Importance of Student loan in India - PowerPoint PPT Presentation

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Importance of Student loan in India

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Students can now utilize these education loans and study a course of their choice. They can either opt to study in India or pursue a career of their choice by studying abroad. An education loan takes care of not only one’s education and tuition fees but also all the other miscellaneous expenses that one may incur while completing the course. – PowerPoint PPT presentation

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Title: Importance of Student loan in India


1
Importance of Student Loan In India for
higher studies
2
  • Student Loan In India is great financial
    support for students who wish to pursue higher
    studies. It helps students to pursue their dream
    of studying and achieving milestones in life.
    They are usually two type of study loans secured
    and unsecured i.e. one with collateral and one
    without collaterals. It's important to
    understand every aspect of study loan so that
    you don't fall in the pithole of exorbitant
    interest rates and higher monthly installments.
    You have to understand what is collateral, why is
    the need, the difference between the two before
    you make your informed decision.

3
  • What is collateral in student loan?
  • Its an immovable property such as your house,
    flat, land, or any other assets, shares, life
    insurance policies, fixed deposits, mutual
    funds, gold or jewelry, retirement fund which
    the borrower would offer to finance to secure
    the loan amount.
  • Why you have to pledge for collateral?
  • Usually, lenders believe in the ability of the
    students, however, this is only a theoretical
    thing. Just in case, the borrower is unable to
    repay the installments on time, the lenders would
    then have to have something against the value of
    the loan to recover its losses. Therefore, the
    borrower has to pledge for a collateral.

4
  • You do not need to pledge for collateral to any
    government bank if you're availing a loan up to
    Rs 4 lakhs.
  • According to RBI, lenders have a provision to
    provide student loan in india without collateral
    up to Rs 7.5 lakhs, however, if you wish to take
    loan more than 7.5 lakhs you can approach private
    bank and NBFCs who are willing to offer a loan up
    to Rs 50 lakhs without security. Also, if the
    amount is big they are willing to give 100
    education finance against the collaterals. They
    won't need an upper limit for the loan amount
    that you can avail of education loan without
    collaterals.
  • Loan procedure for study loan without collateral
    is simple. There are few basic steps involved in
    it. Fill up the online application form, Submit
    the list of documents online, lenders will verify
    the documents and send it for processing.

5
Importance of student loan in India for higher
studies
  • Processing officer will verify the application
    and sanction the loan amount. The loan will then
    get disbursed to the university or institute
    within a day or two.
  • Other factors that lenders will check before
    approving the loan would be your academic score,
    parents/guardian's academic score, age,
    university or institute, country, job prospects,
    and the collaterals when the amount is beyond 7.5
    lakhs. Once the lenders evaluate these factors
    you will be eligible for a suitable loan amount.
  • The interest rates can vary from lender to
    lender. However, since these loans are offered to
    students they wont lend the loan at a higher
    interest rate. It can range anywhere between
    11-13 with a mere processing fee of around 1-2
    on the loan amount. Lenders are willing to offer
    more reduced interest rates and higher loan limit
    if you have collateral to keep with good
    financial value.
  • With or without collateral today, you have
    customized solutions for student loan in India
    through leading non-banking finance companies and
    banks. As per your need and your relationship
    with the lenders, and your power to negotiate
    with an exceptionally good academic score and
    credit score you can avail a study loan.
  •  

6
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