Your may have a good house, a good family, and self employed. However, if you do not have a good education can be very disgusting. Loans taken up to finance your children’s education in schools/college is known as the Education loan.
Means To Get Educational Loan In India:
Various methods are prevalent in order to obtain the education loan in India. 80% of people living in India belong to the middle class, and working in level one positions. At this juncture, educational loan is the only gateway for their kids to attain higher education. Many best institutions offering educational loans are set up in India.
Eligibility Criteria For Obtaining Educational Loans In India:
The criterions for obtaining the educational loans in India are:
- Must be an Indian Citizen
- Aged between 16—37 years
- Good Guaranteed Asset for Security Purpose Required for amount more than 8 lakhs
- Admission to technical and professional courses through the entrance test
Document For Educational Loans For Salaried Individuals:
Various documents need to be provided for obtaining the educational loans for salaried professionals. Some of them are as follows:
- Pan Card Xerox
- Driving License Xerox
- ID Card Xerox
- Passport Xerox
- Last 3 Months Salary Slips
- Recent Salary Certificate
- Bank Account Statement Xerox
- House Lease Agreement Xerox
- Latest Mobile/Telephone Bills
- Electricity Bills
- Bank Passbook Front Page Xerox
- Bank Statement Xerox
Furthermore, the Students, will need to submit the Xerox of last qualifying examination, proof of admissions, guardians income and expenditure details to the bank.
Documents Required For Educational Loans For The Higher Studies In Foreign Nations:
Various documents are required to study abroad and they are given below as follows:
- Letter from head of concerned department of college/University
- Travel Documents
- Visa Approved Papers
- Marks Sheets from reputed institute
- Letter from the Institute
Tenure To Complete Educational Loans:
Maximum tenure to complete educational loans is given below:
Loans up to 8 Lakhs—–Repayment Till 10 Years
Loans above 8 Lakhs—-Repayment till 15 years
Advantages Of Educational Loans:
Some of the advantages of the educational loans are as under:
Independent: Play a vital role in funding education of your kids In India.
Easy To Apply: Without any cost, one can apply for the educational loans in a logical fashion.
Connected With Experts: Educational Loan experts offers valuable guidance in understanding your complex requirements.
Very Flexible: Most of the educational loans are very flexible and stress on good security. Good and flexible repayment options are available.
Tax Benefits: Like other kinds of insurance, the educational loans offer tremendous tax benefits, under the Section 80E of the Income Tax Act.
Be Responsible: A good educational loan will make one responsible financially. The parents can keep family savings for other things.
Disadvantages of Educational Loans:
Some of the disadvantages of the educational loans are:
Lack of Knowledge: Lack of proper knowledge and understanding can affect interest to take up educational loans.
Complex Websites: Most of the websites are not user friendly, leading to lot of problem for students/parents applying for educational loans.
Stringent Conditions: If a student is not able to clear the loan, bank imposes fine and other conditions leading to huge pressure on students.
Students need to do a detailed research on the credibility of the institutions offering Educational loans in India.
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