Education Loan: In today’s era, the cost of higher education has increased significantly. First of all, the huge fees of coaching institutes for the entrance exam, then college fees, living expenses etc. are becoming very heavy on the parents. Professional education courses easily cost Rs 10 to 30 lakh. If studies are to be done abroad, this amount increases significantly. In such a situation, education loan becomes very important. If the student gets a job after his studies, he can repay this loan. Today we will tell you what are the types of education loans, what are the features and how to apply.
Benefits and features of education loan
1. You can take a loan up to Rs 1 crore under education loan.
2. It has a flexible repayment period. Here the maximum repayment period is 15 years.
3. Students can take loan for studies anywhere in India and abroad.
4. Some lenders give some amount of the loan even before getting the visa for studying abroad.
5. Its process is easy.
6. In this, women students and children of bank employees also get discount.
7. Repayment is not required until 1 year after completion of the course.
How many types of education loans are there?
Undergraduate Loans: You can take these loans for college studies after high school.
Post Graduate Loans: After completing undergraduate studies, you can take this loan for further studies.
Professional Advancement Loans: For courses designed to advance skills, certifications, and professions.
Parents Loan: Parents can take parental loan for the education of their children.
How to apply online?
Step 1: Open the website of the concerned bank of your choice.
Step 2: Go to the education loan section from the website.
Step 3: Fill the application form with all the required information.
Step 4: Submit all the required documents like identity proof, address proof and educational documents.
Step 5: After this the bank will verify your application. Once satisfied, it will transfer the amount to your account.
Apply offline like this
Step 1: Visit the official branch of your respective bank.
Step 2: Ask for application form for education loan.
Step 3: Fill the application form with required personal details.
Step 4: Submit the application form along with all the required documents for verification.
Step 5: The bank will verify your application and once satisfied, the amount will be transferred to your account.
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