Process to avail the education loan

Process to avail the education loan

Process to avail the education loan and its terms and conditions

Process to avail the education loan Education is the only the way of measurement for human intellect and there is no other thing as a knowledge whatsoever education give you a complete in every sense as it shows the way to live in a mature and discipline way there where time when getting admission in top schools and colleges were not everyone’s cup of tea after passing the all things has become change now if you have a skill you are ought to scale high in your life but is also to easy to be done every parents has one thing troubles there students education cost increasing specifically the cost of higher studies even if the candidate gets through a tough entrance test for admission in respective college the fees of college is so damn high that student find themselves standing in no man’s land Process to Education Loan

 The costly education impels parents to go for investment plans and still face the shortage of funds when time to pay the college fees in this condition education loan proves to be a life-saving element we seen the fees of MBA and other professional courses are increasing rapidly banks are have started providing education loan to students to continue their education without any hassle

Loan Package

Normally the education loan includes the basic course fee and other concerning expenses such as accommodation and exam charges

Eligibility for applying loan

 The student who got the admission in an authorized college is eligible to apply for education loan the loan is particularly offered to the students who wants to pursue the high education in India or other country the loan and rate of interests rate for domestics and international education loans from bank

Process to avail the education loan and Courses are eligible for loans

The education loan is available for long term or short term graduation and post graduation courses in the area of management engineering medical hospitality and many things more

The student applying for education loan it should be a India citizen and has got admission in a college that is authorized  by government of India and reliable authority it is also be remember the candidate should be passed higher secondary education the loan process is depending on the reputation of college  some Banks also offence the education loan well before the admission date there is no age limit to apply for the education loan as per RBI Guide line with that some bank has set the age limitation as well

Documents

Such as admission letter of the college class 10th and 12th mark sheet are required with salary slips and income tax returns of the co-applicants are also needed

Loan financing requirement

Loan is depending on the amount of college fees bank can finance up to 100% of the loan for the example now money is needed for loan up to 4 lakh rupees however in India 5% of the total amount has to be funded by the applicants itself the doesn’t need any collateral or third party guarantee is required for availing loan up top rupees 4 lakh If your amount of loan is more than the 7.5 lakh its needed the third party guarantee as soon the loan finalized the amount is transfer directly in the college by the respective bank

Interest rate calculation

To divide the interest rate on education loan banks use the marginal cost of funds based leading rate and additional spread but in the present time the spread falls in the 1.35% to 3% range

Repayment policy of loan

The education loan to be repaid by the student the repayment process starts after completing the courses however some bank give the 6 month or a year relaxation time after securing the job or complication of studies respectively the repayment period up to 5 to 7 years however it expand in the in a special case as well bank charges the simple interest on the loan amount during the period of courses which must be taken into consideration  

Process to avail the education loan We hope this will help you to understand the education loan 

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