Education loan for NIT

✓ Avail a Maximum loan amount of 50 lacs

✓ At an interest rate as low as 8.80% P.A.

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Table of content

Top Education Loan Schemes for NIT Students
Top Courses in NITs with Fees and Eligibility
Documents Required for an Education Loan for NITs
How to apply for an Education Loan for NITs?
Benefits of WeMakeScholars
FAQ's
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With the increasing cost of education, it has become imperative for students to seek financial assistance. National Institute of Technology (NIT) offers top-quality education to students aspiring to make a career in the field of engineering and technology.

However, the high cost of education often poses a challenge for many students. To make education accessible to all, education loans have become a popular option. In this article, we will delve into the concept of education loans and how they can help students of NIT in funding their education. We will discuss the different types of education loans available, eligibility criteria, and the process of applying for an education loan.

Top Education Loan Schemes for NIT Students

Education loans have become a crucial aspect for students who aspire to pursue higher education. National Institute of Technology (NIT) is one of the top engineering colleges in India and attracts students from all over the country.Let’s take a look at the top education loan schemes for NIT students:

SBI Scholar Education Loan Scheme for NITs

National Institute of Technology (NIT) is one of the leading engineering colleges in India, and many students aspire to study here. State Bank of India (SBI) offers the SBI Scholar Education Loan Scheme, a scheme specially designed for students of top institutes such as NITs.

Loan Parameters	Details
Loan Limit	Up to 30 lacs unsecured education loan Collateral education loan of up to the value of the collateral and requirement
Interest rate	8.80% P.A.
Moratorium Period	Course period plus 1-year
Repayment Duration	Upto 15 years
Eligibility Criteria	Should be a citizen of India Should have gotten admission in NIT

Baroda Education Loan for Premier Institutions

Baroda Education Loan for premier institutions is a loan scheme specially designed for students seeking education in National Institutes of Technology (NITs) across India.The loan amount ranges from INR 50,000 to INR 80 lacs, depending on the course and education institution. The interest rate on the loan is 8.85% per annum, which is subject to change based on the bank's policy.

Loan Parameters	Details
Loan Limit	Up to 30 lacs unsecured loan and 80 lacs as secured loan
Interest rate	Starting from 8.85%
Moratorium Period	Course time + 1-year
Repayment Duration	10 to 15 years
Eligibility Criteria	Indian citizen Must have gotten admission in NIT

Union Bank of India Education Loan for NITs

Union Bank of India offers an education loan for students enrolled in National Institutes of Technology (NITs). The loan amount ranges from INR 50,000 to INR 1 Cr, depending on the course and education institution. The interest rate on the loan is 9.55% per annum, which is subject to change based on the bank's policy.

Loan Parameters	Details
Loan Limit	Maximum of 40 lacs without collateral A collateralized education loan depends on the value of the collateral and the requirements
Interest rate	Starting from 9.55% P.A. for a non-collateral loan and 9.05% for a collateral loan.
Moratorium Period	Course period plus 1-year
Repayment Duration	Up to 15 years
Eligibility Criteria	Should be a citizen of India Should have gotten admission in NIT

HDFC Bank Education Loan for NITs

HDFC Bank provides education loans to students who are enrolled in National Institutes of Technology (NITs). The loan amount offered by HDFC Bank ranges from INR 50,000 to INR 1.5 Cr, depending on the course and educational institution. The interest rate on the loan is in the range of 9% to 14% per annum.

Loan Parameters	Details
Loan Limit	Up to 50 lacs unsecured education loan Up to 1.5 Cr secured education loan
Interest rate	9% - 14% P.A.
Moratorium Period	Course period plus 1-year
Repayment Duration	Up to 15 years
Eligibility Criteria	Should be a citizen of India Should have gotten admission in NIT

Canara Bank Vidya Turant Education Loan Scheme for NITs

Canara Bank offers an education loan scheme called "Vidya Turant" for students enrolled in the National Institutes of Technology (NITs). The loan amount offered under this scheme ranges from INR 50,000 to INR 1 Cr, depending on the course and educational institution. The interest rate on the loan is in the range of 9.15% to 9.75% per annum, which is subject to change based on the bank's policy.

