Education loan: A short description
Education loan is a loan made for students. The loan amount is enough to cover all your educational expenses, starting from books and instruments, to accommodation and other college charges. Both students and their parents can apply for it, and the application process is very simple. Indian banks are offering various education loan schemes. These schemes are available for every citizen of India, regardless of the college or study program he/she has chosen. It covers costs of graduation and post-graduation program and other verified courses.
You can also apply if you are planning to study abroad. There is a great chance wherein you can avail twice the loan amount offered for studying in India. Many banks are also offering special schemes for supporting female education in India. These education loan schemes include various discounts and benefits for female students.
Getting an education loan in India is a great chance for a student to become independent. This can also be useful for the parents because their budget will be free from any educational expenses.
How can this loan benefit you?
The loan scheme contains many benefits that will make this process easy for you. One of the greatest advantages is the eligibility of education loan. Every student in India can become an education loan applicant. It is the best method to finance your higher education. Many people take this loan even if they have the money to cover their expenses. This is due to the easy management of the loan amount. However, there is a question-if this loan is a better solution than a personal loan? If the person needs money to finish his or her education, then the best option is education loan.
Some experts may suggest that an education loan is a good option even if you have the money to cover everything. Education loan scheme will give you a chance to pay for your education in monthly rates. Students usually pay their education expenses all at once. This can be harmful for the budget, but having a loan can prevent this.
If you apply for this loan, you can sleep peacefully because the repayment will begin only after you’re done with your education. There is even a possibility of income-linked repayment. This means that the bank will take a part of your each income, which is great because you don’t have to worry if you are regular with repayment.
What you need to know about education loan?
The application process is a very simple one, and your only task is to submit required documents. As we have mentioned, everyone can apply for this loan. The only condition is that you have a strong will to study and to improve yourself.
Different banks in India are offering these loan schemes. The schemes and required documents differ from bank to bank. However, some documents are common and they are essential for the loan:
- Proof of identity
- Proof of residence
- Proof of income
You can also create a list of all your costs as detailed as possible. This list will help you to keep track of the loan money.
Jaipur education loan Interest Rates
The Interest Rate for education loan in Jaipur is always somewhere between 12.00% and 16.00%. Examples of such education loan interest rates are:
- Allahabad Bank: Interest rates range from 11.05% to 13.55%
- State Bank of Indore: Interest Rates go from 9.40% to 11.10%
- Union Bank of India: Interest Rates is between 11.55% and 12.55%
Where can you apply for this loan in Jaipur
Many banks of India can offer you a good education loan scheme in Jaipur:
1. State Bank of India:
- The maximum amount that you can get is Rs 30 lakh
- Interest Rate is between 9.40% and 11.10%
- The longest possible tenure is 12 years
2. Corporation Bank:
- Interest Rate goes from 11% to 11.85%
- Processing fee of Rs 2000 is charged but only for students that study abroad
- The maximum possible loan amount is Rs 10 lakhs. For students abroad, this amount goes up to Rs 20 lakhs.
3. Federal Bank:
- Interest Rate is always between 10.72% to 15.32%
- The margin is 5% if the loan amount is more than Rs 4 lakhs
- Loan amount more than Rs 7.50 lakh require a third party security
4. Andhra Bank:
- Interest Rate is between 11% and 11.45%
- 5% margin for loans over Rs 4 lakhs.
- Rs 2 lakhs is the maximum possible amount that you can borrow
There is another way to apply for Jaipur education loans. Paisabazaar.com can help you with the online application for an education loan. Don’t worry about security because this website is completely safe. The whole process won’t even take 10 minutes of your time, so this is a great solution for busy people.
You will have to submit the following details:
- Personal details
- Education details
- Income details
The result will be a list of loans that you can apply for in Jaipur. Keep in mind that you can use this website for other type of loans, too. It is one of the safest and fastest methods of applying.