Education loan: a brief description
Specially customized and designed with Students in mind. The product comes with many advantages tailored to make it easy for students to study peacefully. Many students choose this loan because it covers all expenses of their life. This means that the amount of this loan will cover your accommodation expenses, your books, and other charges. The application process is very simple and you will easily find a bank which can provide you a good loan scheme.
You can apply for various education loan schemes. They are all different in some aspects, but the basic characteristics are same. Education loans will cover any college and any study program; it will also cover all under-graduate and post-graduate programs, along with other certified courses. There are even special loan schemes designed especially for female students which include lower interest rates. This means that education loan eligibility covers whole India, and any student can become an education loan applicant.
Education loan is the best solution for students who have insufficient funds for their program of study. This is the reason why Interest Rates are usually low. Banks in India are supporting students as educational loans fall under the priority lending sector.
The application process is very fast and easy, which is another aspect that makes educational loans a preferred choice among students.
Why is it good to get an education loan?
Having a parallel job and college obligations can be difficult. Students need a stable financial support in order to complete their education in the right way.
With this loan, you don’t have to worry about Interest Rates. They are very low because this scheme has been designed especially for students. Along with that comes the repayment method. You are not under any obligation to repay the loan before you finish your education. This will give you additional space and time to focus on your college. Banks usually give moratorium period which is a time between your graduation and the beginning of repayment process.
Many people choose personal loans when they find themselves in a situation like this. However, this is not the right solution. Personal loans are not designed for students. This means that you will be paying high interest rates, the repayment process starts soon after you get the loan. Personal loans can create even bigger problems for a student. If you decide that you need a loan, the best option is to take an education loan.
Features of education loan schemes
As you already know, there are many banks in India which can give you an education loan. Their schemes are different and documents that you need are different, too. However, each bank will ask for your ID proofs of your education progress and your annual income.
These documents will determine the amount of loan that you will get. You can also create a list of all your expenses. This list will help bank officials to calculate the amount, and you can also use it to manage the loan money.
Dehradun Interest Rates for education loan schemes
The government of India offers a support to the students, and that’s why the education loan Interest Rate is going from 12.00% to 16.00%. You can find many schemes with good education loans in Dehradun:
- Punjab National Bank: Interest Rates range from 9.40% to11.90%
- Union Bank of India: Interest Rate is between 11.55% and 12.55%.
- Central Bank of India: Interest Rate moves from 10.85% to 11.35%
Dehradun banks where you can apply for education loan schemes
You can find different education loan schemes in Dehradun:
1. ICICI Bank:
- Interest Rate amounts 11%
- 5% margin for loans above Rs.4 lakh
- You will need a third party security for loans over Rs.4 lakh
2. Canara Bank:
- No interest rate for loans under Rs.4 lakh
- Rs.10 lakh is the maximum amount you can borrow
- For loans more than Rs.4 lakh, the margin numbers 5%
3. Bank of Baroda:
- Interest Rate ranges between 9.85% and 12.60%
- The longest duration of tenure is 15 years
- You will need to pay margin, which amounts 15%
4. HDFC Bank:
- Interest rate ranges from 9.50% to 15.25%
- The maximum amount is Rs.10 lakh
- Maximum loan tenure that you can take is 15 years
The listed banks are only some of the institutions which offer education loans. You can also apply for an education loan online through Paisabazaar.com. This website takes care of your security and provides you fast education loan application.
The application process is very simple. You just need to give your personal and education detail. This information is completely safe with Paisabazaar nonline portal. When everything is done, you will get various loan offers in Dehradun. You are free to apply for the most suitable one.