Education Loan in West Bengal

West Bengal being the 4th largest state of India in terms of population, has the presence of all public and private banks & NBFCs to provide funds to students as education loans. 

The list of best banks for education loan in West Bengal is as follows:

For studies in India:

For Foreign studies:

WeMakeScholars is India's largest education loan partner, backed by the Government of India under its Digital India Campaign. We are partnered with 14+ public and private banks in India, including NBFCs and have helped lacs of students to arrange funds for their higher education.

If you are looking for a loan partner, who can process your education loan quickly and hassle-free, choose WeMakeScholars. 

Being a government-funded initiative, WeMakeScholar offers an interest rate concession to students processing their education loans with us. Check out the table below to know the education loan interest rate offered by the banks and NBFCs in West Bengal along with interest rate concessions:

For studies in India:

For Foreign studies:

Covered Expenses

All the below mentioned expenses are covered in the education loan provided by the lender to students as education loans, in West Bengal:

• Tuition fees
• Cost of books and stationeries 
• Laptop purchasing cost
• Accommodation or stay charges
• Food and mess charges
• Charges for thesis and project work
• Cost of air-tickets, if student is going for abroad education
• College dress or uniform cost

Banks usually are ready to fund for all the study related expenses, provided the expense is justified and considered as needed as per their policies.

Moratorium Period

The moratorium period is the time frame that begins as soon as the loan is disbursed. Depending on the bank policy, it often lasts for the duration of the course plus up to 6 months or 1 year following course completion.

Loan Margin

There is a lending margin in every bank, so applicants do not always receive the whole loan amount they want for an education loan. In order to get the remaining amount as an education loan, the applicant must arrange a portion of the requested student loan on their own. Checking the loan margin entails:

• The education loan repayment capability of the student
• Applicant’s seriousness about the loan

Generally,

• The loan margin percentage to study abroad is 15% 
• loan margin percentage to study in India is 5%

Collateral Margin

Banks have varied percentages established for each sort of collateral on which it grants education loans, depending on the type of collateral.

Some public banks like the Bank of Baroda accept upto 100% value of immovable properties to decide the loan amount while others like the State Bank of India accept upto 100% value of liquid assets to decide the loan amount that could be offered. However, the percentage depends on the type of collateral. To know the actual loan amount that you can get on the basis of your collateral security, get in touch with your financial officer at WeMakeScholars.

Lenders have a very specific documents requirements to offer student education loan in West Bengal, which include the following documents:

Section 1: Application form & Photograph

Send the completed application for a student loan; a paper copy of the online form completed on the WeMakeScholars website is also acceptable. Bring two passport-sized photos of the candidate as well.

Section 2: Applicant, co-applicant or guarantor documents

1. Identity proof

• PAN Card
• Applicant’s passport
• Aadhar card 

2. Residence proof (if current and permanent address are same, in that case 2 different address proofs will be required)

• Telephone Bill
• Aadhaar card
• Electricity Bill
• Voter ID Card
• Ration card
• Bank passbook statement

3. Documents of co-applicant

• Bank statement of recent 6 months will be required if co-applicant is salaried
• Business transactions of last 1 year will be required if co-applicant is self-employed

4. Statement of assets and liability after approval by the bank employees

Section 3: Applicant’s academic documents

• Marksheets of class 10, 12 and graduation certificate
• Entrance exam scorecard or proof of result of GMAT, GRE, IELTS etc (whichever required)
• Proof of student’s admission in the course
• College fees breakdown given by the college or university

Section 4: Financial co-applicants documents of income proof

If Salaried

• Form 16 information of last 2 years
• Office’s ID card of applicant
• Income Tax Returns of last 2 years
• Last 3 month’s salary slips 

If Self-employed

• Proof of address of business
• Previous 3 year’s statement of profit and loss in balance sheet
• Income Tax Returns of last 3 years

Section 5: Other Documents

• A declaration from the co-applicant mentioning that all other expenses which are not covered in the education loan will be paid by them.
• Co-applicant’s and student’s joint affidavit in bank’s standard format.

