Instant Education Loan

Every person places a high priority on receiving a quality education, thus students will do whatever it takes to get it. However, because of the rising expense of education, borrowing money for school seems to be the only viable option. Students can apply for an education loan to get the money they need to finish their study. To assist in educating the next generation of innovators and leaders, many banks and NBFCs in India provide affordable education loans interest rates .

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Features and Benefits of Educatiion Loan

Like food, clothing, and shelter, education is a basic necessity. Never let a lack of funds prevent you from taking a chance to learn and develop. With the help of our Special Vidya Loan, create a prosperous future.

  • Rapid approval of a loan
  • Loans are available for higher education in India and abroad, but not for vocational training or skill development programmes.
  • Loan amounts of up to Rs. 10 lakh for in-country studies and up to Rs. 20 lakh for study abroad
  • Security is unnecessary. 4 lakh rupees and up.
  • Hardly any paperwork
  • No payments during the moratorium period, and repayment is possible through simple EMIs

Education Loan Eligibility Criteria

Here are eligibility criteria for applying best education loan in India :

  • Loans are provided to qualified students enrolled in undergraduate, postgraduate, PhD, and diploma programmes lasting at least six months. They are also provided to students enrolled in technical and professional studies.
  • Applicants must be enrolled in or have received admission to a government institution, a professional institution, or an international college or university that has been recognised and acknowledged.
  • For an undergraduate programme and a postgraduate programme, applicants must have completed the 10+2 (12th standard).

Documents Required for Education Loan

Here are the documents required for education loan :

  • KYC paperwork
  • The results of the 10th, 12th, graduation, and entrance exams.
  • Letter of admission
  • Payment schedule
  • In some circumstances, co-applicant KYC and income evidence are required.
  • In some situations, more documentation can be required.

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    Type Of Education Loan

    Undergraduates Loan

    For students to receive financial assistance so they can finish their undergraduate degrees, this kind of education loan is available. A three- to four-year programme with a variety of specialisations is often required for an undergraduate degree. People are more likely to find decent employment and start making money if they have an undergraduate degree

    Postgraduate Loans

    A postgraduate course, which in India is often a 2-year programme, is something that many undergraduate students would like to pursue after graduation. To gain deeper understanding in the field of interest, an advanced degree is desired.

    Career Development Loan

    Many professionals who have spent a few years working in corporate positions decide to take a career break and enroll in professional training programmes in order to increase their employment prospects.To hone their talents and advance in their careers, these people would work arduously to gain admission to reputable business and technical colleges.

    How to Apply Education Loan

    You can either apply online or visit the bank of your choosing to learn more about the loan process. The steps for submitting an online loan application for education and you can also compare best bank for education loan are as follows:

    Step 1: Go to the bank of your choice and select an educational loan programme

    Step 2: Either click the "Apply Now" option on the bank website or download the application form.

    Step 3:Complete the application form, affix the required documents, and submit the form.

    Step 4:he bank will start the procedure by confirming your paperwork, assessing the course of study for which you desire to apply for the loan, and assessing any available collateral.

    Step 5: The bank will disburse the loan amount upon loan approval. Even better, you can apply in person at the bank location where you want to apply for an educational loan. The application form should be completed and sent along with all required paperwork. Your application will be examined by the bank, and the loan will be processed.

    FAQ - FinCrif Freqently Asked Questiones

    Education loans are available in amounts up to Rs. 10 lakhs for domestic study and up to Rs. 20 lakhs for study abroad.

    The payback duration is the moratorium period plus 15 years (the moratorium period is the course period plus one year).

    Payment due to the college/school, hostel, tuition, exam, library, and lab. The price of books, tools, uniforms, and equipment Expenses for travel and a computer, if required for the course. study abroad costs, project work costs, thesis writing costs, etc. Caution deposit, construction fund payment, refundable deposit, and other amounts must be supported by bills or receipts; however, they cannot total more than 10% of the tuition.