A Complete Guide About Education Loan in India

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EDUCATION LOAN
A building block to a brighter future
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Definition

• An education loan is the best choice to meet
  urgent education needs.
• This loan further adds value to a childs growth
  and future aspirations.
• Education is the stepping stone of a childs
  future ahead. However, due to high education
  costs, it is not always affordable. Education
  loan plays an instrumental role to overcome cost
  hurdles.

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Who can apply for an education loan?

• A student as the primary applicant or his/her
  caretaker
• Parents, guardian or guarantor as a
  co-applicants. The co-applicant takes
  responsibility to repay the loan amount.

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What all does an education loan cover?

• Total fee of the course, examination costs,
  accommodation charges all expenses related to
  the course

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Why do we need an education loan?

• High cost of education
• Pursuing professional courses or higher education
  is a lot more expensive now as compared to the
  older times. College fee is divided into several
  components, tuition fees, library charges,
  computer room charges, etc. all are separate.
  Education has gained more respect in recent times
  and big banners are what most students run after.
  Big brands mean big amount, therefore, education
  loans have been offered as a financial aid to
  students who find it difficult to pay this big an
  amount at one go.
• Special Assistance
• Financial assistance is the biggest help at the
  time of need. Sometimes even if a student gets
  through a well-reputed institution based on the
  merit, it gets difficult to pay the fees. You
  dont have to worry now, education loan is there
  for your help. Get the best offers and avail
  assistance immediately.
• Easy availability
• Education loans are easily available. One has to
  just apply and fulfil basic formalities to get
  the loan. After ensuring that the amount will be
  paid back, the loan amount gets credited in the
  borrowers account from where it can be used.
• Assistance on time
• A help is off value if given at a right time,
  education loans are available when it is actually
  needed. It is not that you applied it at the
  beginning of the course and you get it after you
  finished it. It has a fast approval rate
  considering the borrower is genuine.

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Education loans are beneficial!

• Education loans are universal, you can avail it
  anywhere. You should only be willing to study,
  fetching funds is easy.
• Banks provide a loan of up to 15 lakhs, it can be
  more if you plan to study abroad. Dont stop
  yourself from dreaming big and studying more,
  money is no more a problem.
• Available for a type of study program, there
  isnt any defined set of courses rather it is
  open to all.
• Loan amount offered depends on the annual income
  of the applicant and the course pursued. Choose
  the best that fits you are needs and the
  requirements are fulfilled.
• Interest rates vary, women get loans on lower
  interest rates and are also offered special
  discounts.
• Education loan doesnt require immediate
  repayments. The amount is usually to be paid post
  completion of the course and the duration can
  further be extended.
• Different banks have different benefits and
  features for offering a loan, it is always a
  smart move to know, speculate, clarify and then
  finalize the best offer that best fits your need.

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Did you perform the following checks before
finalizing the loan offer?

• Interest rate compare, usual rate varies from 13
  -16
• Coverage charges confirmed
• Duration or extension of a loan
• Clarity on bank charges processing fee,
  pre-payment, EMIs, etc.

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What are the documents required subject to
eligibility?

• Make sure you have the following documents before
  applying for a loan.
• Admission letter from the university or college.
• Attested mark sheets of the courses completed
• Id proof
• Address proof
• Proof of income, salary slips, bank statements
  and ITR of guarantor or parent
• Passport sized photo
• In case of studying abroad, entry permit,
  admission letter, visa and passport
• If the applicant plans to work in abroad then an
  employment contract is also required.

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Conclusion

• Loans are not good if they are unwanted but its
  a great help to those who are weak or under some
  crises. Its a respite to the needy who can dream
  and also make those dreams come true. Education
  is a ladder to success and everyone has the right
  to get the best education possible, therefore,
  one must not miss a chance to hunt for the best
  education loan offer and avail one to make a
  bright future.

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THANK YOU !!
THANK YOU !!
For More Details Visit https//www.purposeloan.in
/
For More Details Visit https//www.purposeloan.in
/