Section 6: Additional docs (if applicable)

• Receipts of payment made towards the university
• Pending loan statements for the last 12 months
• Certificate explaining the gap in studies on Rs 100 stamp paper

As already mentioned, WeMakeScholars is a government of India funded organization with the clear motive of helping students in arranging funds for their higher education in India or abroad. 

Students in need of education loans in Kolkata or searching for how to get an education loan for B. Tech can find all their answers at WeMakeScholars, which is a one stop solution to all education loan related problems. WeMakeScholars provide the following benefits to all the students applying for education loan in West Bengal:

Shorter Processing time - Generally banks take upto 1-2 months to process education loans. But WeMakeScholars get the loan sanctioned within 15-20 days from public banks and within 5-7 days from private bank or NBFCs

Lesser rate of Interest - We are the largest education loan partner of 14+ public and private banks in India and therefore, they offer an interest rate discount of 0.5-2% to the students processing their education loans with WeMakeScholars.

Expert guidance - Your financial officer will connect you to the best lender as per your eligibility and help you navigate throughout the loan sanctioning process  

Digital loan application - Students may conveniently apply for a student loan online at any time and from any location. Our documentation site also lessens the hassle of making multiple journeys to the banks just to give in the required paperwork.

End-to-end assistance - If there are any post-sanction issues, your financial officer will be available for you at all times, including when the loan is distributed.

Tax benefits - We help you save money and receive tax advantages on your student loan by informing you about the income-tax department's tax-saving initiatives, such as Section 80E, 80C, and others, as well as the tax collected at source (TCS).

Cost-free services - The IT Ministry provides funds to us as we function under the Digital India Campaign, and therefore we offer all our services free of cost to all the students.

Cashback offer - You might get up to Rs 3000 from us on disbursement of your education loan

In the case of the student who borrows Rs 75 lakh education loan bearing an interest rate of 10. Thus, if 5% interest is available from a public bank for studies in Canada, with a 12-year moratorium on repayment, the EMI comes to Rs 69,240. Firstly, it has Rs 49,492 interest and Rs 19,748 principal amount, which brings down the outstanding loan amount to Rs 56,36,502. For the remaining years, the principal portion goes up while the interest portion comes down, such that by the end of the twelfth year, the loan is fully paid. Interest paid dwindles each year alongside the remaining loan balance, making it possible to clear the balance by the end of the term.

The information in the above table is as per the latest calculation method used by the banks to decide the EMI amount. You can check your own amortization schedule by using WeMakeScholars Education loan EMI Calculator. To clear other doubts about loan repayment, talk to your financial officer at WeMakeScholars.

Dr. Ambedkar Central Sector Scheme of Interest Subsidy 

For students who qualify for Dr. Ambedkar's interest subsidy program, there is no interest to be paid on education loans up to 7.5 lacs.

Eligibility criteria for Dr. Ambedkar interest subsidy scheme

• Cast certificate is mandatory
• Family income of applicant should be less than Rs 8 lacs per annum
• Income certificate will be required
• Student must have taken admission abroad in Masters, MPhil or Phd

Padho Pardesh Scheme

This program offers qualifying students from India's designated minority communities who are members of the EWS an education loan interest subsidy for up to 7.5 lacs for their international studies. The loan amount might, however, be greater than that.

Eligibility criteria for Padho Pardesh Scheme

• Only students from India are eligible.
• Only for international study programs
• The family's combined total income of the student cannot exceed Rs 6 LPA.

Note: Students will continue to get subsidy benefits if they applied for interest subsidy benefits under this plan before 1 April 2022. Due to the government's decision to end this program on March 31, 2022.

Central Government Interest Subsidy Scheme (CSIS)

The program, which offers qualifying students an interest discount on education loans up to 7.5 lacs, is introduced and governed by the federal government of India. The overall loan amount, however, can exceed 7.5 lacs.

Eligibility criteria for CSIS

• Only students from India are eligible.
• just for Indian study abroad programmes
• Students must come from a socioeconomically disadvantaged group with a family income of under 4.5 lacs.