A brief introduction to education loan
Education loan is a special type of loan which is designed for students. With this loan, you will be able to cover all your education expenses. We all know that education is difficult and expensive; therefore education loan comes as a solution for financing your education.
This loan is available to every person in India. It is possible for both students and their parents to apply for the loan. Indian banks are offering different loan schemes which can cover any college and any study program in India.
Education loan in India is also available to students who wish to study abroad. The banks are offering various schemes that support female education. These schemes include different discounts and other benefits for female students. This makes the education loan scheme a best loan solution if you are not able to finance your education.
Why you should consider this loan option for your financial issues
Education loan has many advantages, and it is a better solution than other loans. Every citizen of India can apply for this loan. The features are incredible, and the application process is very simple. You will be able to organize your money and your life, and this will be the first step towards your future. On the other hand, you will also help your parents, because the family budget will be free from education expenses.
As we have mentioned, this is the best loan option if you need some extra money. However, some people still prefer personal loans. It is a bad choice for a student as the interest Rates are very high, and as a student, you may not be able to repay the loan amount during your studies. Repayment is another issue, because in most of the cases, it begins soon after you get the loan. An average student can’t afford to send monthly rates to the bank. With an education loan in Nashik, you won’t have such problems.
Things that you should consider when applying for this loan
The first thing that you should know about this loan is the Interest Rate. Every bank in India will offer you low and affordable Interest Rates.
Along with this comes the repayment process. A borrower of the loan does not have any obligation of repaying the loan amount he/she completes his/her education. This is a great advantage because you will have more time to focus on your studies. The eligibility of education loans covers whole India. This means that any student can become a user or education loan applicant.
The application process is not complicated at all. You will have to submit required documents to your bank and that’s it. However, each bank has different documentation procedure; therefore you should visit the nearest bank branch or check their website to see what documents you need to submit.
Nashik Interest Rates for education loans
The Interest Rates for education loans in Nashik are always between 12.00% and 14.00%. They are all adjusted to the possibilities and the budget of students because they cannot bear high Interest Rates.
In banks of Nashik, there is a variety of Interest Rates:
- State Bank of Indore: Interest Rate ranges from 9.40% to 11.10%
- Union Bank of India ranges between 11.55% -12.55%
- Central Bank of India: Interest Rate ranges from 10.85%-11.35%
Banks in Nashik that can provide you with interesting education loan scheme
These banks in Nashik offer some interesting education loan schemes:
1. Bank of Maharashtra:
- Interest Rate ranges between 10.85% and 12.10%
- Rs.10 lakh is the largest loan for students in India, and Rs 20 lakh for students abroad
- You need to pay a margin of 5% for loans over Rs 4 lakh
2. Indian Bank:
- Interest Rate is 12.25%
- Margin depends on the amount you take, and it can go up to 15%
- The biggest amount that you can take is Rs 15 lakh. For students abroad it is Rs 25 lakh
3. Corporation Bank:
- Interest Rate ranges between 11.00% and 11.85%
- Rs.10 lakh is the biggest amount for students in India, and for students abroad it is Rs 20 lakh
- There is a procession fee for students abroad, and it amounts Rs.2000
4. State Bank of Bikaner and Jaipur:
- Rs 10 lakh is maximum amount for students in India and for students abroad it is Rs 20 lakh
- You will need a third party security for amounts bigger then Rs 4 lakh
- Interest Rate ranges between 10.05% -12.55%
If you decide to apply for education loan in Nashik, you should also check Paisabazaar.com. This website will help you with the hassle-free online application. Everything is safe, and you just need to submit following information:
- About yourself – residence, date of birth, etc.
- About your education success
- About your incomes
In just a few seconds, you will get a list of Nashik education loans, from which you can select the most suitable one according to your requirements.