Basic information about education loan
Education loan is designed to cover all education related expenses. It is a good option when you lack financial support, and you need some aid to complete your education. This loan scheme is designed for students, and it is suitable for all their educational needs.
The amount of education loan varies, and it will be determined based on a number of factors. The banks of India are offering fantastic loan schemes. Everyone can apply for them, and the only condition applicable is that you should be a citizen of India.
These loans will cover graduate and post-graduate programs of all colleges of India. They can also cover certified courses. If you are studying abroad, you can apply for the loan without any problem. Also, majority of banks in India are offering special schemes to support female education. This means that female students will get some discounts and benefits if they apply for the loan.
Benefits of applying for this loan
If you are a student who requires money to support his/her education, taking an education loan in India is the best option for you. You will get the amount of money that you need, and this will improve your education experience. Your parents will also benefit from this loan because it will remove the burden of education from your family budget. It will also give you independence and responsibility to use this money in the best manner possible.
Eligibility of education loans in Kanpur covers all students, and therefore anyone can become an education loan applicant.
These loans are among the most preferable options when a student faces lack of money. However, many people choose to take a personal loan, which is not the best choice. A personal loan is not made for students, and it can make the situation even worse.
Personal loans have higher interest rates, which students cannot bear. The repayment process also begins soon after the user gets the loan amount. It is impossible for a student to maintain the pace of studying while being able to repay the loan installments timely. That’s why it is advisable to take a Kanpur education loan to deal with shortage of money.
Things that you should know about education loan
The repayment process is one of the biggest advantages of education loan. There is a thing called moratorium period. It is the time period after your education ends and before the repayment begins. This period can be used to gather money or to find a job. However, to start thinking about repayment earlier is a better idea, so that you can be ready for it before the time comes.
The whole application process consists only of document and application submission. Every bank in India has a different list for the documents required, so you must visit the website of your bank to be informed about the same. However, some documents are very common:
- Residence proof
- Proof of your ID
- Documents about your income
The loan experts will use this information to determine the loan amount that can be offered.
Education loan interest rates in Kanpur
The education loan Interest Rate always ranges between 9.40% and 16.00%. The government of India has decided this bracket in order to support the students and their education. There are various education loans in Kanpur:
- Axis Bank: Interest rates are within the range of 14.75% to 17.25%.
- Union Bank of India: Interest Rate goes from 11.55% to 12.55%.
- State Bank of Patiala: Interest Rates are between 9.40% and 11.10%.
Where to apply for this loan scheme in Kanpur?
Many banks are offering an education loan scheme in Kanpur:
1. ICICI Bank:
- Interest Rate is 11%
- The maximum amount is Rs 10 lakh for students in India
- For students abroad, the maximum amount is Rs 20 lakh
2. Bank of Baroda:
- Interest Rate is from 9.85% to 12.60%
- The maximum possible loan tenure is of 15 years
- There is a margin and it amounts to 15%
3. Allahabad Bank:
- Interest Rate is from 11.05% to 12.55%
- The maximum duration of tenure is 15 years
- 5% margin for students in India, and 15% for students abroad
4. Bank of India:
- The maximum possible amount is of Rs 20 lakhs
- Interest Rate is in the range of 11.05% to 12.35%
- The maximum tenure duration can be of 15 years
These are only a few banks that offer a Kanpur education loan scheme. In order to find the most suitable one, you should research on your own. However, there is another possibility. If you are a busy person and you don’t have time for research and bank visits, Paisabazaar.com can make the job easier for you. You can use this website to find the perfect loan. You will only need to submit some information like:
- Personal details
- Income details
- Education details
Paisabazaar.com will use these details to offer you a list of suitable loan options. This won’t take more than 10 minutes. You can also use this website to search for other type of loans offered by Indian banks.