A brief description of education loan
Education loan scheme is a scheme made for students. Students in India are hard-working individuals, dedicated to their education. However, money at times can be an issue. Studentsmay face lack of financial support for their education.
Some students will continue to fight and find a way to finance themselves while others will quit. Taking an education loan in India is the best option if you decide to complete your education. This loan is available for all citizens of India. Students and their parents can apply for it. This loan supports all study programs of India, and it will provide you the required money to cover all your educational expenses. You can also apply for this loan if you are planning to study abroad.
Most banks have different policies, according to these policies some might offer a greater amount of money to the individuals who are studying in some prestigious colleges. The majority of them will also support female students by offering benefits and lower rates with this loan.
Meerut education loan is a way to cover all your expenses and easily afford higher education. With this amount of money, you don’t have to think about your expenses. All you have to do is focus on studying,
Why you need to consider taking this loan?
The first benefit of the education loan is the amount of money that you will get. If you are good with money, you can easily cover all your expenses. After you apply for this loan, you will get the entire amount at once, and this will be enough to keep you at peace during your period of study.
However, when it comes to loans, most people will take personal loan or loan against property instead of education one. This is a bad decision if you need to cover your education expenses. Both personal loan and loan against property have high Interest Rates. These rates are not suitable for students. Average students don’t have an income that can cover this expense.
Financial experts are also saying that education loan can be a good choice even if you have the money to cover your expenses. In most cases, college expenses have to be paid all at once. This can affect your budget. An education loan can give you a chance to pay for college in installments. This will remove the unnecessary pressure on your budget.
Things that you should keep in mind while applying for this loan
Education loan in Meerut is probably one of the best loans that you can get. Low education loan Interest Rates is suitable for a student’s wallet, and repayment process is the best feature which makes it feasible.
The repayment starts only after you’ve finished your education. There is even an option to get some extra time so you can find a job that will help you with the repayment procedure. This is called moratorium period. The banks are allowing this so a user can gather the required money for repayment.
Education loan eligibility covers every college in India. This means that any student can be an education loan applicant, and there is a great chance that he or she will become the user, too. The application process for education loan scheme is not complicated at all. You just need to submit various documents with the application and that’s it. However, different banks will ask for different documents, so you should visit the nearest branch or bank’s website to get more information.
Interest rates offered by Meerut banks
Education loans in Meerut come with the following interest rates:
- Punjab National Bank: Interest Rate ranges from 9.40% to 11.90%
- IDBI Bank: Interest Rates are in the range of 9.45% to 12.35%
- HDFC Bank: Interest Rate is in the range of 9.50% to 15.25%
Banks of Meerut where you can apply for an education loan
These banks can offer education loan schemes in Meerut:
1. Corporation Bank:
- Students studying abroad have to pay a processing fee of Rs 2000
- You can take up to Rs 10 lakhs if you study in India, and up to Rs 20 lakhs if you study abroad
- Interest Rate is within the range of 11% to 11.80%
2. Bank of India:
- The maximum loan amount is Rs 10 lakhs
- 5% margin
- You will have to bring a third party security in order to apply
3. Allahabad Bank:
- Minimum interest rate is 11.05% and maximum is 11.65%
- The maximum tenure is of 15 years
- 5% margin for students in India, and 15% for students abroad
4. Bank of Baroda:
- Interest rate ranges from 9.60% to 11.85%
- The maximum tenure is of 15 years
- There is a margin that amounts to 15%
Another way of application is Paisabazaar.com. You can use this website if you find it easier to apply online. Many users have testified about its efficiency and safety. The whole application procedure lasts only for a couple of minutes. To apply, you will need to enter some of your details. Personal, educational, and details about income are required. After this, the portal will offer you a range of suitable options for education loans in Meerut.