Education Loan Meaning
An Education Loan is a loan which is provided to students for applying to meet the financial requirements and continue study. Banks and NBFCs in India offer Education loans at lower Interest of Rates.
Features and Benefits
There are some benefits of Education Loan: -
- You can get a loan amount up to 1 crore for aboard students and up to 50 lakhs for domestic students.
- 100% financing available for certain conditions.
- Education loan covers other expenses of student such as student exchange, travel expenses, laptop, study material etc,
- Loan repayment tenure is up to 12 years or more.
Types of Education Loans?
1.Domestic Education Loan – when student want continue the study within the country it's called domestic education loan.
Education Loan Eligibility Criteria
Education Loans are offered to brilliant and intelligent students who are not able to expenses on their high Education and belong to middle class family. The eligibility of the Education Loan is on the basis of a mark sheets of previous exams.
Education loan eligibility criteria is given below: -
- Applying for the Education Loan you must be a resident of India.
- The age should be 18 to 35 years.
- They must be undergoing a graduate/postgraduate degree or a PG diploma.
Education Loan Documents Required
- Firstly, applicant should fill the application form and signature or paste a photograph on the form.
- Copy of 10 an d12 marksheet.
- Aadhaar Card and Pan Card of the student and Parent both.
- Age proof
- Declaration that no loan has been taken from another bank and lenders
How to Apply for Education Loan via Financeseva?
To avail education loan, compare deals of all banks & NBFC's.
Financeseva offers single platform comparison from where you can easily compare deals & choose your ideal financial partner.
A detailed comparison is shown which includes education loan schemes, interest rate,offered loan amount,maximum tenure along with education loan eligibility calculator as bank to bank things get differed.
All you have to do is click on Get Quote of your preferred banking partner, shortly concern representative will get in touch with you for further formalities.
Without collateral Education Loan
Many banks provided an Education Loan without collateral security. This is helpful for those Students who feel helpless in providing such collaterals.
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