All you need to know about Education loan in india

1. All you need to know about EDUCATION LOAN In India

2. Education costs are rising at an average of 15% p.a. So, if you want an education Loan, take note of these factors

3. Qualification Course For Which TheLoan Is Taken Co-borrower’s Job Profile & Credibility Factors That Determine Loan Amounts And Interest Rates Academic Background Preferred Institution

4. Interest Rates 5 years to 15 yearsDepending On Bank Can range between 11.75% & 14.75% depending on the bank, tenure, college and loan amount 14.75% Loan Tenure 11.75% The repayment period (or moratorium period) starts after the education course ends, plus one year or 6 months (whichever is earlier), after getting a job.

5. Documents Required When Applying For Education Loan Break-up of Course Costs From University or Institute KYC (Know Your Customer) documents for student & parent/ guardian Admission Letter Passport Size Photographs Completed Loan Application

6. Documents Required When Applying For Education Loan Proof of income of Parent/ Guardian/ Co-applicant Mark sheets/ certificates of previous academic qualifications Student/ Co-applicant's bank statements of last 6 months Statement of assets & liabilities of Parent/ Guardian/ Co-applicant IT returns for previous 2 years of Parent/ Guardian (if an IT Payee)

7. Security Amount No security needed for loans up to Rs. 4 lakhs, but parents must be joint borrowers For loans above Rs. 7.5 lakhs, parents must be joint borrowers. Also requires tangible collateral security of suitable value. For loans between Rs. 4 to 7.5 lakhs, collateral security in the form of third party guarantee is needed

8. To check your creditworthiness for education loan, get your Personal Credit Score from CRIF by applying directly on the link mentioned below: https://cir.crifhighmark.com Follow CRIF India on : /CRIF INDIA