination of federal student loans.