Education Loan Overview
Don't let your desires stop you, get all kinds of help regarding education, apply for education loan and let your career soar. Today we are going to give you some information about education loan with the help of this article. Education loan is such an important thing which is necessary in everyone's life.
Every person can take this loan in their life.
We all know that not everyone in our country is rich enough to enable their children to get higher education, but it is the dream of every parent and children to have higher education like others, But despite being intelligent, he is not able to get education, the main reason for this is the lack of money.
Quality education is very important for a complete and successful life of a person. For some people, it may be a graduation from a top institute. In an era when the cost of education is increasing continuously, the cost of studying in top institutes of the country and abroad is very high.
What does education loan cover?
Your Education Loan Covers Below mentioned expenses of you Education:
-100% college tuition fees.
-Accommodation charges including mess.
-Exam and library fee.
-Books and equipment (Laptop etc.)
-Travelling expenses for abroad.
Eligibility Criteria For Education Loan
If you want to get loan for your higher education in India or abroad, our firm is providing you an education loan. Before applying the loan, you must fulfill the mentioned eligibility criteria.
Applicable for students who:
- Are Indian citizens with 18 years of age or above.
- Get a certain admission before final disbursement of the loan amount.
- Added a co-borrower who is residential in India.
(Co-applicant is mandatory like, your - parents/ Guardian & Spouse etc).
- Your admission should be confirmed in college/ University recognized by UGC/ Govt./ AICTE or in a foreign university.
- Loan is available for graduation and post graduation. Some banks provide this loan for vocational training also.
They also require co-borrowers to meet the following criteria:
- He/She must be an citizen of India and also should be a parent, legal guardian, sibling or other blood relative.
- He/She must have a bank account in India that allows him to sign cheque.
- Must be the primary levanter.
Apart from this, loan can be taken for graduation or post graduation studies in engineering, management, medical, hotel management and architecture etc.
Features Of Education Loan
|The loan amount can be up to 1 crore for international students and 50,000 rupees for domestic students.
|Preferential foreign exchange rates may be available for international payments.
|The repayment period of loan can be up to 12 years after completion of six months of the course.
|Parents must be co-applicants of the education loan.
|100% financing is available under certain conditions.
|Funding covers other costs, such as student travel costs and laptop computers.
Process For Applying an Education Loan
Step 1 – Applying online and get your best education loan offer in just few minutes.
- By filling all the details on the application profile page Complete your online application for education loan.
- After submitting your loan application online, the screen will show you an education loan offer right away.
- Get the condition online and choose the loan amount required for the education term.
- Please make a call to the GRD IND team for a personal assessment.
- After the trial, you will receive a provisional approval letter.
Step 2 - Acceptance and agreement
- At this stage, all the documents of interest will be attached, and a small part of the payment process will be paid to get the official acceptance letter. You will need a government acceptance letter when you apply for a US student visa, and Form 20.
- After receiving the visa and form 20, you need to enter it on the application profile page created earlier.
Step 3 - Repayment & amount disbursement:-
- You will receive a loan agreement where both parties will need to sign the loan agreement.
- Banks mostly charges only 1-2% processing fee for education loan amount. A processing fee is charged only when you apply for funds.
- After completing the process Whenever you need to collect funds, you can raise request for funds and the lender will transfer the funds to your account.