No, it is not possible to get an education loan from two different banks to study for the same course in India.
There are many banks that provide a large loan amount for domestic education. For example, ICICI Bank offers up to Rs.50 lakhs for education within India. So, all your education expenses can be met by taking a loan from just one bank. Also, above a certain loan amount, collateral is required for an education loan. In most cases, the banks usually make a DD towards the university or college that you are getting admitted into. The loan amount cannot be used for personal purposes as it does not come to one’s saving account. So, getting two loans from two different banks is not possible.
There are many banks and Non-Banking Financial Companies (NBFCs) that offer education loans. They help facilitate individuals to pursue their academics further, enabling them to get good careers in the future. So, you can always shop around and pick a lender based on loan amount, tenure, interest rates and repayment options.
How to shop for an education loan?
1. Check lender websites:
All lenders have their official websites, wherein one can check all the features that are offered for their education loans. So, you can just visit different lenders’ websites and compare education loan amounts, tenures, interest rates and EMIs and pick what is best suited for you.
2. Go to lender in person:
Some banks and Non-Banking Financial Companies (NBFCs) provide special deals for certain renowned universities and colleges. So, if you have excellent scores and have gotten admission into a very reputed college, the loans can be collateral free and have a very low interest rate. So, it is best to visit the lender in person and talk to their executives regarding the best deals that they have in store for an education loan.
3. Visit a finance portal:
Companies such as CreditMantri easily help you compare the features of different lenders and help you pick what is best suited to your credit profile. Logging into CreditMantri to apply for an education loan ensures easy loan approvals and the best offers matched to one’s credit profile.
Eligibility criteria for an education loan:
1. Should be an Indian citizen
2. Should be a minimum of 16 years old and maximum of 35 years old
3. Should have finished 10th std and 12th std
4. Should have received an admission letter or invite for the course needed from the University or Institution
5. Parents are required as joint borrowers for the loan
6. If the loan amount if high (generally above 7lakhs or 10lakhs) collateral might be required.
These eligibility criteria can vary from lender to lender, so it is best to check with the lender you are borrowing from as to what their eligibility criteria are.
To apply for an education loan, click here.