All to Know About Education Loan & its Procedure

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Factors To Consider Before Opting For Education
Loan Against Property
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WHAT IS EDUCATION LOAN?

• Considering the rising cost of education in
  Indian and abroad, studying at the top
  universities is increasingly becoming a
  challenging situation. As per a study by the
  Indian Statistical Institute, almost 2.6 Lakh
  Indian Students are pursuing higher studies
  abroad in 2019. This number is most likely to
  surpass 6 Lakh by 2020. Although higher education
  overseas seems a lucrative proposition, the cost
  involved is steep.
• Now, opting for an education loan might seem like
  an attractive funding option due to a hefty sum
  involved. However, mortgaging an asset is not
  sufficient to get your loan application
  sanctioned with cost-effective terms. Several
  factors, like credit history, income comes into
  play in determining how affordable your loan will
  be.

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Things to know before applying for Education Loan

• Factor I Check Your Credit Score Before Applying
• Factor II Learn About the Rate of Interest
• Factor III Estimate Your Needs Plan Your
  Repayment Before Applying
• Factor IV Choose a Lender After Thorough
  Comparison
• Factor V Keep a Tab on the Tax Benefits

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Eligibility Criteria

• Education loan eligibility criteria which are
  similar across most lending institutions are
• Age of salaried individuals should be within 33-
  58 years while for self-employed person it
  usually ranges between 25-70 years.
• The applicant must have Indian citizenship and
  reside in India to avail a study loan.
• Applicants should have a fixed source of income
  every month. Salaried individuals should be
  employed by a public or private organization.

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Documentation Required

• The borrower must keep the following documents
  ready while applying
• Income tax returns
• Address proof
• Latest photograph
• Identity proof like PAN
• Property documents

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