What is Education Loan Type, Qualification, Documents

 

What is Education Loan: All the parents spend their entire deposit to get good education for their children, but the fees in Hire Education are very high, in which all the savings of the parents are exhausted and they have to worry about the future of their children. Worry sets in.

But now parents can take education loan to provide good education to their children and make their future bright. Many people want to take education loan but they do not have the correct information about education loan.

What is Education Loan, its Types, Eligibility, Documents Education Loan In Hindi

In order to solve this problem of yours, in today’s article we will give you What is Education Loan They are going to give complete information about. In this article you will find everything that every person should know before applying for an education loan.

So let’s start without wasting time, know more about this article today. education Loan what Would Is Expansion from in hindi,

What is Education Loan

Education Loan means education loan is a special type Loan Which is done by a parent for the good education of his child. Bank Or borrow from financial institutions. And when the student gets employed after completing the course, then he has to repay that loan with interest.

In today’s time it has become easier to take education loan than before, you can also apply for education loan online sitting at home. Education loan is very beneficial for the students to complete their preferred course.

If you are a promising student, then you can make your future better by taking an education loan and taking a good course. Almost all the major banks in India like SBI, ICICI, PNB, Axis Bank etc. provide education loan facilities, apart from this many NBFCs also offer education loan.

Where can I use education loan

You can use education loan for the following purposes –

  • to pay college fees
  • in buying books for the course
  • in expenses of living outside the home for studies
  • Students studying abroad can use education loan for their travels.
  • In other expenses for completing the course, such as going on a tour for studies, laboratories, completing a project etc.

Types Of Education Loan In Hindi

Education loans are mainly classified into three types –

  • by location
  • depending on the course
  • on the basis of security

Let us now understand these three types of education loan one by one.

#1 – Location Based Education Loan

There are 2 types of education loans depending on where the student is taking loan to study,

Domestic Education Loan

When a student takes an education loan to study in a college in India, he gets a Domestic Education Loan. You can use this type of loan to study only in India.

Overseas Education Loan

When a student takes an education loan to study in colleges outside India, it is called an Overseas Education Loan.

#2 – Course Based Education Loan

There are mainly three types of education loans depending on the course –

Undergraduate Education Loan

When a student takes a loan from a bank or financial institutions to complete his graduation or to get a bachelor’s degree, it is called Undergraduate Education Loan.

Postgraduate Education Loan

When a student takes a loan from a bank or financial institutions to continue his further studies after completing his graduation, it is called a Postgraduate Education Loan. You can use this loan to pursue master’s studies like M.Sc, MA, MBA, M.Com etc.

Career Development Loan

When a student does a special course to improve his career and when he takes a loan from a bank or financial institutions to do that course, it is called Career Development Loan.

#3 – Education Loan Against Security

While many banks and NBFCs provide secured education loans, many provide unsecured education loans. There are mainly two types of education loans based on the security.

Secured Education Loan

Such education loan which is secured by any property is called Secured Education Loan. In Secured Education Loan, the lenders pledge any of your valuable assets so that if you are not able to repay the loan amount due to any reason, then they can repay the loan from your property.

Unsecured Education Loan

Such education loan which is not secured by any type of asset is called unsecured education loan. In unsecured education loan, you do not have to mortgage any of your assets with the lender. Many banks and NBFCs offer unsecured education loans.

Eligibility for taking education loan

The following qualifications and conditions of banks and NBFCs have to be fulfilled to take education loan in India.

  • The citizenship of the applicant should be Indian.
  • Applicant’s age should be 18 years or above.
  • The academic record of the applicant should be good.
  • Applicant’s parents should have a definite source of monthly income.
  • Applicant should have Admission Form for any Diploma in Recognized College.
  • The applicant should have 12th pass marksheet for undergraduate education loan.
  • Applicants should have a bachelor’s degree for postgraduate education loan.

Some education loan providers may have other conditions in addition to these, so check all the conditions before applying for an education loan.

Documents required for taking education loan

To take an education loan, the applicant must have the following documents –

  • KYC Documents (Aadhaar Card, pan card,
  • Age Proof (10th Marksheet, Aadhar Card, Voter ID Card, Passport, Driving License)
  • Identity Card (Aadhaar Card, PAN Card, Voter ID)
  • Current Residence Proof (Bill for Water, Electricity, Gas, Telephone etc.)
  • Income proof of parents (Salary slip, Form 16, Bank statement of last 6 months etc.)
  • Admission form of the college where you are taking admission
  • Fee Structure of the College
  • Marksheet of 10, 12 and graduation

All these are the basic documents for education loan though other documents may be taken by some education loan providers.

