Bandhan Bank Education Loan

Bandhan Bank provides Education loans for foreign study, that cover all educational expenses. The maximum loan amount is Rs. 25 Lakhs and the interest rates start from 10.25% of Interest p. a. and repayment terms stretching up to 60 months. Some of the costs that are included are tuition fees, examination fees, transport, medical, books, apparatus, and incidental expenses. The allowed co-applicants are parents, in-laws, spouses, and siblings. Permitted collaterals are immovable property and cash instruments, where the latter is subjected to minimum value. The moratorium period is course duration + 1 year so that the students are not under any pressure to repay the amount immediately while they continue with their course. Parameter s Details Loan Limit Up to 25 Lacs Expenses covered Course fee Academic expenses such as Examination, Library, and Laboratory fees Travel expenses Health insurance (If applicable) Caution fee asked by the university Books/equipment/ instruments/ uniforms Equipment expenses Miscellaneous expenses Eligibility for scholarships will be at the time of l

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Having the documentation ready before you apply for your education loan can help you be efficient and speed up your approval. The applicants their co-applicants, and guarantors must submit a list of documents which include the loan application form duly filled and a photo identity proof such as a PAN card/Passport and proof of residence such as an Aadhar card or electricity bill. Besides, the applicants are required to provide their educational documents, documents proving their enrollment status, details concerning the course charges, and many more. Go through the list given below to get a better Idea: Parameters Details Basic documents for Applicant (student), co-applicant, and Guarantor The Bandhan Bank education loan form, filled in Proof of Identity: PAN card Passport (Passport if the applicant is moving overseas) Any of the following as proof of residence: Aadhar card Telephone bill Voter ID Electricity bill Bank account statement Ration card Note: If the permanent address and the current address of the applicant are not the same two different proofs are needed. Personal or salary bank account statement for the previous 8 months. If the co-applicant is self-employed one year of business transactions is to be shown. Personal Asset & Liability Statement (Evaluated by the branch professional) All the documents should be self-attested. Applicant’s academic documents Academic records of 10th, 12th, and degree Evidence of enrollment into the course. The fee structure indicates the total duration of the course (i2o if available) GRE. GMAT, IELTS Scorecard University Ranking print-out form Financial Co-applicant Income docum

The Bandhan Bank Loan Repayment Process is designed for flexibility and ease. For example, if the amount borrowed is rupees 26 Lakhs with an interest rate of 10.99% Calculating the EMI for an interest rate of 10.99% per annum with a repayment period of 12 years, your loan EMI schedule would depict a declining trend in the loan balance. Initially, the EMI is 42,956 and it includes interest and principal where the interest portion is decreasing every year while the principal portion is increasing. Take a look at the below given table: Timeline EMI Interest portion Principal portion Loan Outstanding End of 1st year 42956 27054 15902 2938088 End of 2nd year 42956 25215 17741 2735511 End of 3rd year 42956 23164 19792 2509515 End of 4th year 42956 20876 22080 2257392 End of 5th year 42956 18324 24632 1976122 End of 6th year 42956 15476 27480 1662334 End of 7th year 42956 12299 30657 1312270 End of 8th year 42956 8755 34201 921736 End of 9th year 42956 4801 38155 486052 End of 10th year 42956 390 42566 0 The rules for repaying education loans can differ between lenders, and this applies to both government banks and NBFCs. to know further about it, you can watch this video to gain deeper insights into the topic.