A definition of education loan
An educational loan is designed for students who have taken admission in colleges and do not have sufficient funds for college expenses. They want to create a funding source that will ensure that you study without any worries. The education loan scheme will provide you with the needed money to cover all your education expenses. This is the best choice if you need money to finish your studies. Every student in India can apply for this loan. Banks want to support every student in India that meets the requirements.
You can even apply for the loan if you are studying abroad. Some banks are also offering special schemes for female students. These schemes include various discounts and lower Interest Rates. If you are a student and have been admitted to either an under-graduate or post-graduate program, or if you are enrolled in some certified course, you can easily get this loan. The application process is simple and you just need to submit required documents along with the application. Education loan eligibility covers every college in the state, and that means all the students can be education loan applicants.
How can this loan scheme help you with your financial problems?
When there is a financial crunch, people usually prefer taking loan and education loan is one of them. People tend to apply for personal loans and loans against property instead of education loans. This is a mistake because only Ghaziabad education loan scheme is designed for students.
Personal loans and loans against property have high Interest Rates which is not suitable for a student's budget. On the other hand, Interest Rates for education loans have affordable interest rates designed especially for students.
The same goes for repayment process. The repayment of education loan in India will begin only when the user has completed his or her education. This is a great advantage because it will give you time to arrange for money. You can also get a moratorium period. It usually lasts for one year, which you can use to find a job.
Many banks in India can even give you some extra time after you are done with your education. It will be easy to repay the loan once you get a job.
What to keep in mind when applying for education loan
The process of application is easy when you want to take an education loan. Each bank in India has its own policy and different document requirements. When you choose a bank, it’s best to go to a nearest branch for asking details, or visit their official website. Some documents are common for every bank. These documents refer to your annual income and your education success.
If you are a parent who is applying for the loan, then keep in mind that you will have some tax benefits. The banks that are offering education loans are trying to make the loan situation as easy as possible because they know how education is important.
Ghaziabad banks and their Interest Rates
Education loan Interest Rate ranges from 12.00% to 16.00%. You can find many interesting education loan schemes in Ghaziabad with good Interests Rates:
- HDFC Bank: Interest Rate goes from 9.50% to 15.25%
- Union Bank of India: Interest Rates go from 11.55% up to 12.55%.
- Bank of Maharashtra: Interest Rates is between 10.85% and 12.10%
Where to apply for education loan in Ghaziabad
There are many banks where you can apply for an education loan in Ghaziabad:
1. HDFC Bank:
- Loan amount amounts Rs.10 lakh, but only for secured option
- The biggest amount that you can take is Rs.10 lakh
- Processing charges are only 1% of the whole amount
2. State Bank of Bikaner and Jaipur:
- For students in India, maximum loan is Rs.10 lakh. For students abroad, this amounts is Rs.20 lakh
- In this bank, Interest Rate ranges from 10.05% to 12.55%
- You will need security for amounts over Rs.4 lakh
3. Punjab National Bank:
- Interest Rate ranges from 11.6% to 12.6%
- 5% of margin for loans bigger than Rs.4 lac
- Maximum tenure duration is 15 years
4. Andhra Bank:
- Interest Rate is from 11.75% to 13%
- 5% margin for loans over Rs 4 lakh
- The biggest loan amount possible is Rs.2 lacs
Another way to apply for education loan in Ghaziabad is to visit Paisabazaar.com. This is one of the safest ways of online application. The best thing is that you can use this website for any possible loan in India.
You only need to submit information about yourself and your education. When you do this, the system of Paisabazaar.com will give you education loan offers. Each offer suits your details, so you can check them and decide which one is the right one.