How to get Educ

How to get Education Loan easily- Guide and Tips

Every student dreams of world-class quality education in order to achieve their aimed career.  But it's not always easy to achieve one. Many meritorious students who are dedicated to their studies are unable to complete their education because of not having a powerful source of income in order to complete their educational dreams.

So the key solution for this problem for any individual is to get Instant Education Loan.

The fees structure of college and higher institutions are getting expensive day by day making it difficult for one to continue in such institutions. Starting from a feeof 5 lakhs for an engineering course and extending up to 50 lakhs for any medical course, making it a bit difficult for an individual to bear the expense of education. Even unconventional courses can cost lakhs of money.

Many government and private institutions have come up with an instant education loan scheme for helping those meritorious students who are in need of it. Many NBFCs play a crucial role in helping the individual in getting education loan easily and instantly.

How to get an Education Loan easily?

An educational loan is a powerful tool for any studentwhich can be used for their higher educational dreams. Educational loans are provided for all types of courses including conventional and unconventional ones.  With government and private banks helping an individual in getting a loan for conventional courses, many private financial aid companies like Eduvanz helps students with interest in unconventional courses like a salon training course, hair makeover course, etc.

Education loan benefits

Education loan comes with huge benefits for an individual. Different government and private organizations come up with different educational loan scheme.  But for an individual, his or her main objective should be to compare the basic benefits among each loan scheme and choose them wisely.

• Easy availability of education loan after complete documentation and flexible repayment method are key benefits.
• The organization provides educational loan starting from 2 lakhs to 20 lakhs, bearing all educational cost along with additional costs like caution deposits, library fees, books, and stationery, etc.
• Different education loan scheme comes with a different time period for its repayment.

Instant Education Loan- conditions required

Few terms and conditions have been put forward by the organization, which is needed to be satisfied by a student for getting education loan approved easily.

• The student should be a citizen of India. For NRI students, he or she should have a valid passport.
• Complete course fee structure along with family income certificate should be available with the student at the time of applying for education loan.
• Complete documentation requiring Identity proof, age proof, address proof, etc. should be presented at the time of the loan application process.
• An education loan up to 4 lakhs doesn't require any guarantor or security, but for loan above 4 lakhs, they require guarantor and above 7.5 lakhs collateral as security is necessarily required.

The interest rate of Education Loan

The interest rate of education loan is of different types offered by different banks which depends on the courseopted by the student, bank's base lending rate and many moreother factors. 

In India, according to RBI, the base lending rate for banks lies between 9% - 10%.

Generally, the Interest rate charged for education loan lies between 12 to 16%.

So after proper investigation and proper thinking of the capabilities of the family in repaying the loan, one should apply for the desired education loan.  After proper documentation along with properly explained and agreed terms and conditions, it is very quick for a student to get approved for instant education loan.

Hence, forgetting education loan easily, one should fulfil the terms and conditions required by the organization like banks and private financial aiding companies.