A brief description of education loan schemes
If a student chooses a bank and applies for an education loan, there is no need to worry about college or study program. Education loan schemes that you can find in India will support any college and any study program. The loan is available to every student enrolled in graduation or post-graduation program or other certified courses.
The banks will also support students who are studying abroad. The majority of banks will also support female education by offering special benefits to female students who apply. All these characteristics make education loan in India the best way to boost your finances for the purpose of education.
Why you need to apply for this loan?
Education loan that you can avail from any Indian bank has many benefits. When we talk of loans the first thing that needs to be mentioned is interest rates. Unlike other loan types, Ludhiana education loan has very low interest rates. This is because students cannot afford to take a loan with high rates. Low rates will allow them to repay the loan within the deadline. The other thing that comes along with interest rates is repayment. Education loan is the best loan for students because the repayment begins after the education is complete. This is not an option with other loans.
When you complete your education, the moratorium period begins. This period will give you enough time to find a job or to gather money for repayment in some other way. However, most of the loan users start to organize their budget while they are still in college, so you can do that, too.
Education loan facts that you need to consider before applying
Keep it in your mind that education loans are good for your credit history. When you apply for another loan after you’ve repaid this one, there is a great possibility that you will be offered lower interest rate. A person who has applied and repaid the Ludhiana education loan gives an impression of a reliable and serious person, and banks will appreciate this.
Almost all banks in India offer education loan schemes. If you decide to take the loan, you must be well informed. Each bank has its own rules and requires different documents. The best way to get the required information is to visit the nearest branch of your bank or their website.
However, some documents are common for every bank in India. These documents include:
- Annual income
- Personal details (ID, place of residence, etc)
- Educational details
They are important because loan experts will calculate the loan amount according to these documents. It is also recommended that you make a detailed list of all your costs. This will help you to manage the loan amount, and it can be of great use for the loan amount determination.
You should also know that every college is considered under the education loan eligibility criterion. You just have to be a good student to become an education loan applicant.
Education loan interest rates that you can find in banks of Ludhiana
You can find various education loan schemes in Ludhiana. Each scheme is designed in its own way, so it is natural that not all of them can fit in your cause. You can check some of these banks:
- State Bank of Indore: Interest rate starts from 9.25% to 11.10%
- Allahabad Bank: Interest Rate range betweem 11.05% to 11.65%
- Punjab and Sind Bank: Interest rate goes from 11.75% to 13%
Banks in Ludhiana that may interest you with their education loan offers
Check the following banks for good education loan schemes:
1. Central Bank of India:
- The maximum loan that you can get is of Rs 10 lakhs
- Interest rate is within the range of 10.85% to 11.35%
- The margin depends on the loan amount and it moves between 5% and 15%
2. Bank of India:
- The maximum loan that you can apply for is Rs 10 lakhs
- You will have to pay the margin of 5% for education loan
- Interest rate moves within the range of 11.10% to 12.40%
3. IDBI Bank:
- Interest rate goes from 9.45% to 12.35%
- You will need a third party security for loans over Rs 4 lakhs
- The longest duration of tenure is 15 years
4. Bank of Maharashtra:
- Interest Rate is between 10.95% and 12.20%
- 5% margin for loans above Rs 4 lakhs
- The maximum loan amount for students in India is Rs. 10 lakhs and Rs 20 lakhs for students abroad
You can check all these banks when you decide to apply for the loan. However, if you can’t find time in your schedule to do all this, you can apply online. Paisabazaar.com is the website for your aid. The whole procedure is not that complicated, and you can finish everything within a couple of minutes.
The system will ask you to submit information about:
- Your income
- Your personal details
- Your academic success
When you are done with this, the website will show you a list of possible education loans in Ludhiana. You can then choose from the available options and take the procedure forward.