An introduction to education loans
Apart from getting admission in a renowned university, the main complication is financing for the education course. As part of the priority lending sector, Indian banks have education loan packages to fit all needs. Some banks in India are even offering special loan schemes for female students. These schemes include different benefits.
By applying for this loan, he or she will be able to get off the family budget. The best thing is that education loan eligibility covers every university. Every student can become an education loan applicant.
Education loan advantages
Education loan is the best option for students. With this money, you will gain some independence and you will not burden your family budget. However, there is nothing to be feared of. Interest Rates for this loan are very low, and repayment can be done after completing your education. Many banks will even give you some extra time to find a job, so the repayment could go smoothly. Many people think of personal loans when they are stuck in situations like this. Personal loans are a bad choice because they are not made for students.
This loan scheme is designed to cover all possible education expenses. When a person wants to apply, he or she will bring a list of all your outgoings. This will be a guideline for loan creation. The applicant will get enough money to cover them all, and this will lead to a happier studying period.
Education loan features that you need to pay attention to
Almost every bank in India has an education loan scheme. These schemes have some minor differences, and they all require different documents to be submitted with the application. Your bank will need those documents in order to sanction you loan.
Education loans also benefits your credit history. When you take an education loan this means that you are willing to invest in education and that higher values are the most important ones for you. This will an add-on advantage if you want to apply for some other loans in future. It can also get you some low education loan Interest Rate.
This loan is the best option if you are left without money. The application process is very simple, and your budget will not feel the repayment. There is nothing to be afraid of if you apply, and you will even get some tax benefits. The banks of India understand how education is important, and they want to support the students.
Interest Rates in banks of Gurgaon
When you begin your search for the right education loan scheme, you will notice that every bank has its own offer. This will require you to do a detailed research in order to find best Interest Rates. The examples of Interest Rates for education loans in Gurgaon are:
- Punjab and Sind Bank: Lowest Interest Rate is 11.75%, and biggest is 13%
- Vijaya Bank: Interest Rate ranges from 9.65% to 12.20%
- Indian Bank: Interest Rates is floating, and it is 12.25%
Gurgaon banks where you can apply for this loan scheme
You can get an education loan scheme in Gurgaon in various banks:
1. Bank of Maharashtra:
- Interest Rate ranges from 10.85% to 12.10%
- Rs.10 lakh is the biggest amount for students in India. If you study abroad, this amount goes up to Rs.20 lakh
There is a margin of 5% for loans bigger than Rs.4 lakh
2. Bank of Baroda:
- Interest Rate ranges from 9.85% to 12.60%
- You can take loan tenure up to 15 years
15% is the margin for this loan
3. Punjab National Bank:
- Interest Rate ranges from 9.40% to 11.90%
- For loans over Rs.4 lakh, there is a margin of 15%
The maximum tenure that you can take is 15 years
4. AXIS Bank:
- Interest Rate ranges from 14.75% to 17.25%
- Processing fees are Rs.1000
- The maximum loan amount is Rs.3.9 lacs
The application process is very simple. It consists of couple of steps:
- Submit your personal details – name, surname, place of residence…
- Submit details of your annual income
Submit information about your education
When everything is done, the website will provide you with a list of loans that you can find in Gurgaon. They all fit into your details, so you can choose any of them.