Is taking a loan for education worth it?
Some students take an education loan for graduation and then avail of the top-up facility to complete their post-graduation. “Taking a top up on education loan is bad, because it will increase the liability further. It is better to finish the first education loan before taking the second one,” says C. S.
Is it worth to take education loan for IIM?
Tax benefits can be availed on the EMI paid under Section 80E of the Income-tax Act, 1961….Comparison between various Bank Loans.
| Bank/Loan | OBC’s Customized Education Loan Scheme IIMs, IITs & XLRIs |
|---|---|
| Max Amount | Rs.15 lakh |
| Rate of Interest | Up to 10.50\% |
| Security | Parents/Guardians as co-borrower |
| Margin | Nil |
Is it easy to get education loan for MBA?
On average, the MBA admission college fee and expenses in India are Rs. 12–18 lakh. It’s easy to get a loan of Rs. 10 lakh or less in India as it gets quickly and easily sanctioned.
Which bank is best for IIM loan?
List of Top Banks for Admission in Management Institutes
| Banks | Loan Amount | Interest Rate (In Per Annum) |
|---|---|---|
| Bank of Baroda | INR 7.5-80 Lakh | 6.85\% – 9.95\% |
| State Bank of India (SBI) | INR 7.5-40 Lakh | 6.90\% – 9.30\% |
| Punjab National Bank (PNB) | Need-Based | 6.90\% – 9.55\% |
| Axis Bank | INR 7.5-40 Lakh | 13.70\% – 15.20\% |
Are student loans Good or bad?
When it comes to borrowing money, student loans are similar to mortgages in that they are usually considered “good debt.” Both are large amounts of money that take a long time to pay back. Bad debt includes things like credit cards, personal loans, and even auto loans.
Which bank is the best for education loan?
Compare Top Education Loan Offers 2021
| Name of Bank | Interest Rate (p.a.) | Loan Amount |
|---|---|---|
| Bank of Baroda | 7.85\% to 9.85\% | Up to 4 Lakh and above |
| HDFC | 9.55\% to 13.25\% | Max Apr |
| Tata Capital | 10.99\% onwards | Up to 30 Lakh |
| Union Bank of India | 8.80\% to 10.05\% | Need-based finance |
Which bank is best for education loan for MBA?
MBA Education Loan by Public Sector Banks
| Banks offering MBA Education Loan in India | Max Amount of Loan (Rs. In Lakhs) | Rate of Interest* |
|---|---|---|
| Canara Bank | 40 | 8.65 to 10.75 |
| Punjab National Bank | 75 | 8.35 to 10.95 |
| Dena Bank | 15 | 10 to 11.8 |
| Punjab & Sind Bank | 10 | 9.75 to 10.75 |
What are the disadvantages of a student loan?
Cons of Student Loans
- Student loans can be expensive.
- Student loans mean you start out life with debt.
- Paying off student loans means putting off other life goals.
- It’s almost impossible to get rid of student loans if you can’t pay.
- Defaulting on your student loans can tank your credit score.
What is the monthly payment on a $40 000 student loan?
$40,000 In Student Loan Debt
| Loan Balance | $40,000 |
|---|---|
| Loan Term | 10 Years |
| Monthly Loan Payment | $460.32 |
| Number of Payments | 120 |
| Cumulative Payments | $55,238.63 |
Is it worth it to take a loan for IIM-P?
Yes it is worth it. Both financially and psychologically. I had availed a loan for my IIM fee which included 3000 rupees per month of expanses too. The rate of interest was 11.0\% at that time which came down to 10.2\% now.
What are the benefits of taking an education loan for IIMs?
Moreover, the education loan for IIMs is fully unsecured. So you don’t have to be under pressure for its repayment. The repayment schedule is also very flexible. There is no prepayment penalty and even if you skip some EMIs, the bank will not penalize you.
How to disburse a loan from IIM to students?
For the students who’ve taken a loan from banks outside, all they need to do is send out an e-mail asking the bank to disburse the term fee as notified by the IIM. The bank officials will take care of the rest.
How to get a scholar loan from SBI for IIM?
The moment you enter into an IIM, banks run after you to sanction the loan, and that too, without any collateral. It is a very easy process. You just need to hand over all the relevant documents to the bank personnel. The loan is generally processed in a day or two. The following documents are generally required to avail the scholar loan from SBI.