How much can you get education loan for MCA studies? Know how much EMI and how can you do it

In today’s time, MCA (Master of Computer Application) has become a great option for the youth who have made a career in the field of technology and computer science. If you want to do MCA but are retreating due to fees, do not panic. Now many banks and financial institutions provide you with education loan, so that you can complete your studies without worrying about money.

If you are doing MCA from a recognized college or university, then you can easily get education loan. Most banks offer education loans up to Rs 10 lakh. Some private banks and NBFCs also give loans up to Rs 20-25 lakh, if the college is of private and top ranking. While MCA fees in government colleges are between 1.5 lakh to 3 lakh rupees, in private colleges this fee can go from 4 to 10 lakh rupees. In such a situation, education loan becomes a big support for students.

Interest rates and repayment process

Banks usually pay an interest rate of 8% to 12% on education loans. This rate can change the student’s college, course and loan amount. Most of the banks do not take EMI during studies, that is, as long as you are doing the course, EMI will not have to be given on the loan. This is called Mortorium period. In this time you can focus on studies. EMI has to be started within 6 months to completion studies.

How does EMI become easy?

Suppose you took a loan of Rs 3 lakh and to pay it in 5 years, then an EMI of about 6,000 to 7,000 rupees a month is made. If you take a loan of 7-8 lakhs, EMI can be between 12,000 and 15,000 rupees. If you want, you can increase the time of EMI to 7 years, which will reduce the monthly installment slightly.

What documents are needed?

• College admission letter
• Fee structure
• Marksheets of previous grade
• Aadhar card, PAN card
• Evidence of the income of co-cioner (guardian)

Also read – How many firemen will get jobs if they get admitted in UP police? Know the complete math

Education Loan Information:
Calculate Education Loan EMI