Let us understand Educational Loan
Education has become today’s basic need as it opens the door of employment and entrepreneurship to an individual. Basic education has great number of students in our country but the same ratio is not observed for higher education due to lack of funds. Now don’t stop your education ladder just because incapability to pay the fees. Educational loan offered by many banks and NBFC’s allowing students to move ahead towards their dream degrees and career paths. Lenders are providing educational loan facility for approved courses offered by reputed institutes at Under Graduate (UG) and Post Graduate (PG) level. Minimum document requirement, quick approval and affordable interest rates are some of the great features of educational loan.
Eligibility and Document Requirements for Educational Loan
Eligibility
- Applicant must be of Indian National.
- Applicant must be in the age group of 16 to 26 years.
- Good academic grades play a crucial role.
- Your parents must have stable income source.
- Guarantor or security is required as per lender’s terms and conditions.
Documents Required
- Identity Proof - Any one of Pan Card, Voter’s ID, Passport, Driving License (of both parent and applicant)
- Academic Details - All Mark sheets and certificates.
- Admission Letter - Applicant’s admission letter of respective institute.
- Income Proof - Any one of Salary Slips, Bank Statement, IT Return etc. of parent.
- Address Proof - Any one of Utility Bills, Passport etc. of parent.
Benefits of Educational Loan
Education loan gives you a golden opportunity to access the education from world’s best premier institutes. Many banks and NBFC’s have a financial tie-up to sponsor your whole education.
Don’t just flow with traditional career path as many global institutes are offering very unique and fruitful career opportunities. Avail benefits of educational loan and fly high with your dream career roadmap.
Education loan is considered to be most flexible loan as it allows very easy repaying options as per student’s choice. Based on interest rate and tenure, you can check various repayment options offered by your bank or NBFC.
