https://www.wemakescholars.com/education-loan/rbl
RBL Bank Education Loan
✓ Faster Loan Process
✓ To study in India or Abroad
Check your Education Loan Eligibility
Table of content
- RBL Bank Education Loan to Study Abroad
- RBL Bank Education Loan to Study in India
- Government Subsidy schemes
- RBL bank processing fee
- Documents Required for RBL Bank Education Loan
- RBL Bank Education loan insurance:
- RBL Bank loan margin calculation
- How to apply for an education loan from RBL Bank?
- Why go through WeMakeScholars?
- Why and How to transfer your education loan to RBL Bank?
- RBL bank Education loan EMI calculation as per interest rate
- RBL Bank Education Loan Repayment process
- FAQ's
- Need Help? Ask Here!
RBL bank offers a convenient education loan process for students to study in India and abroad. Here are the education loan products offered by the RBL bank. Go through different types of education loans and choose the most suitable one according to your profile.
- RBL bank education loan to study abroad
- RBL bank education loan to study in India
RBL Bank Education Loan to Study Abroad
RBL Bank offers education loans up to INR 20 lakhs for Indian students who want to go to study in foreign universities. These loans include tuition fee loans, examination fee loans, and maintenance loans. Students can borrow non-collateral loans at an interest rate of between 12% to 14% for collateralized loans the interest rate is between 9% to 11%. RBL Bank offers flexibility of repayment up to 15 years and also the moratorium on education loans facilitates students studying in top-notch universities across the world such as the USA, UK, Canada, and many more. A co-applicant can be a parent, sibling, or spouse depending on the relation between the applicant and the co-applicant.
|
Parameter |
Details |
|
Loan Limit |
Up to 20 lacs of loan Can try for a loan above 20 lacs |
|
Expenses covered |
Study costs Fee for tuition Fee for examination Fee for library Fee for lab Expenses for buying books If need to buy a laptop or computer Living expenses Hostel fee/Accommodation cost Food Other Insurance for the loan Travel expenses Other miscellaneous expenses |
|
Accepted co-applicant |
Parents, siblings, or spouse(relationship proof with the co-applicant) |
|
RBL bank Education loan interest rate |
Interest rates can be in between Non-collateral- 12 to 14% Collateral- 9% to 11% |
|
Moratorium Period |
Course Duration plus 1 year or 6 months after getting a job(whichever is earlier) |
|
Repayment Duration |
15 years of loan repayment tenure |
|
Repayment policies |
The interest payment is not mandatory in the moratorium period |
|
Eligibility Criteria |
Should be an Indian resident Should have secured admission to a university abroad |
|
Value of Collateral (only if it is a collateralized education loan) |
125% of the whole loan amount |
|
Accepted Collateral |
House, Flat, land, and FD |
Tip: The RBL bank offers a lower interest rate to students going to top universities, so choose a well-established top-ranked university. For more intricate details, talk to your financial officer at WeMakeScholars.
Countries Eligible for an Education Loan from RBL bank
The RBL bank offers customized education loans to students going to different countries. However, they also have a list of countries that they prefer over other countries.
RBL Bank Education Loan to Study in India
The education loans given out by RBL Bank provide up to 10 lakhs for Indian students studying in Indian institutions for higher education. These loans include tuition fees, examination fees, living expenses, and even a laptop to cater to the needs of the students. The interest rate varies between 12% to 14% for non-secured loans and between 9% to 11% for secured loans. Repayment is possible for up to 15 years with a possibility to choose the moratorium period. Other accompanying candidates may be parents, siblings, or spouses. It is also mandatory for the students to be Indian residents and must have admission to a recognized college or university.
|
Parameter |
Details |
|
Loan Limit |
From Rs 50,000 to 10 lacs Once the analysis of the applicant and co-applicant is done, can try for a higher amount |
|
Expenses covered |
Study costs Examination fee Fee for tuition Lab/library fees Books expenses Purchase of a laptop or computer Living expenses Food Hostel fee Accommodation costs Other Expenses for travel Insurance Other miscellaneous expenses |
|
Accepted co-applicant |
Parents, siblings, spouse |
|
RBL Bank Education loan interest rate |
|
|
Moratorium Period |
Course Duration plus 1-year or 6 months after getting a job(whichever is earlier) |
|
Repayment Duration |
15 years of repayment tenure excluding the moratorium period |
|
Repayment policies |
Paying interest is optional in the moratorium period |
|
Eligibility Criteria |
Should be a resident of India Should have secured admission to a recognized college or university |
|
Value of Collateral |
Collateral value equal to 125% of the loan amount |
|
Accepted Collateral |
House, Flat, land, and FD |
Tip: Choose a well-established institute that is ranked among the top for better interest rates. For more intricate details about the loan, talk to your financial officer from WeMakeScholars.
