All you need to know about Education loan in india

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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


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