Is Taking Education Loan In India Really Worth It?
You can get an easy education loan in India for full-time studies at a registered educational institution in India like the eduvanz zero interest education loan, or abroad. An education loan is offered by the bank to meritorious students, and need financial help in carrying forward their studies. Banks and NBFCs set various criteria for the applicants to meet before the loan is extended. The following factors are taken into consideration: 路 The institution and course for which the loan is being sought. 路 The student applying can offer collateral on loan or not is to consider. The bank will take into account the value of the insurance when deciding the terms and the total amount 路 The job-profile and credit history of the co-applicants (generally parents and the spouse.) 路 The job-profile and credit history of the guarantor, if needed, for as per the norms of the institution
Requirements as per the loan amount in other institutions · All education loans need a co-applicant. · Loans up to Rs. four lakh, do not need collateral. They only require a co-applicant. · Loans more than Rs. four lakh and up to Rs. Seven and a half lakh, require a guarantor, along with the co-applicant. · Unlike eduvanz zero interest education loan institute, Loans over Rs. Seven and a half lakh require a co-applicant, a guarantor, and collateral of value more than the loan amount. The following are the requirements of the courses to be eligible for an education loan in India: · Courses, those are full time, in a registered educational institution in the country, or abroad. · Specialized courses for hairstyling, catering courses, etc. or any undergraduate courses. · Ph.D. and/or Doctoral programs. · Various diplomas and certificate courses that are run by institutions. · Vocational courses run by a department involved with the government.
The following are the documents required for an education loan: Eduvanz Zero Interest Education Loan Institute in India · KYC documents for yourself, co-applicant, and guarantor (if needed). · Graduation, Secondary School Certificate, or High School Certificate or mark sheets. · Signature proof. · The parent’s or guardian’s proof for the annual income · For loan amount over Rs. Seven and a half lakh, collateral might be required. · Collateral oriented documents as immovable property or FDs, etc. · Application forms that are filled. · 2 passports sized pictures.
Institute abroad follows the following process: · Proof of admission. · Proof and details of course expenses to be incurred. · Students who have received any scholarship, the institution asks for particular details. · Applicable permission for foreign exchange. · The report cards where the marks of the last passed exams are mentioned. · Bank account statement for the previous few months of the borrower or parents or guardian. · Last few years’ assessments of income tax of the borrower, parents, or guardian. · Other documents, as mentioned for the application in India.