Education loan: a short description
Education loan is a loan which is designed to cover education expenses. Usually, students apply for this loan, but their parents can apply, too. It is one of the best choices when you need some money to cover your education expenses.
This loan is available to every citizen in India. The banks are offering various loan schemes that can cover graduate, post-graduate and all other certified courses in India. However, it doesn’t matter which college and study program you have chosen, the loan covers every college related expense. You can even apply if you are willing to study in abroad. Many banks in India are supporting female education. They are offering education loan schemes which include different benefits for female students. This is another great thing about this loan. You just need to choose the right bank.
Why you need to consider applying for an education loan scheme
Education loan scheme has many advantages. It will provide you the required money which will cover all your education expenses. With this loan, you don’t have to think about loan EMIs while studying. This is a good way to clear your mind and focus on your education.
The first advantage of the Noida education loan surely is the repayment method. While other loans will oblige you to repay the money in a shortest possible period, education loan scheme works in a different way.
You won’t have to return the money until you are done with your education. After that, you will get a moratorium period which usually lasts after one year. A borrower can arrange for funds during this time period by finding a job. There is also a possibility of income-related repayment. When you receive some money, the part will immediately go to your bank as your loan EMI. Along with the repayment comes the Interest Rate. Every bank in India, you will get low Interest Rates for education loan.
Education loan eligibility covers every college and study program in India. This is an important thing to know because anyone can easily become an education loan applicant.
Education loan details that you should keep in mind
When you decide to apply for this loan, you have to submit some documents. The full list of the documents can be found on the bank’s website. Required documents are different for every bank, but some of them are common:
- Your personal details – name, surname, place of residence, etc.
- Your education success
- Income details
Another thing that you should know about education loan in Noida is that it can improve your credit history. After you repay the loan and decide to take another one, you might get preferably lower interest rates.
Interest Rates for education loan that you can find in banks of Noida
The Interest Rates are adjusted to the budget of the students because they can’t afford the higher rates. Some examples of Interest Rates that you can find in Noida are:
- Bank of Baroda: Interest Rate ranges from 9.85% to 12.60%
- Andhra Bank: Interest Rate ranges from 11% to 11.45%
- Federal Bank: Interest Rate goes from 10.72% to 15.32%
Where can you apply for this loan in Noida
When you begin your search, you will be surprised how many education loan schemes can be found in Noida. Each bank has its own program, so you should check them before applying. You can start with these banks:
1. Central Bank of India:
- Maximum possible loan amount is Rs. 10 lakh
- Interest Rate ranges from 10.85% to 11.35%
- The margin depends on the loan amount, and it can go up to 15%
2. Kotak Bank:
- The biggest possible loan that you can take is Rs 10 lakh
- Interest Rate ranges from 11.50% to 24%
- Processing charges are low – 2% of the loan amount
3. Bank of Maharashtra:
- Interest Rate moves between 9.85% and 12.60%
- There is a 5% margin for loans over Rs 4 lakh
- Rs. 10 lacs is the biggest loan amount for students in India or Rs 20 lacs for students abroad
4. HDFC Bank:
- Smallest Education loan Interest Rate is 9.50% and the largest is 15.25%
- You can take up to Rs 10 lakh
- The longest possible tenure duration that you can take is 15 years
If you are interested in education loan in Noida, you can visit Paisabazaar.com. This website provides a fastest and safest way to apply for the loan. Everything is done online, which can save you time and energy.
You need to submit some information:
- Personal details
- Education details
- Income information
When all details are submitted, the system will show you a list of suitable loans according to your requirements. However, you can check them all and apply for the best one. The whole procedure won’t even last for 10 minutes.