How much do you get education loan

If you take education loan for studies in India itself then you get education loan up to Rs 50 lakh but if you take education loan for education abroad then you get education loan up to 1 crore.

For taking education loan up to Rs 4 lakh, there is no need to deposit any kind of property, education loan from 4 lakh to 6.5 lakh requires a guarantor who can be the parent of the child. But to take an education loan of more than 6.5 lakhs, you need to keep any of your assets in deposit.

Education Loan Interest Rate

The interest rates in education loans are very low as compared to personal loans. Generally, the interest rates in education loans range from 7 to 12 percent per annum. However, depending on the course and college, the education loan provider can increase or decrease the interest rates.

For how long the education loan is available

Repayment in education loan starts 6 months after the completion of the course, but in many cases, this time can be extended up to 1 year if the applicant does not get a job. The full repayment of education loan has to be done within 5 to 7 years.

Things to keep in mind before taking an education loan

To take an education loan, you should keep the following things in mind –

  • Select the right bank or institution to take the loan.
  • Get all the information about education loan
  • Understand the interest rates offered by the loan provider very well.
  • Understand the terms of repayment.
  • Get information about all other charges and fees on the loan
  • Apply for the loan only after you understand the education loan well.

How to apply for education loan

You can apply for education loan both online and offline. In online, you can apply for education loan sitting at home and offline you can go to the concerned bank or financial institution. Here we have explained the education loan application process to you in both the ways –

Application process for offline education loan

  • First of all, take your necessary documents and go to the concerned bank or financial institution and meet the manager there and get complete information about the education loan.
  • After this, take the application form for education loan and fill all the information on the form correctly.
  • After filling the form, submit the form along with your required documents.
  • Now the lenders will check your education loan eligibility and if you are found eligible for the loan then the loan amount will be credited to you within 24 to 48 hours. bank account is transferred in.

Application process for online education loan

  • First of all login to the online portal of the concerned bank or NBFC.
  • After this, select Education Loan in the section containing the loan.
  • Check your loan eligibility by filling in your basic details and uploading the KYC document.
  • If you are found eligible for the loan then within 24 to 48 hours the loan amount is transferred to your bank account.

Advantages of Education Loan

There are many benefits of education loan, here we have told you about some of the benefits below –

  • By taking an education loan, students can pursue their favorite course and make their dreams come true.
  • Repayment of education loan on time also improves the credit score which makes it easier to take loan in future.
  • More time is available for repayment of education loan.
  • By taking education loan, you can get good education by taking admission in a recognized university.
  • Education loan has to be repaid when you complete the course and join the job.
  • You can study abroad.
  • Education loans are available at reasonable interest rates as compared to personal loans.

Disadvantage of Education Loan

Along with the advantages of education loan, there are also some disadvantages, which are as follows –

  • Education loan has many conditions due to which not everyone is able to get an education loan.
  • It is difficult to get an education loan in courses where there is no job guarantee.
  • If your academic record is not good then you will hardly get education loan.
  • To take an education loan of more than 6.5 lakhs, you have to mortgage any of your assets with the lender.

FAQ: Education Loan In Hindi

How much education loan can I get?

You can take an education loan up to Rs 50 lakh to study in India and many banks and NBFCs provide personal loans up to Rs 1 crore to study abroad.

When does the education loan repayment start?

Generally, the repayment in education loan starts 6 months after the completion of the course but in some cases the lenders give a time period of up to 1 year also.

What happens if you do not repay the education loan?

If you do not repay the education loan, then first the bank gives you a notice, but even after that, if you do not take some action, then penalty is imposed on you and the bank gets right on your mortgaged property.

What is the interest rate on education loan?

Generally, education loans have interest rates ranging from 7 – 12 percent per annum, but in some banks or NBFCs it can be up or down.

Which banks offer education loan in India?

Almost all the major public sector and private sector banks in India offer education loans, of which SBI, PNB, Axis Bank, ICICI, HDFC Bank are prominent.

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Conclusion: Education Loan Information in Hindi

In today’s article we learned that What is education loan, what are its types, how to take education loan and what are the advantages and disadvantages of education loan, And with this we have provided you complete information about education loan so that it can help you in taking education loan.

We sincerely hope that after reading this article till the end, you must have understood well about education loan. If you liked this article, share it with your friends on social media to help them understand the education loan.

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