How to get an education loan | Interest rate, documents required for education loan
Even today many students in India are not able to do their favorite courses because of money. For such people, the government had released the scheme of education loans, under which students can easily be able to take education loans. Taking a student loan or education loan is very easy and bank loan approval is also done very quickly. If you take an education loan, then you also get very less interest and there is no need to pay EMI every month.
Another good thing is that in this you can take an education loan as per your education. As you can take a loan of ₹ 10,000 as well as take a loan of ₹ 10 lakh. You do not need to spend any money to avail of the loan. No agent is required to get this loan approved. You can take an education loan directly from the bank.
What is the meaning of an education loan?
In simple words, the money taken by the bank or any financial institution for education is called an education loan. Education loan is for students. Students whose financial condition is not good and who do not have money for their study, they can complete their education by taking money from the bank.
What are the qualifications required to take an education loan?
If you want to take an education loan, then for this some important criteria have to be fulfilled, then only you can apply for it.
- Students need to be Indian to take an education loan.
- The student must have been admitted to any recognized university in India.
- Students must have passed High Secondary School.
- Some banks also have an age limit for education loans, while some do not.
What are the documents required for an education loan?
There are certain documents required to take an education loan. The bank approves your loan only after chec
Education loan eligibility
king all the documents. If you have all the following documents then you can easily take a loan.
It is necessary to have a savings account in your name in the bank from which you are taking the loan.
- You must have an Aadhaar card, election card or ration card, etc.
- Students must have a 10th – 12th mark sheet.
- There should be documents from the college to which you are going to take admitted.
- Xerox of fee payment where you have studied earlier.
- Documents of family members/electricity bill/telephone bill etc.
How to take an education loan?
Education loan is taken only by direct contact with the bank. For an education loan, you can go to any bank and fill out the application form for an education lond after filling out it, attach all the documents asked in it and submit it to the bank.
After this, the bank officials will check all your documents and submit your application. After getting approval from there, you will get a call from the bank and you can go to the bank and take your money.
Some banks deposit your college fees every month instead of giving you the full amount directly. Our advice would be that you must read all the [Terms & Conditions] of the bank before taking the loan.
Keep in mind that there is no processing fee on an education loan, so if anyone asks you for some money in the name of the loan then you need to take proper action.
How much interest is charged on an education loan?
Banks have different interest rates on education loans, but let us make sure that the interest rate of education loans is much lower than other different loans. The interest rate depends on which bank you are taking a loan from, so before taking a loan, you can ask your bank about the interest rate.sbi education loan interest rate
What are the benefits of taking an education loan?
If you take an education loan then you can get many benefits. Let us see what are those benefits-
best career option
After taking an education loan, you can complete your desired studies because many times it happens that your parents do not have much money, then you are not able to pursue your dream course. But after taking a loan, all your dreams come true and you can study your favorite course in your favorite college.
tax-free
If you take an education loan, then all the taxes for your studies are waived.
easy process
Getting an education loan is very easy and does not take much time. If you have all the documents in the correct form, then the bank provides you with the loan immediately.
best repayment scheme
Most of the bank’s loan repayment scheme is such that till the time a student is studying, the loan money is not taken from him and when he gets a job, he gets some money every month from his salary to meet the loan. I will give
Beneficial for parents too
Studying with your own money is a good thing and you do not become a burden on the parents. As we told you that you have to pay the loan amount yourself, then if you do not study well you will have to bear the brunt of it and not your parents. So that’s why education loan is very beneficial for parents.