Cosmos Bank Education Loan

One of the most difficult aspects of preparing for college, regardless of whether you wish to attend a school in another country or domestically in India, is figuring out how you're going to pay for it. You must be aware of all of your financing alternatives; the Cosmos Bank education loan may be the best fit for you. This blog article will discuss the advantages of the Cosmos Bank education loan, how to apply for it, the requirements needed to be eligible for one, and the documents you need to prepare. These loans are there for people to get over financial setbacks while pursuing their educational dreams so that they may eventually stay on track while proceeding with their academic endeavours from daydreaming. Whether you are studying abroad or in India, this is where you should start to get over those financial obstacles.

Cosmos Bank Education Loan Overview for Studies Abroad and in India

The Cosmos Bank education loan is essential financial aid for students who wish to pursue higher education abroad or in India. It caters to the requirements of students with diverse academic objectives. Here is a comprehensive summary to help students understand the various options for Cosmos Bank education loan:

*Note: The interest rate on Cosmos Bank education loans is floating, which means it can vary with market conditions.

This education loan is intended to help students with the considerable costs of attending college, including living expenses, tuition, other educational expenses, and travel. Students can afford their education without compromising thanks to the availability of large loan amounts from both domestic and foreign lenders. This loan is a viable choice for many aspirant students because of the flexible repayment choices, which include a moratorium period that permits students to concentrate on their academics before beginning repayments.

Must Read:

• SBI Education Loan
• IDBI Education Loan
• HDFC Credila Education Loan

Eligibility Criteria for Cosmos Bank Education Loan to Study Abroad and in India

Understanding the eligibility criteria for a Cosmos Bank education loan is important for students who want to pay for college. This part goes over the most important requirements you need to meet to get money from Cosmos Bank. Make sure you know these before you apply.

• Indian citizenship: The person applying must be an Indian citizen.
• Show proof of admission: Applicants must have been accepted to an approved school.
• Educational requirements: You must have completed 10+2 or something similar.
• Collateral: If you want to borrow more than a certain amount, you may need to put up collateral.
• Need for a co-applicant: To improve the loan application, you need a co-applicant, like a parent or guardian.
• Course eligibility: Cosmos Bank's education loans can be used for a lot of different classes in India and other countries.
• Repayment capacity: When someone applies for a loan, the bank checks to see if they and the co-applicant are financially stable to make sure the loan can be paid back.

Cosmos Bank Education Loan Interest Rate

Cosmos Bank education loan interest rates start from 8.25% p.a for females and 8.65% p.a. for males. It is important to note that they are floating interest rates, which means they can vary as per market conditions and are CIBIL score-dependent. The table below shows the applicable interest rates on Cosmos Bank education loan, w.e.f. 24th May 2024-

Cosmos Bank Education Loan Processing Fees

Process charges Rs. 5,000/- + GST for studies in India. 0.50% for loan demand + GST for abroad.

The bank charges Rs. 5000 + GST as processing fees for students taking an education loan to study in India and a processing fee of 0.50% + GST for abroad.

Cosmos Bank Education Loan Insurance

Cosmos Bank offers education loan insurance of 1 to 2% of the loan amount taken. Education loan insurance is done so that in case of any unfortunate events wherein you fail to repay the amount, your family members should be burdened with the repayment charges.

Cosmos Bank Education Loan Margin

The loan margin is on a year-to-year basis. Upto INR 4 Lakhs, it is nil. However, above 4 Lakhs, it is 5% if the study location is in India and 15% if abroad. 

Cosmos Bank Education Loan EMI Calculation

We have given an example below which will help you understand your education loan EMI calculation.

Let’s suppose that you have taken an education loan of 25 lacs for your abroad education at an interest rate of 8.4% for 2 years. Your repayment duration will be of 10 years and your moratorium period will be of 3 years. Here’s how much you will pay for 7 years after your moratorium period of 3 years

Documents Required for Cosmos Bank Education Loan

Applicants and co-applicants must submit a variety of supporting documentation with their application in order to be approved for a Cosmos Bank education loan, regardless of whether they are studying in India or overseas. 
 

Extra Conditions for Studying Abroad: 

• Visa approval: The candidate must provide proof of visa approval in order to study overseas.
• Documents for admission to international universities: Letters of admission and other relevant documentation from the foreign school.
• Cost estimates for study abroad: A thorough budget that breaks down all of the costs associated with the study period overseas.

When applying for a Cosmos Bank education loan, the documents required for the applicant and co-applicant are displayed in an easy-to-understand table format, emphasizing the differences in requirements between domestic and foreign studies. It is advised that applicants confirm any updated or new requirements directly with Cosmos Bank.

Benefits of Cosmos Bank Education Loan

Many aspects of a Cosmos Bank education loan are meant to help you reach your academic and career goals. Cosmos Bank offers personalized financial solutions to help working workers and students continue their education without having to worry about money right away. If you choose a Cosmos Bank education loan, this is what you can expect:

• Flexible repayment options: You can change your loan repayment plan to fit your new financial position after you graduate. Cosmos Bank has flexible terms that let you change your repayment plan based on your income. This makes it easier to handle your money as you start working.
• Tax benefits: As a student, you can get tax breaks on the interest you pay on your student loans under Section 80E of the Income Tax Act. This benefit lowers your taxed income and helps you save more money while you're paying back the loan.
• Coverage for all costs: Cosmos Bank education loans are made to cover all of your school costs. This covers things like tuition, books, housing, travel costs for studying abroad, and other important school costs that make sure you have everything you need to do well.
• Efficient processing: Cosmos Bank has made the process of approving loans easier for you. The bank makes sure that your loan application is handled quickly so that you can get the money you need quickly by letting you apply online or in-branch.