Every student dreams that he/she can be successful in his/her life by getting a good education, but to get a higher level of education, middle-class children get killed by money, that is why this Education Loan i.e. loan for higher education We are going to provide complete information on how to get
After getting a good education in your life, you start earning good money and it becomes easy to lead a good life if you have the passion to study but do not have money, then in today’s time, there are many Banks Education Loans or Student Loans. Which you can get and complete your education.
What is Student Loan? What is Education Loan?
Before getting an education loan, it is necessary to know what is education loan or student loan. See, when any student takes a loan from any bank or institution for his education, then this process is called an education loan or student loan in simple language. in simple language. By availing a student loan, one can pursue higher education in his home country or even abroad.
Eligibility for Education Loan
To take an education loan from a bank or institution in India, the following qualifications have to be fulfilled-
- The student taking loans for education should be a resident of India.
- The student should have confirmed admission in a recognized educational institution in India or abroad.
- The age of a student should be between 18 years to 35 years to avail an education loan.
- Must have mark sheet or certificate of last education qualification.
- To take an education loan, the student should have parents or spouse or father-in-law as well as the guardian of the student.
Required Documents For Education Loan
To take an education loan, you are going to need the following documents-
- Age Proof will be applied for how old you are
- A passport-size photo will be taken
- Mark sheet
- bank passbook
- ID proof
- address proof
- education course details
- Student and parent PAN card and Aadhar card will be required
- Proof of parent’s income will also be required
Types Of Education Loan
Education loan in India is mainly divided into four parts which are as follows-
- Undergraduate Loan
- Career Education Loan
- Professional Graduate Student Loan
- Parents Loan
Undergraduate Loan
The name of this loan suggests that this loan is given to undergraduate people, this loan is given when the student after completing his higher secondary studies wants to go abroad for graduation.
Career Education Loan
Career Education Loan Students get when they want to make their career by pursuing ITI engineering or technology-related studies from a government college or institute, they can apply for Career Education Loan.
Professional Graduate Student Loan
If a student wants to pursue further studies after graduation, then he/she can apply for Professional Graduate Student Loan.
Parents Loan
Parents loan is taken when parents take education loan for further studies of their children. When parents take a loan for the education of their children, then the loan taken for this type of loan is also called a parent loan and it also comes under a Finance Loan.
Education Loan Interest
Generally, the interest rate on education loans given by government banks is very low and in case of girls, government banks provide loans with even more discounts, but the interest rate of the loan keeps on decreasing and increasing, so whenever you are going to take a loan. So the complete information about the interest rate to be taken on the loan from that bank or institution and only then you should take the loan for education.
Whenever you apply for a loan from any institution or bank, then that institution also charges some processing fee, which you should get well informed because it is more important than taking the loan you have to pay extra charges. could.
How to take an education loan? How to Get Education Loan?
Follow all the steps mentioned below to take an education loan and you will understand how to take an education loan-
- First of all, you have to decide from which bank or institution you want to take an education loan.
- After that, you have to contact the manager of that bank and go to the bank to get complete information about the education loan, after that all the further steps will be told by the bank which you can follow.
- After completing all the steps mentioned by the bank, when your loan will be approved, and the amount is credited to your account.
Benefits of Education Loan
Higher education, whether in India or abroad, will definitely make you reach for your savings. While it sounds better than starting your life with debt, it restricts you financially and dips your savings considerably. Firstly, if you use your savings to finance your education, you will be confined to the amount you have. A dream college or dream destination could be well beyond your reach. Secondly, your hard-earned savings are not like the bottomless chips and coke offered at a diner. Your savings will exhaust eventually, leading to unnecessary panic and tension in case of an emergency.
There are many benefits of taking an education loan which is as follows-
- The biggest feature of an education loan is that the interest rate on it is low.
- Parents are able to fulfill the dream of their children’s education.
- Education loan is available for a very long time, and it is easy for parents to repay these loans.
- Education loan is very easy to get if you provide the right proof.
Some list of banks giving education loan
| Bank | Student Loan Interest for Indian Universities | student loan interest to study abroad |
|---|---|---|
| Bank Of Baroda | 7.70% | 8.35% |
| Bank of India | 9.05% | 9.05% |
| Central Bank Of India | 8.50% | 8.50% |
| Union Bank of India | 8.40% | 8.05% |
| State Bank Of India | 7.00% | 8.80% |
FAQ
1. What does it take to get an education loan?
Answer: You have to go to the bank and get the complete information about the education loan, after that the bank will tell you all the further steps, which you can follow. After completing all the steps mentioned by the bank, when your loan will be approved, after that the amount is credited to your account.
2. How to take an education loan after the 12th?
Answer: First of all you have to decide from which bank or institution you have to take an education loan. After that, you have to contact the manager of that bank and go to the bank to get complete information about the education loan, after that all the further steps will be told by the bank which you can follow.
3. Who can take Education Loan?
Answer: Generally speaking, loans are provided by banks and institutions to those individuals. Individuals who have the ability to repay the loan. In some cases, someone’s guarantee is required to take an education loan. The guarantor can be anyone. Whether it can be a friend, relative or guardian of yours.
4. Interest will be waived on education loan
Answer: Methods to get education loan waived include: 1- Loan forbearance or deferment programs 2- Cancellation of Student Loans