Government Subsidy schemes
A few government schemes were started to provide interest subsidies to students belonging to backward classes.
Dr. Ambedkar Central Sector scheme
Interest subsidies for abroad studies are provided under the scheme
|
Eligible classes |
Annual Family income |
|
EBC(Economically backward classes) |
Below 5 lacs per year |
|
OBC |
Less than 8 lacs per year |
Padho Pardesh scheme
Students of a religious minority(Sikhs, Muslims, Christians, Jains, Buddhists, and Zoroastrians) community with family income less than 6 lacs per annum are eligible under this scheme.
Note: The scheme is discontinued, but the beneficiaries before 31st march 2022 will still be eligible for interest subsidies.
Central Scheme for Interest Subsidy for Economically Weaker Sections
It is exclusively for students belonging to Economically weaker sections of society(family income less than 4.5 lacs per annum). It provides them with interest subsidies in the moratorium period.
RBL bank processing fee
The RBL bank may charge a minimal processing fee to process your education loan. You will have to pay the fee upfront to get the education loan sanction.
Talk to your financial officer at WeMakeScholars who will clear any doubts regarding your processing fee at the RBL bank.
Documents Required for RBL Bank Education Loan
Check your education loan eligibility and prepare the following documents to get started with the RBL bank education loan.
Section 1: Application form
Fill out the Ratnakar bank education loan application form which will be provided to you by your financial officer at WeMakeScholars with your signature and 2 photographs.
Section 2: Required documents(Applicant and co-applicant)
1. Proof of identity
- Aadhar card
- PAN Card
- Valid Driving License
- Voters ID card
- A passport copy is mandatory if going abroad
2. Proof of Residence
- Voters ID Card
- Aadhaar card
- Utility bill(Electricity, Telephone bill)
- Valid Passport
- Ration card
- Bank account statement
3. For co-applicant-
Salaried co-applicant- Recent 6 months bank account statement
Self-employed co-applicant- A year’s business transactions
4. Personal Asset & Liability Statement- Self-attest all the documents
Section 3: Applicant's academic documents
- Mark sheets- 10th, 12th, Degree
- Proof of admission with the clear duration of the course
- Fee structure (i-20 for US if available)
- TOEFL/SAT/GMAT/GRE Scorecard
- Define the ranking of the university
Section 4: Income documents for financial co-applicant
If Salaried
1. Latest salary slips for the last 3 months
2. Get form 16 from your employer
3. Employers' ID card
4. ITR of last 2 yrs
5. Employment stability proof(if applicable)
If Self-employed
1. ITR of last 2 yrs
2. Last 2 yrs' Profit & Loss account, balance sheet, and computation along with all schedules
3. Business proof
4. Professional qualification certificates or degree certificates for professionals like doctors, architects, CA, etc.
Section 5: Other Documents
- State with a letter that the extra expenses will be borne by the co-applicant
- Notarised joint affidavit with the student and co-applicant in Bank’s standard format (The financial officer will provide the format)
- Relationship proof with the co-applicant
- Total employment stability proof (if applicable)
Section 6: Additional docs (if applicable)
- If have paid any fee to the university, provide its receipts
- Repayment track record of your last loan
- Letter(format by a financial officer) that explains any gap if you have had any in your studies on an Rs. 100 stamp paper
Section 7: Collateral documents (Optional)
The collateral documents are only required if you are going for a Ratnakar bank education loan by pledging collateral. Also, the documents are not the same in all the cases, as they usually differ with the state you are applying for. Talk to your financial officer from WeMakeScholars to clear yourself of any doubts regarding the Ratnakar bank education loan application.
RBL Bank Education loan insurance:
A loan insurance is to protect the loan that was offered to you by the bank. Loan insurance comes into action when you cannot repay the loan due to unforeseen circumstances like death or disability. In such cases, the insurance company clears your loan.
RBL bank charges 1 to 2% of the loan amount for loan insurance. However, you do not need to pay any upfront amount as it is usually adjusted with the Ratnakar bank education loan account. Ask your financial officer from WeMakeScholars to clear off any doubts regarding loan insurance.
RBL Bank loan margin calculation
RBL bank offers you a loan of up to 100% of your expenses and does not have any loan margin for study abroad loans or study in India loans. Talk to your financial officer at WeMakeScholars to know more about the RBL bank or any other bank loan margin.
