Education Loan
Education Loan
Education loans, sometimes known as student loans, are advances granted to students by banks or other financial organisation to assist them pay for their higher education fees.
Under this innovative loan programme, high-achieving students receive financial assistance to attend institutions in India and abroad. Many Indian banks provide these loans at low interest rates with flexible terms and conditions to suitable clients.
The documentation procedure is also kept to a minimal in order for students to get their loan funds as quickly as feasible.
Eligibility
- The applicant for the loan must be a resident of India.
- He or she must have received confirmation of admission to a reputable educational establishment in India or overseas.
- During the loan application process, the candidate's age must be between 18 and 35 years old. He or she must be pursuing a graduate/postgraduate degree or a postgraduate certificate.
- The candidate must have been accepted into a college or institution that is connected with the institution Grants Commission (UGC)/All India Council for Technical Education (AICTE)/Government of India, etc.
- Full-time students must have a co-applicant, who can be either a parent/guardian or a spouse/parent-in-law (in the event of married applicants).
- The co-applicant must have a steady source of income.
- A solid academic record expedites loan acceptance.
Documents Needed
KYC
- Duly filled in and signed application form with affixed photographs
- Copy of exam mark sheets of 10th / 12th or latest education certificate
- Statement of course expenses / cost of study
- Aadhaar Card and Pan Card of the student and Parent/ Guardian
- Bank statement of 6 months of the student or co-borrower
Income Proof
- Updated ITR (Income Tax Return with income computation) of two years or IT assessment order of last 2 years of parent/co-borrower/guardian
- Documents stating the assets and liabilities of the parent/co-borrower/guardian
Our Benefits
- Lower Interest rates
- Moratorium holiday-Pay after your course completion
- A wide range of expenses covered
- Education loan interest subsidy
- Tax benefit- Section 80E
- Tax collection at source (TCS) on foreign remittance
- Build your CIBIL score
- Liberating your parents from loan burden