Loan Parameters	Details
Loan Limit	Maximum of 30 lacs without collateral A collateralized education loan depends on the value of the collateral and the requirements
Interest rate	If you are taking an education loan With Co-applicant - 9.15% Without Co-applicant - 9.75%
Moratorium Period	Course duration + 1-year
Repayment Duration	Up to 15 years including the moratorium period
Eligibility Criteria	Must have secured admission to NIT

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Top Courses in NITs with Fees and Eligibility

National Institutes of Technology (NITs) are among the premier technical institutes in India, offering undergraduate, postgraduate, and PhD programs in various branches of engineering and science. Some of the top courses offered by NITs are:

B.Tech: This course is one of the most popular and in-demand courses in NITs. The course fee ranges from INR 70,000 to INR 2 Lakhs per annum.

M.Tech: This course is a postgraduate level program in computer science and engineering. The course fee ranges from INR 1.5 Lakhs to INR 3 Lakhs per annum.

MBA: Master of Business Administration is a postgraduate level program in management. The course fee ranges from INR 1 Lakh to INR 4 Lakhs per annum.

M.Sc.(Tech): This is a postgraduate level program in physics,chemistry, and other technical subjects course fee ranges from INR 50,000 to INR 1 Lakh per annum.

MCA: Master of Computer Applications is a postgraduate level program in computer applications. The course fee ranges from INR 70,000 to INR 2 Lakhs per annum.

Eligibility: Students should’ve passed the JEE MAINS cutt-off and must have passed 10+2 with Physics, Chemistry, and Mathematics as mandatory subjects with a minimum of 60% marks.

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Documents Required for an Education Loan for NITs

Section 1: Application and Photographs

It is required to submit an education loan application form that is fully completed, along with two passport-sized photos. Forms filled out online via the WeMakeScholars website can also be submitted in hard copy form.

Section 2: Applicant and Guarantor Information

Identification Proof:

PAN card
Aadhar card

Address Proof (If the current and permanent address are the same, two different proofs of residency are required.):

Ration card
Electricity bill
Voter ID card
Telephone bill
Aadhaar card
Bank passbook statement

Co-Applicant Documents:

For a salaried co-applicant, the last 6 months of bank statements must be submitted.
For a self-employed co-applicant, the business transactions from the past year must be provided.

Asset and Liabilities Statement approved by bank employees.

Section 3: Student's Academic Documents

Proof of admission to eligible university or course
Written total course fee with payment deadlines
Proof of passing IELTS/GRE/GMAT or relevant examination
Academic transcripts of class 10th, 12th and bachelor's degree

Section 4: Co-Applicant's Income Proof

If Salaried:

Last 3 months' salary slips
Last 2 years' ITRs
Last 2 years' Form 16 details
Applicant's office ID card

If Self-employed:

Last 3 years' Income Tax Returns
Last 3 years' balance sheet with profit and loss statements
Proof of business address

Section 5: Other Documents

A co-borrower must submit a declaration regarding their responsibility for expenses not covered by the education loan.
A joint affidavit in the prescribed format from both the student and co-applicant must also be submitted to the bank.

Section 6: Additional Documents (if applicable)

Receipts for payments made to the university must be submitted.
A statement of a pending loan from the past year is required.
A student gap certificate on a 100 Rupee stamp paper, explaining the reason for any academic gap, must also be submitted

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How to apply for an Education Loan for NITs?

To apply for an education loan through WeMakeScholars using digital means, follow these steps:

Step 1: You can request a call back on the website or fill out the loan form to register your loan application request.

Step 2: Once you receive the call back, provide your loan details. Your financial officer will assess your profile and log your loan file.

Step 3: Obtain the document checklist from your financial officer and organize your documents according to the checklist.

Step 4: Upload your documents on the WeMakeScholars Document Portal or submit them to the bank to initiate the loan processing from the bank's side.

