How to get education loan for education?

education loan: Are you a student and you are facing any problem due to money in getting education from a good institution, then you should not worry because in this article we will give you Education Loan Who is going to provide complete information about.

As the name itself suggests, when we take a loan for any kind of expenses related to our education, it is an education loan or education loan. There are many banks and financial institutions in India that provide education loans to students. This loan taken for education is called education loan. student loan Also called

You can easily apply for this loan through the Vidyalakshmi Education Loan Portal. In this article, we will get information about education loan from beginning to end, so you are requested to read this article till the end.

loan name	How to get education loan?
lender	Banks and NBFCs
Rate of interest	Varies from bank to bank and NBFC
application mode	online / offline
loan amount	Varies depending on bank and NBFC

What is education loan?

Education loan comes under the category of an Unsecured loan, that is, you do not have to give any security to the bank to take this loan. The bank gives this loan on the basis of the customer’s profile and CIBIL score.

There will also be a question in your mind that how much education loan can be availed, then tell you that it depends on the lender. The loan amount varies from bank to bank and financial institution.

Education Loan It is slightly different from other loans. Any student can take this loan for pursuing any type of diploma or certificate course. Students studying in India or doing diploma or any other type of course in any other country outside India student loan can take

Education loan can also be availed by the student in the form of scholarship, funding and award. This loan is taken by the student, which has to be repaid to the lender with interest. Students can take a student loan for any expenses related to education such as tuition fees, buying books, for higher education, paying fees, living, transportation costs, etc.

The student can repay the loan after completing his education. Many types of student loan schemes are being run by the Government of India and the State Governments, under which loans are made available to students at low interest rates.

Purpose of education loan

There will be a large number of students who are very good in studies and who want to get higher education in a good institute or college or any other educational institution, but due to poor economic condition of the family, such students are not able to get higher education. is |

If you also come in these students, then you can fulfill your dreams by joining with education loan. A scheme like Education Loan Waiver Scheme is also being run by the government, under which loans are made available to poor family students at a very low rate of interest or the interest is waived off.

student loan You can apply for both online and offline. You can choose the type of student loan according to your course. Students whose dream is to get education in another country can fulfill their dream with the help of education loan.

Student loan types

According to the needs related to the education of the students education loan There are many types. The student can take education loan based on the type of education and the type of course and according to his need. We can divide education loan in the following ways:

Based on location:

If the student is studying in the country or studying outside the country, he can take an education loan. There are mainly two types of education loan on the basis of location:

• Domestic Education Loan: If the student is getting education in India then he can apply for this type of loan. Before applying for this type of loan, the student has to be admitted to any educational institution in India.
• Study Abroad Education Loan: If the student wants to get education in another country outside the country, then he can apply for this type of loan. This loan covers the student’s expenses like airfare, accommodation and tuition fees.

On the basis of course:

Under this loan, the student can choose the loan on the basis of his course. This includes the following types:

• Undergraduate Loans: A student can take advantage of this type of loan to complete his graduation degree. Bachelor’s degree is usually a course of 3 to 4 years duration. Students who are unable to complete their graduation degree due to lack of money can take advantage of this type of education loan.

• Postgraduate Loans: This type of loan can be availed by the student to continue his post graduation course. In India, this course is usually of 2 years.

• Career Development Loans: Professionals who work in corporate jobs for a few years but prefer to pause their career and take professional courses and training to enhance their employment prospects. Such people can avail this type of education loan to pursue education in professional and technical fields to enhance their skills and take their career to higher heights.

• Loan for parents: Parents of students can take this loan to meet the expenses related to the education of their children. Apart from parents, other adult relatives can also get loan.

On the basis of collateral:

Loans on this basis are as follows:

• Loan Against Property, Deposits, and Securities: You can take advantage of this loan by pledging any of your things to further your education and to meet your education related needs.

• Third-Party Guarantee: Under this loan, the guarantee letter of any employee of the bank can help the student to get the education loan.

Benefits and Features of Education Loan

• Any student who is unable to continue his studies due to the poor economic condition of his family can continue his studies after applying for Student Loan.
• The student can take advantage of this loan for any kind of financial need related to his education.
• Students whose dream is to go outside India and get education Education Loan By joining with you can fulfill your dream.
• Students studying in India can get an education loan up to Rs 50 lakh and students studying outside India can get up to Rs 1 crore.
• education loan Covers all the needs related to the education of the student.
• If you want to pursue education, are unemployed and still studying then co-signer like friend, parent or relative may be required for availing education loan.
• Taking this loan is quite easy considering the flexible terms and conditions attached to the education loan.
• The loan repayment period can go up to 12 years after 6 months of the student completing the course.
• Tax benefits on education loan.
• Some lenders provide a grace period of 6 months after completing the course for the applicant to get a job and process the repayment. If the student gets a job during this period, he can start paying his loan as EMI.

Education Loan Interest Rate 2022

The most important part of any loan is the Interest Rate. Education loans are provided to students in India at a relatively low interest rate. The student does not need to pay the interest rate of education loan immediately. Many banks and financial institutions in India provide loans to students for their education at very competitive rates.

Before taking education loan, we need to know about education loan interest rate. You can find the cheapest loan by comparing between education loan interest rates of various banks and financial institutions.

Education Loan Eligibility

Eligibility varies depending on the lender but some common eligibility are as follows:

• The applicant must be a permanent resident of India.
• You are eligible for taking admission in degree/diploma course in any recognized university/college.
• Student must have completed 10+2 (12th class) for undergraduate course and degree for postgraduate course.
• For courses like ICWA, CA, CFA.
• Courses conducted by IIM, IIT, IISc, XLRI, NIFT and NID.
• Student loan can be taken for regular degree/diploma courses like aeronautics, pilot training, shipping etc.
• For all financial needs related to education.

What are the documents required for education loan?

There can be different types of documents for different banks and financial institutions for education loan. For more information, you can contact by visiting your nearest bank branch. Some common documents are as follows:

• KYC documents
• 10th, 12th, graduation and entrance exam mark sheet
• admission letter
• fee structure
• Co-applicant KYC and income proof in some cases

How to get education loan?

You have to apply for a student loan. If you fulfill all the conditions of education loan, then you can apply for this loan both online and offline. To apply online, you need to visit the official website of the lender and submit the form.

You can apply offline by visiting your nearest branch of any bank. To apply offline, you have to take all your documents together to the bank.

Education Loan EMI Calculator

Education loan calculator helps you to know the amount of installments you will have to pay at the time of loan repayment. If you feel that you will not be able to repay the installment of more money on time, then you can apply for a lower loan.

Education loan calculator helps you plan your loan. You can find the cheapest loan by comparing the EMI of various education loans.

conclusion

In this article we have given you Education loan in India Complete information about has been provided. Any student can take advantage of education loan to fulfill his dream.

Through this article you can know that student loan What happens and how can we apply for this loan? If you still have a question in your mind that how to take a student loan, then you can write to us in the comments.

FAQ: