How To Get An Education Loan?

What is the procedure to get education loan?

Documents required for Education Loan

  1. KYC documents.
  2. Bank Statement / Pass Book of last 6 months.
  3. Optional – Guarantor Form.
  4. Copy of admission letter of the Institute along with fees schedule.
  5. Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses.

How can I get instant loan for education?

Instant personal loan for education up to Rs 1,00,000. Check your unique credit limit on the LazyPay website or smartphone app after filling in a few basic details. Get immediate approval to take a loan of Rs 10,000. Pay interest only on the loan amount you borrow.

What documents are required for education loan?

Documents required for an Educational Loan:

  • Duly-filled application form.
  • 2 passport size photographs.
  • Graduation, Secondary School Certificate, or High School Certificate or mark sheets.
  • KYC documents that include ID, address, and age proof.
  • Signature Proof.
  • Income Proof of parents or guardian.

What is the age limit for student loans?

Your age. There’s no age limit for undergraduate tuition fee loans or grants. To get a maintenance loan for full-time undergraduate study, normally you must be under 60 on the first day of the first academic year of your course; if you later change course, you’ll lose eligibility.

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Is getting education loan easy?

Easily available: Education loans are widely and easily available. In fact, they are a priority product in all banks as per the RBI’s guidelines. Varied loan amounts: Banks can offer loans anywhere between Rs. 2 lakhs and Rs.

Is it hard to get a student loan?

It’s not difficult to take out a student loan — if they were hard to get, it’s unlikely they would be the largest form of outstanding consumer debt in the U.S. (except for mortgages). In fact, ability to repay has very little to do with student lending, because they are very difficult to discharge in bankruptcy.

How much percentage is required for education loan?

The bank filed the present appeal saying candidates who have secured 60% marks and above alone are eligible to get education loan as they alone can be treated as meritorious candidates.

Can I get 20 lakhs education loan?

The Credit Guarantee Fund for Education Loans (CGFEL) Scheme provides a guarantee for education loan dispersed by banks under the Model Education Loan Scheme of Indian Banks’ Association (IBA). Under the CGFEL scheme you can get a loan up to Rs 10 lakh for study in India and up to Rs 20 lakh for studying abroad.

Is education loan a good idea?

Some students take an education loan for graduation and then avail of the top-up facility to complete their post-graduation. “ Taking a top up on education loan is bad, because it will increase the liability further. It is better to finish the first education loan before taking the second one,” says C. S.

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Can I get 1 crore education loan?

Maximum loan amount is Rs. 1 crore for international and Rs. 50 lakh for domestic education loan. 5) Ease in applying: The customers can apply for education loan through internet banking facility of the Bank with just a few clicks.

Can a student get loan?

A student loan can be used only for the purpose for which it is taken. Besides, a student loan has specific eligibility criteria, and you must fund 15% of the expenses. A Personal Loan for education is easy and quick to get, and you can fund up to 100% of your expenses.

Is education loan free of interest?

In most of the cases, it is just subsidized. However, you can still make your way around to avail education loan at 0 interest. There is no interest paid until then. This can be availed under the Central Sector Interest Subsidy Scheme and can be availed only from one of the scheduled banks.

How can I get a 5000 RS loan?

How to Apply for An Instant 5000 Rupees Loan?

  1. Eligibility Check. Visit the Money View website or download the Money View app and complete the eligibility check which takes only 2 minutes.
  2. Loan Amount and Repayment Schedule.
  3. Documentation.
  4. Verification and Disbursal.

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