An introduction to education loans
We all know how education is an important and difficult period for a young person. It is a process of initiation in the society. However, due to the lack of financial support, it is one of the biggest reasons of students quitting their education. Education loan can be a solution to this problem.
Education loan is made for these purposes. This money can cover all your education expenses, ranging from books to accommodation and other expenses. Every student in India can be an education loan applicant. It doesn’t matter what is your college or study program, education loan scheme covers every graduation, post-graduation, and other verified programs in India. Education loan eligibility is really wide.
You can apply if you study abroad, and you’ll surely get the loan. Many banks are even offering special schemes that support female education. These schemes contain different benefits for female students that will improve their education experience.
How can an education loan improve your budget
Taking an education loan in India is a great opportunity for a student to get independent. With this money, you will be able to cover all your expense. This also means that you will remove the education burden from your family budget. By applying for this loan, you can help your cause and your parents at the same time, which is a great thing.
Education loan has many advantages. However, people who don’t have money to invest in their education still think of choosing personal and other loans. Education loan in Navi Mumbai is the best loan option for this option and applying for other loans might cause you more troubles.
Let’s take a personal loan as an example. This loan is not designed for students. It has high Interest Rates, and you need to pay EMIs every month which becomes quite difficult when you are studying. That’s why Navi Mumbai education loan is the best option when you need a financial boost.
Things to consider when applying for education loan scheme
When people speak of loans, the first thing that has to be mentioned is Interest Rates. As we already mentioned, other loans have higher Interest Rates as compared to education loan. Every bank in India has education loan schemes with comparatively lower interest rates. The banks have made this loan for students, and they know that students are not able to stand high Interest Rates.
Repayment is another good thing about this loan scheme. A user is not under any obligation to return the money before he or she is finished with college. This policy can give you more time and space to focus on your studies, and you can also plan the repayment. Most of the banks will allow you to take extra time so you can find a job that will help you with the repayment.
You will need to gather some documents if you want to apply for the loan. The detailed list can be found on the website of your bank.
Navi Mumbai Interest Rates
When it comes to Interest Rates for education loan scheme, you should know that it is adjusted to student’s possibilities. The repayment begins after the moratorium period, and it is organized in monthly rates.
Some of the Interest Rates that you can find in banks of Navi Mumbai are:
- ICICI Bank: Interest Rate amounts 11%
- Punjab National Bank: Interest Rate ranges between 9.40% -11.90%
- Vijaya Bank: Interest Rate goes from 9.65%p.a. to 12.20%
Banks in Navi Mumbai that can help you find a perfect education loan scheme
You can find some interesting education loan schemes in Navi Mumbai:
1. Union Bank of India:
- Interest Rate ranges from 11.55% to 12.55%
- Rs.10 lakh is the biggest amount that students in India can take
- Rs 20 lakh is the biggest amount that abroad students can apply for
2. Indian Bank:
- Interest Rate is only 12.25%
- Margin ranges between 5% and 15%
- The biggest loan for students in India is Rs 15 lakh
- For students abroad, the biggest possible amount is Rs 25 lakh
3. Andhra Bank:
- Interest Rate ranges between 11% and 11.45%
- There is a 5% margin for loans over Rs 4 lakh
- Rs 2 lacs is the biggest amount that you can take
4. Allahabad Bank:
- Interest Rate ranges from 11.05% to 13.55%
- The longest tenure that you can take is 15 years
- Margin exists only for loans over Rs 4 lakh
These are only a couple of banks that can provide you with an education loan scheme in Navi Mumbai. You should check the rest of them and see what they have to offer. Paisabazaar.com is another thing that you should check. This website can help you to apply if you are short on time and can’t make it to the bank. You will need only 10 minutes to finish everything. Paisabazaar.com can help you to apply for other types of loans, too. You only have to enter required information and the system will show you a list of possible loan schemes.