Education Loan

Corporation Bank Education Loan for Abroad Studies

Corporation Bank Education Loan for Abroad Studies

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Read about Corporation Bank education loan for abroad studies in India & abroad. Know the interest rate, eligibility criteria, margin money, repayment tenure, and more.

GyanDhan
Rahul Srivastava
Updated on:  04 Sep 2023  | Reviewed By: 
Aman 
| 5.19K | 5  min read
 

Founded in 1906, Corporation Bank was one of the major public sector banks in India. In 2020, Corporation Bank merged with the Union Bank of India. All the customers of the bank were transferred to the Union Bank of India and Corporation Bank effectively ceased its independent operations on 01 April 2020. Corporation Bank education loan as an independent product was also closed. If you want to apply to Corporation Bank study loans, you can check the Union Bank of India education loans.


To make it easy for you, let's explore all the features and details of the current education loan product.

Check Your Education Loan Eligibility

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What is the rate of interest of the Corporation Bank education loan to study abroad?

Applicants can get an education loan at a fixed rate of interest of 12.25% p.a. for loans of more than INR 7.5 Lakhs. For loan amount less than INR 7.5 Lakhs, the interest rate is 12.00% p.a. Females can also get a concession of 0.50% p.a. on the interest rate.

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What is the margin money on the Corporation Bank education loan?

There is no margin money required for the study loans up to INR 4 Lakhs. For more than INR 4 Lakhs, the margin money that the applicant has to pay from his/her side is 15%.

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What is the maximum loan amount that can be taken in the Corporation Bank education loan?

The bank provides the loan amount on the basis of applicants’ needs.

 

Corporation Bank Education Loan Details

Loan Tenure

Up to 15 Years

Interest Rate

Up to Rs.7.50 lakhs: 12.25% p.a.
Above Rs.7.50 lakhs: 12.00% p.a.
Additional 0.50% concession for female students

Moratorium Period

Course period + 1 year

Margin Money

Up to INR 4 Lakhs- Nil
 For more than INR 4 Lakhs- 15% for studying abroad and 5% for Indian college/university 

Processing Fees

NIL

 

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What is the repayment period of the Corporation Bank education loan?

Repayment of Corporation Bank education loan can be started either 1 year after the completion of the course. The maximum tenure for the loan repayment can be up to 15 years.  

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What are the documents required for a Corporation Bank education loan?

  • list items Address proof: Voter ID, passport, aadhar card, etc.
  • list items Academic record: 10th/12th mark sheet for undergrad students and graduation degree & mark sheet for PG students.
  • list items Age proof
  • list items Family income proof: salary certificate, ITR, pension certificate of the guardian.
  • list items Community certificate
  • list items Admission certificate or I20 
  • list items Fee details proof
  • list items Collateral documents (if applicable): valuation certificate, registry documents, LIC policy, etc.
  • list items An affidavit declaring that no education loan is taken from any other bank by the student and parent.

Check Your Education Loan Eligibility

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At what locations in India can a student avail of a Corporation Bank education loan?

Students can apply for a Corporation Bank loan for abroad education at any branch in or in proximity to his/her place of domicile.

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Is the Corporation Bank education loan available for all types of degrees and disciplines?

Corporation Bank offers education loans for diploma courses, undergraduate courses, and postgraduate courses which provide professional and technical degrees in India and abroad.

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How can GyanDhan help?

Those who are looking for an abroad education loan should get in touch with GyanDhan. We have partnered with top education loan lenders in India, including public-sector banks- SBI & BOB, private banks- ICICI Bank & Axis Bank and NBFCs- HDFC Credila to offer the best deals on education loans to study abroad. Study abroad aspirants can check their loan eligibility and see if they are eligible for an abroad education loan via GyanDhan. Our expert education loan counselor will call you and understand your requirements in detail and will suggest the best loan options!

Check Your Education Loan Eligibility


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