How to apply for an education loan from RBL Bank?
Apply for an RBL bank education loan through WeMakeScholars for a simpler process by following the below steps.
- Request a callback from WeMakeScholars
- A Financial Officer from WeMakeScholars will call back to you and will ask you a few questions to check RBL loan eligibility
- He will then send you a document uploading or document checklist and will connect you to multiple lenders who can provide you with the best education loan deal
- The next steps will be taken care of by the assigned lenders until the loan is sanctioned. During this whole time, you can talk to your financial officer about any confusion regarding your education loan process.
- You will attain the loan sanction in the time promised by your financial officer from WeMakeScholars.
Why should not go directly through banks?
You could have the following issues when going directly through banks
- Partial information regarding the process
- An incomplete list of documents required
- Hidden information about the loan
- The Ratnakar bank education loan process will be longer
- Few chances of loan sanction
Why go through WeMakeScholars?
WeMakeScholars is an organization that is supported by the Ministry of IT, govt of India under the Digital India campaign. We at WeMakeScholars offer free-of-cost education loan consultations to students and also connect them to multiple lenders. Students looking for an education loan can request a callback from our team.
Better interest rates: We are partnered with 14+(public and private) and hence students going through us, automatically have a reduced interest rate of up to 2%.
Faster processing time: When going through WeMakeScholars, you have a reduced processing time of up to 50% compared to the bank’s average time. We maintain a timeline of 7 working days for Pvt banks and 21 working days for govt banks, after you submit all the documents.
Tax benefits: Get information about tax benefits on the education loan you will be taking through WeMakeScholars.
End-to-end support: We at WeMakeScholars assist you from the start of the education loan process until you repay the loan, even in 12 hrs different timezone.
Cashback: When you go through us, we also provide a cashback of ₹3000.
Why and How to transfer your education loan to RBL Bank?
Here’s a simpler process to transfer your education loan to the RBL bank.
- Collect all the information regarding the outstanding from your previous education loan
- Request a callback from the WeMakeScholars team
- When a financial officer from WeMakeScholars reverts back to you, tell him that you wish to transfer your education loan to RBL bank.
- Your WeMakeScholars Financial Officer will give you a list of documents that you will need to submit to RBL bank.
- The RBL bank will clear your dues from the previous education loan and will start the process with them.
Get a quicker hassle-free education loan transfer by requesting a callback from the WeMakeScholars team today!
RBL bank Education loan EMI calculation as per interest rate
Determining education loan EMIs can be easy. In the case of taking a loan of 20 lakhs for an annual interest rate of 10% with course fees of 2 years and a loan repayment period of 10 years, you have to pay ₹32,707 per month or ₹39,268 per annum. First, the interest part is larger, and the principal portion is added successively. The balance loan by the end of year 1 is ₹23,23,179, which declines every year and becomes ₹0 by the end of the last year, i.e., year 10. Knowledge of this breakdown assists in the management of the loan during the entire period of loan repayment.
|
Timeline |
EMI |
Interest portion |
Principal portion |
Loan Outstanding |
|
End of year 1 |
32707 |
19470 |
13237 |
2323179 |
|
End of year 2 |
32707 |
18084 |
14623 |
2155460 |
|
End of year 3 |
32707 |
16553 |
16155 |
1970179 |
|
End of year 4 |
32707 |
14861 |
17846 |
1765497 |
|
End of year 5 |
32707 |
12992 |
19715 |
1539381 |
|
End of year 6 |
32707 |
10928 |
21779 |
1289589 |
|
End of year 7 |
32707 |
8647 |
24060 |
1013640 |
|
End of year 8 |
32707 |
6128 |
26579 |
708795 |
|
End of year 9 |
32707 |
3345 |
29362 |
372030 |
|
End of year 10 |
32707 |
270 |
32437 |
0 |
Ask your financial officer at WeMakeScholars to do the EMI calculation part on your behalf!
RBL Bank Education Loan Repayment process
Interest payment in the moratorium period is optional in the RBL bank. However, if you opt out of paying it in the moratorium period, it will add up in the following EMIs.
You can also close off the loan before the tenure ends through the following ways.
- Loan transfer to another bank
- Choosing a shorter duration to repay the amount
- Prepayment
To have an education loan with no issues throughout the process and also in the repayment, go through WeMakeScholars by requesting a callback from our team.
FAQs:
-
What is the interest rate in the RBL bank for an education loan?
-
What is the rate of interest for Ratnakar bank's education loan?
-
What are the documents for an education loan from RBL bank?
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