All to Know About Education Loan & its Procedure - PowerPoint PPT Presentation

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All to Know About Education Loan & its Procedure

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Considering the rising cost of education in Indian and abroad, studying at the top universities is increasingly becoming a challenging situation. As per a study by the Indian Statistical Institute, almost 2.6 Lakh Indian Students are pursuing higher studies abroad in 2019. This number is most likely to surpass 6 Lakh by 2020. Although higher education overseas seems a lucrative proposition, the cost involved is steep. Now, opting for an education loan might seem like an attractive funding option due to a hefty sum involved. Read more at – PowerPoint PPT presentation

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Title: All to Know About Education Loan & its Procedure


1
Factors To Consider Before Opting For Education
Loan Against Property
2
WHAT IS EDUCATION LOAN?
  • Considering the rising cost of education in
    Indian and abroad, studying at the top
    universities is increasingly becoming a
    challenging situation. As per a study by the
    Indian Statistical Institute, almost 2.6 Lakh
    Indian Students are pursuing higher studies
    abroad in 2019. This number is most likely to
    surpass 6 Lakh by 2020. Although higher education
    overseas seems a lucrative proposition, the cost
    involved is steep.
  • Now, opting for an education loan might seem like
    an attractive funding option due to a hefty sum
    involved. However, mortgaging an asset is not
    sufficient to get your loan application
    sanctioned with cost-effective terms. Several
    factors, like credit history, income comes into
    play in determining how affordable your loan will
    be.

3
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4
Things to know before applying for Education Loan
  • Factor I Check Your Credit Score Before Applying
  • Factor II Learn About the Rate of Interest
  • Factor III Estimate Your Needs Plan Your
    Repayment Before Applying
  • Factor IV Choose a Lender After Thorough
    Comparison
  • Factor V Keep a Tab on the Tax Benefits

5
Eligibility Criteria
  • Education loan eligibility criteria which are
    similar across most lending institutions are
  • Age of salaried individuals should be within 33-
    58 years while for self-employed person it
    usually ranges between 25-70 years.
  • The applicant must have Indian citizenship and
    reside in India to avail a study loan.
  • Applicants should have a fixed source of income
    every month. Salaried individuals should be
    employed by a public or private organization.

6
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7
Documentation Required
  • The borrower must keep the following documents
    ready while applying
  • Income tax returns
  • Address proof
  • Latest photograph
  • Identity proof like PAN
  • Property documents

8
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