Step 5: Go to the bank to complete the document formalities and pick up your loan approval letter after 2-4 days of submitting the documents if you are using private banks or NBFCs, and within 15-20 days if you are using public banks.

Benefits of WeMakeScholars

WeMakeScholars offers multiple benefits when the loan application is processed through us, such benefits are:

Free of Charges - The services offered by WeMakeScholars are free of cost and WeMakeScholars is funded by the government of India, Ministry of IT, under the Digital India Campaign.
Reduced Rate of Interest - WeMakeScholars partners with multiple public and private banks in India, allowing students to receive reduced interest rates (a 0.5-2% discount) when obtaining an education loan through us.
Professional Guidance - A financial officer from our organization will provide expert guidance and match the student with the best lender, and provide support throughout the loan process.
Less Processing time - Compared to the typical 1-2 month processing time at banks, WeMakeScholars can speed up loan processing time to 15-20 days with public banks and 5-7 days with private banks or non-banking financial companies (NBFCs).
Digitized loan processing - Applying for an education loan can be done easily and online from any location through WeMakeScholars
End-to-end assistance- A financial officer will offer ongoing support for post-approval issues and guarantee a seamless loan disbursement.
Cashback - Upon loan disbursement, learners have the potential to receive a cash rebate of a maximum of Rs 3000.

Get the best possible interest rates and repayment policies on your education loan with WeMakeScholars.

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FAQs:

Can I get an education loan for NIT?

Yes, you can get an education loan for NIT (National Institute of Technology). Most banks in India offer education loans for higher education, including loans for NITs. The loan covers tuition fees, cost of books, and other expenses related to your education. You may be required to provide collateral, depending on the bank and the loan amount. WeMakeScholars specializes in processing and providing the best education loans for students in time at free of cost
What is the total fees in NIT for 4 years?

The total fees for a 4-year program at a National Institute of Technology (NIT) can vary depending on several factors such as the location of the NIT, the course you are pursuing, and the category you belong to (e.g., general, SC/ST, OBC, etc.). On average, the total fees for a 4-year program at an NIT can range from 7 to 15 Lakh Rupees, including tuition fees, hostel fees, and other miscellaneous expenses. WeMakeScholars can help you get the maximum loan amount from a suitable lender for your profile at no service cost.
Can I get a 20 lakhs education loan without collateral for NIT?

Yes, you can get a 20 lakhs education loan without collateral for NIT (National Institute of Technology) but it would depend on the policies and practices of the financial institution you are applying for the loan from. Some banks may offer education loans up to 20 lakhs without collateral, while others may require collateral for loans above a certain amount. With the help of WeMakeScholars you can avail maximum loan amount from the most suitable lender for your profile.

NEWS

NIT Rourkela Achieves Record-breaking Campus Placements, Secures 1,534 Job Offers from Top Companies

NIT Rourkela has made history with the highest number of job offers during this year's campus placements, receiving over 1,534 offers from 330 well-known companies. With more than 95 percent of B.Tech students placed out of 1,474 registered candidates, the institute's commitment to providing excellent career opportunities shines through.

Several branches, including Electrical Engineering and Electronics, achieved a perfect 100 percent placement rate. Moreover, 24 graduates secured packages exceeding ₹50 lakh, with eight receiving ₹52.89 lakh per annum. The average CTC increased by 16 percent to ₹12.95 LPA, with B.Tech graduates averaging ₹14.22 LPA, and specialized streams like Computer Science at ₹21.87 LPA.

Leading companies like TCS, Microsoft, Amazon, and Tata Steel were among the recruiters. NIT Rourkela's remarkable performance and NIRF Ranking of 16th in the Engineering Category reaffirm its position as a premier technical institution in India.

Last Updated - 21/07/2023

Our Education Loan team will help you with any questions

Srikanth Kancharla
WeMakeScholars- supported by IT Ministry, Govt. of India.

Published: 10 Feb, 2023 | Updated: 19 Jun, 2024