All you need to know about Student Loan In India

1. All you need to know about Student Loan In India

2. Higher studies are the milestones that help you move upwards on the ladder of your career growth. Choosing the country in which you want to take up further studies is the next crucial decision you will make in your professional development. Here’s how:

3. There are a number of benefits you will get by studying in your country. • One of the prominent benefits is the cost of studies. • India has beautifully enhanced its education prowess with international standard infrastructure, highly experienced teaching staff, and wide number of courses. • living away from home, the cost will be much less as compared to when you live out of the country. • Study loans help you realize your aspirations without any financial worries

4. Who can apply? • Any student above 18 years of age and a citizen of India is eligible for Student Loans In India. Before the loan can be utilized, the student must gain admission in the college. • Eligibility for a study loan also depends on the type of degree and course. Different lenders offer loan for different courses and degrees. • Coverage • Any top loan provider promises to finance all the education needs of the student. They not only cover the course fees but also every education related expense such as library fees, travelling, living, medication, etc.

5. Loan process • The Student Loan In India process is made to be hassle free and quick. You just have to fill an application form, which can be done online. You have to submit your documents along with your application. The list of documents is quite short and includes your KYC documents, proof of admission, fees structure of the college, academic documents, and photos. You will also have to submit your co applicant’s resident and birth proof, income proof, collateral documents, etc. The counselors will get in touch with you and explain you about the various loan schemes and suggest the one that is perfect for your needs. You won’t have to wait for long to get your loan application to get approved. • Rate of interest • Education loans are all about helping students fulfill their dreams. Thus everything about the loans is created keeping in mind the convenience of the students. Students can avail loans at competitive interest rates which will mean low EMIs to be paid per month. The interest rate is calculated by adding the base rate and spread.

6. Security • Whether you will be required to offer collateral or no will depend on the amount of your loan. Most lenders ask for security if the loan amount exceeds 4 lakhs. You can offer a residential property, non-agricultural land, fixed deposit, etc. as security. • Repayment • When you take an Student Loans In India, you will not have to worry about repayments until you are out of college. The lenders offer a moratorium period that range sbetween6 months to 1 year after the completion of the course or finding a job. In this period, students are exempted from making payments. This gives them enough time to save funds and plan their budget to make smooth payments later on.

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