Bank of Rajasthan Education Loan: Application, Eligibility, Interest Rate, Documents & Much More.

Bank of Rajasthan Education loan
Bank of Rajasthan Education loan

The Bank of Rajasthan is among the private banks of India which is merged with ICICI Bank in 2010. The bank was set up at Udaipur in 1943 by Late Seth Shri Govind Ram Seksaria. Presently bank is running with lots of services in all 463 branches in different States, Now Bank of Rajasthan is Merged with ICICI Bank on 12 Oct 1998 for Which ICICI paid Rs. 30 Billion. Bank of Rajasthan is running lots of facilities like Loans, Savings, Investment etc. If you want Bank of Rajasthan Education Loan to complete your education or pursue higher studies from India/Abroad, You are at the right place to collect every aspect of information related to Education Loan in India.

Bank of Rajasthan Logo

Read this full post on Bank of Rajasthan Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of education Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding Bank of Rajasthan Education Loan, it’s Process to Apply and full detailed Information.


Bank of Rajasthan Education Loan


The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.

Brief Review

Profile Description
Name of Bank  Bank of Rajasthan
Founded on 1943
Headquarter Clock Tower Udaipur
Type of Bank  Private Bank
Number of Employees 13,765(2016)
CEO Name G. Padmanabhan
Maximum Loan Amount  Rs. 1 Crore (diff. according to schemes)
Timeline for Loan Disposal Maximum 15 Working days
Annual Revenue ₹ 15,073.344 million (year ended March 2009)
Processing Fees No Processing Fee will be charged
Other Subsidiaries
  • Bank of Maharashtra, Asset Management Arm
  • The Maharashtra Executor & Trustee Company Pvt. Ltd.
Category  Education Loan in India

Types of Bank of Rajasthan Student Loan

As Bank of Rajasthan is Merged with ICICI Bank on 12 Oct 1998. Every 118 shares of Bank of Rajasthan is converted into 25 shares of ICICI Bank. So the Schemes show below are of ICICI Bank.

S.no. Schemes Description
1. Education Loan the scheme is for providing financial support to students for pursuing the higher Professional Education in India and Abroad. Under this Scheme, the maximum amount of Loan can Be sanctioned is Rs. 50 lakh and Rs. 1 Crore for India and Abroad Respectively

How to Apply

Online

  • Visit official Web Site of Bank of Rajasthan (Click Here)
  • Find the education Loan Section Apply Now Button
  • Fill online Application Form.

Offline

  • Visit the nearest branch of Bank of Rajasthan to get offline Education Loan form.
  • You may also download the form from official web handle.
  • Submit the Application Form to Nearest Branch along with document needed.

Eligibility

  • The applicant should be an Indian National.
  • Applicant must have secured admission in a government recognized educational institution.
  • Applicant must have completed 10+2 Standard

Documents Needed

  • KYC
  • Mark Sheets of 10th,12th, graduation and entrance exams.
  • Admission letter
  • Fee structure
  • Co-applicant KYC and Income proof
  • Additional Documents may be requested only if the collateral is required.

Expenses Considered

  • Tuition and course fee
  • Examination, library and laboratory fees
  • Caution deposit, Building Fund
  • Purchase of computer at a reasonable cost if required
  • Cost of books, Uniforms, Equipment and other instruments.
  • Travel Expenses
  • Any other expense required to complete the course like study tour, project work, thesis.

Return Policy

  • With Collateral
    • Up to 8 years post-course period + 6 months for PG courses in India
    • Up to 5 years post-course period + 6 months for UG courses in India
    • Up to 8 years post-course period + 6 months for PG courses Abroad
    • Up to 5 years post-course period + 6 months for UG courses Abroad
  • Without Collateral
    • Up to 10 years post-course period + 6 months for PG course in India
    • Up to 7 years post-course period + 6 months for UG course in India
    • Up to 10 years post-course period + 6 months for PG courses Abroad
    • Up to 7 years post-course period + 6 months for UG courses Abroad

EMI Calculator

EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.

  • If you want to calculate EMI for Bank of Rajasthan education Loan: Click Here

Contact Details

Head office  ICICI Bank Towers, Bandra Kurla Complex, Mumbai – 400 051 Maharastra
Official website www.icicibank.com
Apply for Loan  Click Here
Contact Number 022 2830 7777 (Mumbai)

Bank of Rajasthan Student Loan FAQs

We hope that the information furnished above will guide you to get the best educational loan for your studies. In case of any doubt regarding the loan procedure and other related terms, read our FAQ’s session.

Q1. Who can be my co-borrowers?

Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.

Q2. How long does it take to process education Loan?

Ans. Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5  Working days, once the student fulfils all documentation.

Q3. What all expenses will be covered by education loans?

Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.

Q4. What are the courses for which an education loan can be availed?

Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.

Q5. Can a student avail another loan for further studies?

Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.

Q6. Do education loans have any Income Tax benefits?

Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.

Q7. Why do banks require an insurance policy?

Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.

Q8. Is any incentive available for a girl student applying for education loan?

Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.

Q9. Are there any special privileges for students of SC/ST category who avail education loans?

Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.

Q10. Where can I avail Bank of Rajasthan education loan?
Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.

Best of Luck..!!

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