Today Getting higher education in time has become very expensive, including entrance exam, coaching to college fees and living expenses. For professional courses, 10 to 30 lakh rupees are easily spent. This amount increases even more by studying abroad. In such a situation, education loan becomes an important support, so that students can repay the loan after completing their studies. Let us know the type, advantages, characteristics and how to apply.
Advantages and characteristics of education loan
- You can take a loan of up to Rs 1 crore.
- There is a flexible period of up to 15 years to repay the loan.
- Loans are available for studies in India or abroad.
- Some banks give some amount even before getting visas abroad.
- The loan process is easy.
- Women students and children of bank employees get interest rebate.
- There is a facility to start repayment until one year after the course is completed.
Types of education loan
Undergraduate loan: For early college studies.
Post Graduate Loan: For further studies after graduation.
Professional Advancement Loan: For courses that push skill development, certification and career.
Parents Lone: Parents can take their children for education.
Method of online application
- Go to your chosen bank website.
- Find education loan section.
- Fill all the necessary information in the application form.
- Submit the required documents such as identity card, address proof and educational documents.
- The bank will check your application and if found correct, the loan amount will be inserted into your account.
Offline application method
- Go to the nearest branch of your bank.
- Get the application form for education loan.
- Fill your personal information in the application form.
- Submit the application form with all the necessary documents.
- The bank will verify your application and if satisfied, the loan amount will be transferred to your account.
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