Education is a basic right of every child. A student, who does not belong to an affluent family, but who has done well in his/her secondary and higher secondary exams deserves a chance to continue his/her studies. This is where education loans prove to be extremely beneficial. Such loans are generally given to deserving and meritorious students who cannot fund their own studies. As with other loans, this loan can be applied from the convenience of somebody’s home using a smartphone. Different banks are allowing customers to apply for an education loan online by following a few simple steps.
The eligibility criteria to avail an education loan are:
• The applicant should be an Indian citizen
• In case of a NRI, the person should have a valid Indian passport
• The education loan is to be applied with a co-applicant who has a stable source of income
• There is a particular age bracket that is different for different banks.
• The most important criteria are the person has got a confirmed admission from a recognized institution or college
• Banks also check the academic record of the applicant and the credit history of the co-applicant
The different steps that a person needs to follow to apply for an education loan online are:
• You will have to scan and send the relevant documents to the bank. The bank will then verify whether the applicant has received admission in a recognized institute or not and it may also check the credit history of the co-applicant.
• The lender generally will personally interview the applicant and ask him/her questions about the course that he/she will pursue, the institute and what the potential sources of income.
• If the bank sanctions the education loan, a promissory note will be sent to the applicant that he/she will have to sign and return to the bank.
• The loan is finally disbursed after the entire process of documentation, verification and signing of the documents are completed.
A person applying for such a loan can use an education loan EMI calculator to find how much he/she will have to pay back every month to the lender. Banks generally offer a maximum of INR 10 lakhs to students looking to pursue his/her studies in India while students looking to study abroad are generally given a maximum loan of INR 30 lakhs. The online calculator has made it easier for applicants to compare the rates and other criteria of different banks and thus helps them to make an informed decision. An education loan EMI calculator has made applying for an education loan hassle-free as the applicant does not have to go from one bank to the other to get to know the best rates on an education loan. He/she is able to get that information from any place and at any time.
The eligibility criteria to avail an education loan are:
• The applicant should be an Indian citizen
• In case of a NRI, the person should have a valid Indian passport
• The education loan is to be applied with a co-applicant who has a stable source of income
• There is a particular age bracket that is different for different banks.
• The most important criteria are the person has got a confirmed admission from a recognized institution or college
• Banks also check the academic record of the applicant and the credit history of the co-applicant
The different steps that a person needs to follow to apply for an education loan online are:
• You will have to scan and send the relevant documents to the bank. The bank will then verify whether the applicant has received admission in a recognized institute or not and it may also check the credit history of the co-applicant.
• The lender generally will personally interview the applicant and ask him/her questions about the course that he/she will pursue, the institute and what the potential sources of income.
• If the bank sanctions the education loan, a promissory note will be sent to the applicant that he/she will have to sign and return to the bank.
• The loan is finally disbursed after the entire process of documentation, verification and signing of the documents are completed.
A person applying for such a loan can use an education loan EMI calculator to find how much he/she will have to pay back every month to the lender. Banks generally offer a maximum of INR 10 lakhs to students looking to pursue his/her studies in India while students looking to study abroad are generally given a maximum loan of INR 30 lakhs. The online calculator has made it easier for applicants to compare the rates and other criteria of different banks and thus helps them to make an informed decision. An education loan EMI calculator has made applying for an education loan hassle-free as the applicant does not have to go from one bank to the other to get to know the best rates on an education loan. He/she is able to get that information from any place and at any time.
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