All you need to know about EDUCATION In India LOAN
Education costs are rising at an average of 15%
p.a.
15
So, if you want an education Loan, take note of these factors
Qualificati on
Course For Which The Loan Is Taken
Academi c Backgro und
Coborrower’s
Factors That Determine Loan Amounts And Interest Rates
Job Profile & Credibility
Preferre d Instituti on
Interest Rates
5 years to 15 years Depending On Bank
Can range between 11.75% & 14.75% depending on the bank, tenure, college and loan amount 14.75% 11.75%
Loan Tenure The repayment period (or moratorium period) starts after the education course ends, plus one year or 6 months (whichever is earlier), after getting a job.
Documents Required When Applying For Education Loan KYC (Know Your Customer) documents for student & parent/ guardian
Break-up of Course Costs From University or Institute
Passport Size Photogra phs
Admissio n Letter
Completed Loan Application
Documents Required When Applying For Education Loan Mark sheets/ certificates of previous academic qualifications
Proof of income of Parent/ Guardian/ Co-applicant
Student/ Coapplicant's bank statements of last 6 months
Statement of assets & liabilities of Parent/ Guardian/ Coapplicant IT returns for previous 2 years of Parent/ Guardian (if an IT Payee)
Security Amount
No security needed for loans up to Rs. 4 lakhs, but parents must be joint borrowers
For loans between Rs. 4 to 7.5 lakhs, collateral security in the form of third party guarantee is needed
For loans above Rs. 7.5 lakhs, parents must be joint borrowers. Also requires tangible collateral security of suitable value.
To check your creditworthiness for education loan, get your Personal Credit Score from CRIF by applying directly on the link mentioned below: https://cir.crifhighmark.com
Follow CRIF India on :
/CRIF INDIA