Loans – How To Get Education Loan / Student Loan

By | October 30, 2019

Education Loan -: If the students have searched for the Education loan here we are given the complete detail of education loan the interest rate, Eligibility Criteria for Education Loans in India, Types of Education loans in India, Features and Benefits of Education Loans, Who Can Apply for Education Loans, Securities Required to Apply for an Education Loan and other details.

Loans – How To Get Education Loan / Student Loan

Interest Rate Of Education Loan

The interest rates for the education loan range from 8.45% to 15.2% pa. and comes with the flexible tenures up to 15 years. The maximum amount you can borrow from the bank is Rs 1.5 crore and more depending on the policies of the several banks. Education loan is also be used to gain tax benefits under Section 80 (E).

Eligibility Criteria for Education Loans

Courses eligible
  • Postgraduate proggrams.
  • Certificate of courses with 6 months or longer duration.
  • Job-oriented courses.
  • Technical courses.
  • Doctoral courses and PhDs.
  • Undergraduate programs.
Age
  • Undergraduate Education loans: 18 years to 27 years.
  • Post-graduate Education loans: 21 years to 35 years.
  • Doctoral course loans: 27 years to 55 years.
  • Post-doctoral course loans: 27 years to 65 years.
Institutes eligible
  • Private institutes aided by the govt.
  • Recognized institutions and govt colleges.
  • Professional institutions.
  • International colleges and universities.

Types Of Education Loan

An education loan basically planned for the help of the applicant financially in affording the cost of education.

  • Location of the institute (India or abroad): There are so many banks in the country which provide the facility of loans for those students who are students who aim to study in India and for those who aim to study abroad. Education Loan.
  • Study abroad loan: These loans are especially for the applicants who are a plan to study abroad.
  • Domestic loan: This loan is especially for the applicants who wish to pursue higher education in India.
  • Course based loan: This loan is especially for the applicants who study in premier institutes like IITs and IIMs.
  • Undergraduate loan: This loan is especially for the applicants for financial support for pursuing undergraduate degree programs.
  • Graduate or professional loan: This loan are especially for applicants who want to post-graduate studies or other professional courses.
  • Career loans: Career loan: This loan is for helping the aspirants for the pursue career-oriented programs and certification courses.

Benefits and Features of Education Loans

  • Helps finance courses in India and Abroad.
  • Customize loan amounts.
  • Easy to access available to everyone.
  • Customers annual family income and course opted to determine the loan amount.
  • The repayment period begins after the completion of the courses.
  • 100% finance options available.
  • Govt-sponsored subsidies are available for minority students.

Who Were Apply For The Study Loan

  • Must have secured admission into a recognized course in India or abroad.
  • Student must provide collateral enforceable in India.
  • NRI applicants must have a valid Indian Passport.
  • Must be a resident of India.

For more info CLICK HERE Regarding the Loan.

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