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Education Loans : Education Loans Eligibility | Documents and Fees (1)

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Education loans are easily available from many financial institution facilitating many students to pay for their higher education.Students can seek education loans for pay graduation, post-graduation and professional courses from government approved institutes. To Know More Visit : – PowerPoint PPT presentation

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Title: Education Loans : Education Loans Eligibility | Documents and Fees (1)


1
Education Loans
2
Education Loans Eligibility Documents and Fees
3
Education Loans Eligibility Check your
Eligibility for Education loans in India
  • Getting 90 marks for admission in post graduate
    courses is the one big task but then it can get
    difficult to buy a computer with the college fees
    and other expenditure of higher education. But
    today, help is near at hand. Education loans are
    easily available from many banks and financial
    institution facilitating many students to pay for
    their higher education.
  • Students can seek education loans for pay
    graduation, post-graduation and professional
    courses from government approved institutes. The
    educational loan not only covers college, school
    fees, hostel fee, books charges, library charges,
    purchase of computers but also covers travels
    expenses for international education.

4
Determining a loan amount
  • The maximum amount of educational loan provided
    for studying in India is around 10lacs to 15lacs
    and for education through foreign universities,
    banks provide up to Rs 20lakh.
  • The loan amount is decided according to the
    students course type and the familys annual
    income. Many banks provide loans with lower
    interest rate to female students.

5
Eligibility
  • The eligibility criteria include Indian
    nationality, age, course period etc. The age
    limit for students is between 16 to 35 years.

6

Repayment
  • Repayment of the loan does not have to be made
    immediately. Students can begin repaying their
    loan after course completion. The repayment
    period could be anywhere between 5 7 years post
    completion of course. In case of failure to
    complete the course, he can seek a 2 years
    extension to complete the course.

7
Interest Fees
  • Interest rates vary based on the loan amount and
    the type of course. It is generally somewhere
    between 8 and 15 . Banks and financial
    institutes charge a processing fee which can be
    0.5 to 2.5 for processing the loan.

8
Guarantor or Security
  • A third party guarantor or security amount is
    required depending on the loan amount. A
    co-applicant is the third party guarantor such as
    parent, spouse, siblings, in-laws or any other
    close relative.
  • Loans below Rs 4 lakh do not require a security
    token, but for a loan amount more than Rs. 4lakh,
    a bank would require a security token to the
    effect of the house property, deposits etc.

9
Documents required
  • Student will be required to provide identity
    proof, age proof and address proof. He/she is
    also required to submit co applicants document
    which includes relationship proof, address proof,
    income document. He/she is also required to
    submit an admission letter with a fee structure.
    In case of foreign bound student, they need to
    submit Visa approval papers, Travel papers, GMAT
    / GRE Score etc.

10
Also
  • When you plan for education loans try not to
    base your loan on just lower interest rates.
    Traditional banks may provide low interest loan
    but processing period could be long. But private
    institutes can make the loan available very
    quickly. Hence, look for the banks which give you
    loan sanction letter before your visa approval.
    Otherwise the whole purpose of taking a loan is
    lost.
  • To quote Innovation in education loan
    services is the need of the hour. Many talented
    Indian students ( their parents) find it
    challenging to meet the standard requirements of
    education loan. Understanding changing needs and
    customizing products is the only way forward for
    improving services in Education loan sector.
  • Source http//www.deal4loans.com/loans/education
    -loan/tips-for-an-education-loans-eligiblity-repay
    ment-documents-interest-rates-and-fees/

11
https//www.facebook.com/AvanseEducationLoan
https//www.linkedin.com/company/avanse-financial-
services
https//twitter.com/avanseeduloan
https//plus.google.com/AvanseFinancialServicesLt
dMumbai
https//www.youtube.com/channel/UCcsuUx1EH1C08XmX2
embpug
12
Read more on Education Loans http//www.avanse.c
om/avanse-education-loans/
Thank you !!!
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