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Can I get another educational loan if I already have one?
Well, the answer to the above question is – Yes, a student can be eligible for a second education loan. For this, they can either apply for a second education loan from the bank they already have taken their first loan from or they can apply to a different bank.
Can a person take 2 education loan?
No, it is not possible to get an education loan from two different banks to study for the same course in India. There are many banks that provide a large loan amount for domestic education. For example, ICICI Bank offers up to Rs. So, getting two loans from two different banks is not possible.
Can siblings take education loan?
12. An individual can avail of tax benefit if he/she has taken an education loan to support higher studies of self, spouse, children or for the student of he/she is the legal guardian. So education loan taken for siblings or other relatives don’t qualify for Section 80E benefit.
How long does it take to get SBI education loan?
SBI Education Loan Schemes
| Eligibility | Should be an Indian national who has secured an admission. |
|---|---|
| Repayment Period | Loans above ₹ 1.00 Lakh Up to 7 years |
| Timeline for Disposal of Loan | Maximum 6 days after receiving duly completed application. Additional 15 days required where verification is sought |
Can I get an education loan with an existing personal loan?
Getting an education loan with an existing personal loan is certainly possible provided you fulfil all the eligibility criteria. An education loan is generally provided to students who have secured admission into colleges and universities with the income proof and credit score of their guarantors especially parents or a guardian.
Can I borrow more for my education?
Yes, you can! The lender will assess your previous debt to understand if you’re able to responsibly borrow more for your education. Everyone has a debt-borrowing window which is determined by the value of loans you’ve taken out. As you take out bigger loans, your additional borrowing capacity reduces and your borrowing window narrows.
Can I get education loan from other banks besides SBI?
Yes you can education loan from any other banks if you have eligibility and drawing decent income as the bank wants to look at salary and also not to take the risk on you as you have taken one personal loan. You can try on other banks for education loans. For more information on personal loan get in touch.
Can I take a second time education loan?
Second time Education Loan can be sanctioned to the same student borrower for completion of next higher course at the discretion of the Bank. A student who has taken the loan for a Bachelors degree can apply for another loan for the completion of Master’s degree.