Bandhan Bank Education Loan to Study Abroad

bandhan bank education loan
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Studying abroad can be a lifelong dream for most aspiring students but only some individuals can be financially strong to support their study abroad dream as it involves a lot of expenses like tuition fees, travel expenses, accommodation, etc. So a majority of students opt for education loans to support their dream. In today’s blog, we will cover everything you need to know about Bandhan Bank education loans, so don’t miss out on this informative blog, continue reading to get detailed insight on this.

About Bandhan Bank

Bandhan Bank can’t be considered a new bank as it’s present in the market since 2014. Since its foundation, Bandhan Bank is one of India’s leading financial institutions that provides a wide range of banking services like savings accounts, loans, insurance policies, etc. Bandhan Bank was founded by a Bengali enthusiast known as Chandra Sekhar Ghosh with the main vision of making banking more easy and accessible to the masses. This bank is scaling up quickly to compete against the market leaders like HDFC Bank, SBI Bank, etc and currently has over 6,000 banking outlets across India. 

Also, Read- LOAN RELATED TERMS THAT EVERY STUDENT SHOULD KNOW!

Benefits of Bandhan Bank Education Loan

Here are some of the key benefits of financing your study abroad dream via Bandhan Bank Education Loan:

  • You can get up to Rs. 25 lakhs as a loan amount for your foreign education.
  • Bandhan Bank offers competitive interest rates, starting from 10.25% per annum on your loan amount.
  • You get flexible tenure of up to 60 months but it also depends on your loan amount.
  • You can avail of a moratorium period of up to 12 months after the completion of your course or getting a job, whichever is earlier.
  • You also get a tax benefit under Section 80E of the Income Tax Act on the interest paid on your education loan.

Eligibility Criteria

You need to certain eligibility criteria to get your Bandhan Bank education loan approved, and you can take a look at them below:

  • You should be an Indian citizen or a permanent resident of India.
  • Your minimum age should be 16 years and your maximum age should be 35 years
  • You should have secured admission or have an offer letter from a recognized university abroad for a 
  • You need to pursue a full-time degree or diploma course.
  • You should have an impeccable academic record and a valid score on entrance exams like GMAT, GRE or any other relevant entrance exam scores.
  • You should have a co-applicant with a regular source of income and a good credit history.
  • You need to provide collateral security such as property, fixed deposit, gold or any other asset as per the bank’s norms.
  • You and your co-applicant both need to be creditworthy.

Relevant Read- HOW TO GET AN EDUCATION LOAN AGAINST PROPERTY TO STUDY ABROAD?

Fees or Hidden Charges of Bandhan Bank Education Loan

Bandhan Bank is one of the most trusted and transparent banks in India, there are no hidden charges or convenience fees but here are the charges and penalties you need to be aware of before opting for a Bandhan Bank education loan:

Fee TypeCharges
Processing fee 0 Charges
Prepayment fee/ ForecloseNil
Late payment fee2% per month on the overdue amount
Cheque bounce feeINR 500 per cheque 
ECS bounce fee INR 500 per request
Loan cancellation feeRs.1,000 

Documents Required

Here are some of the necessary documents needed for an education loan at Bandhan Bank:

  • Identity Proof like an Aadhaar card or Driving License 
  • Pan Card 
  • Birth Certificate for age verification
  • Academic proof such as mark sheets, certificates, degrees or any previous qualification
  • Admission proof such as an offer letter from the university
  • Income proof such as salary slips, and bank statements
  • Collateral security proof like property papers or fixed deposit receipts

Also Read- CONSOLIDATE STUDENT LOANS: MEANING, BENEFITS, PROCESS

Bandhan Bank Education Loan Process

You can follow this simple and straightforward guide which can ease your Bandhan Bank Education Loan application process:

  • Firstly, you can visit your nearest Bandhan Bank branch for offline assistance or you can simply head over to the official website of Bandhan Bank to apply for an education loan directly
  • Click on “Apply for Education Loan” and you can also check the term and conditions before applying
  • Fill out the online application form with all the necessary information asked for and don’t forget to attach/ upload all the necessary documents mentioned above
  • The bank will verify your documents and check your eligibility and creditworthiness (if you visit the nearest branch this will be done in a few minutes by the bank’s representatives)
  • After the bank conduct the valuation of your collateral they will adjust the interest rate accordingly
  • If you are comfortable with the interest rates and terms and conditions sign the sanction letter and loan agreement letter
  • You also need to do an ECS Mandate for your loan repayment
  • Once everything is verified and successful, your loan amount will be disbursed by the bank directly to your account or to the university or institution’s account and that will be decided by the bank 

FAQs

Q1. What are the countries eligible for Bandhan Bank education loans to study abroad?

Ans. Here are the following countries that are eligible for Bandhan Bank education loans to study abroad: USA; UK; Canada; Australia; New Zealand; Germany; France; Singapore and China.

Q2. How can I check the status of my Bandhan Bank education loan application?

Ans. You can check the status of your Bandhan Bank education loan application by visiting the nearest branch of Bandhan Bank or by logging in to their website or mobile app with your credentials. Additionally, you can also call the customer support and do the same.

Q3. What if I fail to repay my education loan?

Ans. If you fail to repay your Bandhan Bank education loan, you will be charged a late payment fee of 2% per month on the overdue amount. This will also affect your credit score negatively and the bank can even take legal action against you. 

This was everything related to Bandhan Bank Education Loan. Reach out to Fly Finance for all finance-related concerns to simplify your study abroad experience with zero hindrances.

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