Education Loan
An Education Loan aims at sponsoring the College Expenses of an individual. Anybody who wishes to study Abroad or even in a domestic Educational Institute can opt for a student or Education Loan from any of the recognised Banks.
The basic motive behind the concept of Education Loan was to help the aspirants economically and not let them murder their
dreams due to some economic constraint. Added to this, such Loans have only helped many of the students in going overseas
without worrying about any financial limitations.
Education Loan functions by helping students with their Tuition
fee, dorm room fee, Laptop, Books, Stationery, Travel for as long as they are studying in a College.
Why Education Loan?
Education is Expensive- It is the insuffient money for your Education as it is a matter of Instant availability. A good Education is Expensive and the Expenses aren’t changing in a predictable curve.
Specialised Help-The extra amount for caution deposits, library fees, building deposits, laboratory fees, hostel fees etc. It’s more organized and seamless with an Education Loan.
Widely and Easily Available - Conforming to some basic requirements and confirming your ability to repay the borrowed amount is all it takes to get on-board.
Timely Assistance - There is a timely assistance for you to pay your semester fees as sooner as possible.
Features & Benefits of Education Loans:
When it comes to a complete Education Loan, the features and benefits offered are the designated deal makers. Commonly, the
following conveniences are offered as part of the Education Loan-Universally available. Anyone with a will to study can apply.
Education Loans are provided to pursue all types of academic Courses, in India and Abroad. The Courses include graduation,
post-graduation, vocational Courses and other certificate
Courses.Loan amounts can vary from a minimum of Rs.10 lakhs to a maximum of Rs.15 lakhs. For Education Abroad, Banks will provide Loans to the quantum of Rs.20 lakhs.
The applicant’s annual family income and the Course pursued are primary determinants for the applicable Loan amount.
Usually, female students are offered discounts and/or lower Interest rates when it comes to Education Loans.
Government sponsored subsidy schemes, such as ‘Central Scheme to provide Interest subsidy (CSIS)’ help students from the economically backward sections of society avail the benefits of a robust Loan for Education.
The applicant need not repay the borrowed amount immediately.
Post the completion of the Course, the repayment tenure can stretch upto 5-7 years.
Generally, Loans below Rs.4 lakhs do not require a security or guarantor.
Education Loan is availed by students to fund their future Education Expenses. The Loan borrower is not needed to repay the Loan immediately. Post the completion of the Course, the repayment cycle begins. The Education Loan is usually provided
to the applicant in the form of a draft payable to the chosen Institution.
BENEFITS OF LoanS
Flight Booking
Benefits of Education Loans
Student become independent
Build a base of Good credit history
Receive tax benefits under sec 80 E
For funding monthly living Expenses
Purchasing Laptop or desktop computers
Loan FEATURES
Rate of Interest : 10-12 %
Term : 5-7 years
Security : Up to Rs. 4 Lakhs: No Collateral is required, but a parent needs to be the co-applicant. Between Rs. 4 Lakhs to Rs.
7.5 Lakhs: The Collateral should be a third party guarantor along with Collateral security from the parents. Above Rs. 7.5 Lakhs: The parents need to be co-borrowers and tangible
Collateral security is required.
DOCUMENTS REQUIRED
ID proof and Address Proof
Income proof
Bank Statement/Pass Book of last 6 months
Copy of admission letter or the Institute along with Fees SchEdule
Mark sheets/pass certificates of S.S.C., H.S.C, Degree Courses
*More documents can be asked based on student profile and Course chosen.
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Other Blogs Coming Soon :::
Which Bank is best to take an Education Loan in India with
minimum Interest?
How do I get an Education Loan?
What would happen if I don't repay my Education Loan?
How do I repay my Education Loan?
Can I get another Educational Loan if I have already have one?
What is the policy of Education Loan?
What is the process for availing an Education Loan under the
Delhi Government’s Education Loan scheme?
Can I trust Avanse Education Loans?
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