Education Loan
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2000+
50+
100%
8+ Years
1. Share the necessary documents for application
2. We shall apply for loan on your behalf.
3. Your loan will be sanctioned in the prescribed time.
Introduction
Education is of utmost importance nowadays and with rising inflation, the cost of education is also increasing. So, to support such, education loans are provided at competitive rates and repayment starting after completion of whole education.
Most of the Indian banks offer such loans to the deserving candidates at a low interest rate with flexible terms and conditions. Moreover, the documentation process is kept minimal to enable the students get the loan amount within a quick span without much complexity.
Types of education loan
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Based on Location
Domestic Education Loan - Students who would like to pursue education in India can apply for this loan type.
Overseas Education Loan - Students who would like to pursue education outside India can apply for this loan type. The loan covers the airfare, accommodation, and tuition fee.
Based on Course
Undergraduate Loans - An undergraduate degree will usually be a 3 to the 4-year long course under various specialisations. Having an undergraduate degree helps individuals to land a decent job and start earning.
Postgraduate Loans - Many undergraduates would like to continue their education with a postgraduate course, usually a 2-year long course in India. An advanced degree is desired to get more profound knowledge in the area of interest.
Career Development Loans
Many professionals who work in corporate jobs prefer to pause their career and take up professional courses to improve their employment prospects. Such individuals would strive hard to get into reputed business and technical schools to polish their skills.
Based on Collateral
Loan Against Property, Deposits, and Securities - You can pledge immovable assets, such as agricultural land, residential land, flat, house, and others, fixed deposit certificates, recurring deposits, gold deposits, bonds, debentures, and equity shares to get the necessary financing to pursue education.
Third-Party Guarantee - A guarantee letter from an employee of the bank or a home bank can help the student get an education loan.
Eligibilty
01
Age - Minimum 18 years and Maximum - 35 years
02
Qualification - Pursuing graduate/post graduate degree or a PG Diploma
03
Nationality - Indian
04
Academic record - Good
05
Nationality - Indian
06
Income Source - Parents/Guardian
07
Income - Stable means regular income
08
University Applied to - In India/Abroad
09
Admission Status - Confirmed
10
Security - Tangible collateral or guarantor
Documentation
01
Age proof
Copy of Aadhaar Card /Voter ID/Passport/Driving License
02
Identity proof
Copy of Voter ID/Aadhaar Card/Driving License/Passport
03
Residence proof
Rental agreement/Bank statement of 6 months of the student or co-borrower/guarantor/Copy of Ration card/Gas Book/Electricity Bill/Tel Bill
Income proof
Most recent salary slips or Form 16 of the parent/ guardian/co-borrower
6 months bank statement of the borrower or updated passbook of bank
Updated ITR (Income Tax Return with income computation) of 2 years or IT assessment order of last 2 years of parent/co-borrower/guardian
Documents stating the assets and liabilities of the parent/co-borrower/guardian
Tax benefits
When you start repaying the education loan, the interest portion you pay towards the loan every can be claimed as income tax deduction under Section 80E. However, the deduction cannot be claimed for principal portion.
There is no limit on the amount you can claim for interest repayment on an education loan. As proof of this, you need to obtain a certificate from the bank. The facility is available only for eight years from the year you start repaying the loan or until the interest is fully repaid, whichever comes first.
Repayment system
Some banks provide a 6-month grace period after completing the course to land a suitable job and start the repayment process. This grace period may vary with the lender. Once you land a job within this period, you may start the repayment process in the form of EMIs.
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Got a question?
We've got answers.
Can I change the loan from a fixed rate to a floating rate?
Yes, you can change the education loan from a fixed rate to a floating rate.
In case my loan application is rejected the first time, can I apply for a loan again?
Would there be any charges levied in the case of late payments?
Can we change the Registered Office of the Company?
How many directors are required for company registration?