Apply for a Education Loan

Get an instant education loan at a flexible rate of interest

Academic records will really be helpful if you are planning to engage more and more with corporate routine. Though you have been listening for many years that experience is a must, yet to gather those experiences you have to score top-ranks and all this is possible through education. This is the only reason why you should Get an instant education loan by following the procedure leading to its approval.

And you need to seek help from some financial institutions. Rather, our LOAN On-time services will assertively help you groom your overall personality – our experts will be guiding you with the importance of an Education loan and you need not think about your current financial situation. Therefore, this is necessary to know some facts about this type of loan and the eligibility criteria plus the documentation process involved.

Facts about an Education loan turning the tables well

Whether you are planning to go out of India like Germany, Australia, or Singapore for studying the subjects of in-demand streams like B.Tech, B.Com, etc, or within your country, an Education loan will undoubtedly help you in fulfilling your dreams and managing the related daily hustles.

Moreover, some of the life-changing facts related to this type of loan will effectively be adding value to your existing knowledge thereby encouraging you and your family members to prepare their growing children for studying harder and whole-heartedly.

Fact # One – Covering expenses either for books or traveling

While you pursue your higher studies, the most important things are books and traveling costs. If both things aren’t catered well, then the whole process of filling your Education loan application form and getting the same approved will be a total waste.

So, if you have any misconception like the loan you have taken for completing your bachelor’s or master’s degree won’t cover such expenses, you must drop the same. Doesn’t matter if the travel costs and cost of buying study material are higher – the approved loan for education will be handling those unavoidable expenses.

Fact # Two – Avail this loan as per your income slabs

Income slabs are like a categorized way of representing incomes which may range from 3 Lakh per annum to 8 Lakh per annum. Also, there are various slabs that are subjective to taxation policies. If the annual income of your family is less than 4 Lakh, the central government will be offering a subsidy on the availed loan.

If in case this is urgent to Apply for an education loan and after its approval, you have started paying its easy-monthly installments, interest on its principal amount will be taken care of by the central government. So, if you are a student and trying hard to fulfill your dreams, this is the time to go for it and get your degree at first division.

Fact # Three – Loan becomes cheaper when you have started working

After your loan is approved and your plans for getting a degree from the renowned colleges in Australia or United States aren’t compromised, the next move will be to get a job or an internship that will pay you well.

And what if you have started earning in dollars – the Education loan which was sanctioned at a low-interest rate or the higher one will now be paid affordably. All you should be doing is working sincerely and fulfilling the responsibilities at your current internship or a job.

Fact # Four – Prepayment penalties won’t be charged

Prepayment is one of the payment types that allow you to pay for the loan before the scheduled date or the date allotted to pay all your EMIs. And many financial institutions don’t impose penalties if you go for a prepayment. But the condition is that the borrower must continue the loan for his/her education after an interval of 6 months.

Thus, you aren’t charged for penalties if the loan for your education is paid via prepayment method – which is paying before the scheduled date.

Eligibility Criteria and Documentation Process for an Education Loan

  • After you are enlightened with some amazing facts about the affordable Education loan, this would be great to dig deeper about the eligibility criteria and the documents required so that loan application for your benefit will be processed with lesser hustles.
  • The age of the candidate must begin with 18 years and end with 35 years as per the loan application.
  • You must be from India and have a confirmation of your admission to Indian or foreign universities. Note: Colleges are also included and they must be affiliated by AICTE/UGC.etc.
  • Academic records of senior or higher secondary must either be good or excellent.
  • If you are enrolling for full-time professional courses, a co-applicant is mandatory which may either be a spouse, parents, or a guardian.
  • Since you are now aware of the eligibility criteria, these are some documents you must provide whether your loan application is via online or offline mode.
  • Education loan
    We require Documents for Salaried Employees

    Some of the Know-Your-Customer Documents like Address Proof – Aadhar Card, Identity Proof – PAN Card, and a few passport-sized photographs.

    Salary slips and account details of the last six months. Note: Bank can be like HDFC, SBI, Axis, etc.

    Copy of your admission letter in the chosen college or university and don’t forget to attach the schedule of fees structure.

    Mark sheets of 12th and 10th along with their passing certificates.

    We need Documents for Businessmen

    Salary slips and account details of the last six months. Note: Bank can be like HDFC, SBI, Axis, etc.

    Copy of your admission letter in the chosen college or university and don’t forget to attach the schedule of fees structure.

    Duplicates of Aadhar Card, Voter ID, and PAN Card. Also, a few passport-sized photographs displaying clarity and verifying your identity.

    Mark sheets of 12th and 10th along with their passing certificates. Note: Guarantor form will be optional but if you are a self-professional running low on budgets, this will help you pay the EMIs as a guarantor will be helping you in the same.

    How much time financial institutions take to disbursing Education loans?

    Generally, financial institutions can disburse your approved Education loans in a span of one hundred and twenty business days. However, you may expect the loan disbursed as per the cancellation period decided by the banks and the due date of your university or college.

    How can you repay your education loan?

    Repaying your Education loan may become stressful if the EMIs or part-payments aren’t paid before the closure dates released from the banks. Otherwise, you may also choose methods like DD, NACH/ECS at repaying the loan in an automated way.

    Is this feasible to pre-pay the sanctioned Education loan?

    Prepaying your sanctioned Education loan may be done either partially or entirely also. So, if you have started earning side-by-side, you must prepay your loan taken for refining your academic records. And this prepayment will steadily be increasing your credit score which you can utilize for further studies.