An education loan is such a loan that is taken to meet the expenses of your higher studies. There is a special thing in this that you can take a loan of up to ₹ 400000 without any guarantor, for this you also need to provide any type of security.
Will not be required and if you take a loan from 400000 to 650000 then you will need a guarantor if you take a loan of more than 600000 then you need both a guarantor and security but whatever interest you pay on the study loan.
You get tax benefits on that and the third and last special thing is that the interest rate is very low on study loans, the interest rate on any other loan is very high and you can take a study loan from any bank.
Where To Apply for a Loan
Whenever you have to take a study loan, you always have to take it from the bank of the college, like if you go to a college, then there is definitely some bank inside that college, so you always have to take it from the bank inside the same college.
Have to take a loan because the process of a study a loan is very long and if you take a loan from any outside bank then you will face a lot of problems if you take this loan from a bank that is associated with your college then you will face very few problems.
You will have to face it and the process becomes very easy because the bank employees know that you are studying in this college and they will provide you loan very easily. Linked to your college so that you get your loan with very little hassle.
How Much Can I Take Education Loan
How much loan do you have to take, there are a lot of fees in many colleges, but I do not advise you to take a loan for as much as your fees, as in some colleges the fees range from 16 lakhs to 1700000 or more and if Even if you want to go to the bank and take this much loan.
The bank will also know the complete background of your family before giving the loan, know the occupation of your father, how much land you have, how many bikes, how many cars, what is the business, and will know each and everything and their documents too.
You will be taken and you get this loan through a very long process, but even if your financial condition is not good, the bank will give you a loan of up to ₹ 700000, if you want a loan of more than this, then you must have either land or your father’s salary should be good.
Repayment Of Loan
We will tell you what is repayment because many people think that the bank has given you a loan and you have to repay it while studying, see it is not like this, how do you do it if you are studying in college and if you are in first year Bank thinks that you will be placed in the fifth year and after placement, you will start earning as soon as you complete your studies but if you don’t get a job then still bank gives you 1 year more and you will get 5 years time.
But if you get placement in your fourth year and you can start your loan prepayment, but if you do not get a job then you are given 1 more year and you can take another job for 1 year and repay your loan The interest that you have to pay for education loan ranges from 11 to 14 percent, if you have taken a loan of ₹ 700000, then you will have to pay back ₹ 1000000 to ₹ 1100000.
Document Required For Loan
We will tell you about the documents that will help you to take the loan because the loan process is very long, and many documents are required for the loan, you will have many document capsules, such as Aadhaar Card PAN Card is your college admission slip and most important if you have any land then its paper and if your father has good salary then you will also need salary slip if there is any business then you will need ITR and this process is quite.
It is long because whenever you go to take a loan, a lot of documents are required, first of all, you have to submit all the documents to the bank and after that, you have to upload the documents by going to the online portal. The process takes about one to one and a half months, so keep in mind that you go to the bank to take a loan only after taking a good amount of time.