#besteducationloan

Best Education Loan -

Study Loans In India : The education loan for study in India provided by us help you to invest in a better future.

You can find more interesting things on these sites mentioned below :-

Facebook : https://www.facebook.com/AuxiloFinserve/

Twitter : https://twitter.com/AuxiloFinserve

Youtube : https://www.youtube.com/channel/UClc_BEIN262Fm5eY_8sPA5w?view_as=subscriber

Best Education Loan:-The best education loan options provided by us help you to fulfill your dreams of quality education.

5 Amazing Gold Mine for Education Loan

Hey there! You’re at the right place if you’re looking for an education loan. The simple criteria to choose an education loan is to look for less interest rate and more extended payment period. There are so many financial institutions offering education loan with different criteria. The interest rate varies from 8.30% to 12.30%. There are some loans which are liable for some relaxation/waiver from the government. Some banks also offer less interest rate for girls.

Some points for consideration

Interest Rate Waiver Period Loan approval Ease of payment Processing fee Collateral/Security Tax benefits Early payment benefits After assessing the individual need; you can make an appropriate choice from the information given below. Here’s the latest information regarding education loan offered by various banks in India as of 2018. Let’s have a quick look! 1.State Bank Of India: SBI offers a lucrative education loan and has salient features which hit the top of our list. All the Indian nationals are eligible for the credit. It provides loan for students pursuing higher education in India and abroad. It does not charge any processing fee for the education/student loan. It gives a long repayment time of up to 15 years. It covers all the courses from graduation to the doctorate. It includes all the expenses of the class of study including examination fees, books/library fees, caution deposits, etc. It offers maximum 10 Lakh rupees of loan for studying in India and Rs 20 Lakh for abroad. There is no need for the collateral contract for an amount up to Rs 7.5 Lakh, and no margin required for an amount up to Rs 4 Lakh. The interest rate varies as per the institution in which the admission secured. 2. Axis Bank: When the need is significant, axis bank can cater you the best solution. It offers loan of minimum amount Rs 50,000 and a maximum amount of Rs 75 LAKH. Yes, the education loan scheme designed in such a way that it caters both (national and international students’) need. The rates are so nominal, as low as 8.30%. It covers all the expenses involved in the course of study. The loan approved within 15 days of receiving the documents. No margin required for Rs 4 Lakh. The loan disbursed as per the need. It may spend quarterly or annually; whichever required. 3. Credila: Credila is a subsidiary of the HDFC bank. Credila offers specialized education loans and customizes as per the need of the borrower. Credila helps save taxes! Flexible payment of EMI is also available. Credila is a dedicated loan provider and has unmatched qualities and world-class services. It offers 100% finance, doorstep service, loan before admission, quick and hassle-free process and most importantly attractive interest rates. It offers loan of more than 20 Lakh also. 4. Punjab National Bank: A reputed name in the banking sector, which established in 1884. The bank has three types of education loans, which summarised in this article. The interest rate for an amount up to 4 Lakh is 12.75%, and for an amount between 4 Lakh and 7.5 Lakh, the interest rate is 13.75% and 13.25% for an amount exceeding 7.5 Lakh. For study in India, the amount is 10 Lakh and 20 Lakh for abroad. 5. United Bank of India: For a cheaper interest rate, this is a perfect choice. It offers loan of Rs 10 Lakh for studying in India and Rs. 20 Lakh for studying in foreign. For the loan amount up to Rs 4 lakh, the payment can be made within seven years. It covers graduation, post graduation, professional and vocational courses. It also includes all the expenses of the course of study. No collateral required for loan upto Rs 7.5 Lakhs. The repayment allowed is of 15 years. The interest rate for loan upto 7.5 Lakh is nearly 10.80% and an amount exceeding 7.5 Lakh the interest rate is 10.75% with some adjustments.  

While planning for further studies, students have to prepare a lot, right from entrance exam to the university or institute they wish to choose in India or abroad. Due to the rising inflation costs, education expenses are reaching sky high. Borrowing from friends or relatives creates a fear of rift in the relation and traditional finances come at extremely high-interest rates. The best finance for your higher education would be taking a suitable student loan from India’s leading banks or private finance companies. Education loan is offered for all postgraduate course, specialist course, management course, vocational courses leading to a professional qualification. These loans have now become an important tool for students to realize their higher studies dreams.

It aims to provide the much needed financial support to deserving students for pursuing higher professional or technical education in India and abroad. It not only covers your tuition fees but also other fees like library charges, hostel and mess charges, the cost of books and equipment, maintenance, caution fund/building fund/refundable deposit and cost of passage (for studies abroad), etc.

The most important part before applying for a loan is the education loan eligibility. Every banks and finance company has certain verification procedure under which if the loan amount is too high (especially in case of foreign studies) they will check your co- signer's credit score and repayment capacity. Based on this the bank or private finance company will offer a certain amount towards education finance.

Some important education loan eligibility criteria followed across all banks & finance companies are as follows:

•    You must be an Indian national

•    You must be in the 16-26 age groups or any other range specified by the bank

•    A good academic record (first class throughout, with no gaps or breaks in education, etc)

•    Your parents/ guardian should have a regular source of income so that they are able to repay the loan if the need arises

•    The institute you have applied for must be a recognized one

•    Minors are ineligible for educational loans, as banks assess the individual's repaying capacity while disbursing the loan. But you can avail of the loan if your parents/ guardians satisfy the eligibility criteria.

There is education loan eligibility calculator that will help the prospective borrower to calculate the approximate amount of loan that he or she will be eligible, interest rate, processing fees, prepayment charges, etc.

Scholarships or government grants are offered to students with extraordinary academic performance. It isn’t possible for every student to get a scholarship or a government grant. There are limited financial aids available to students. This is one of the major reasons why students with great potential devoid of further quality education. In the meantime, private financial firms have emerged as saviors for succeeding students. These firms have made managing funds possible for students as well as parents by providing education loan. Before you apply for any kind of a loan, it is essential to go through the terms and conditions thoroughly. These days, just like many other things, you can even apply for an education loan via online tools. It is an easy and convenient way of availing a loan which shortens the entire loan processing time. 

The loan amount is either handed over or disbursed to the accounts of the concerned authorities. The student can then use it for purchasing books, laptops, pay computer fees, hostel and mess charges, etc. It is needless to say that the course fee will be covered under this amount. Normally, an education loan has very low interest rates as compared to any other type of loan, such as a home loan or a car loan to name just a few. The borrower is provided with flexible repayment options. Repayment tenure offered is often equivalent to the duration of the course. However, a lot of firms have started offering holiday period of 6 to 12 months after the course completion.

With an education loan, the borrower gets sufficient time to repay the funds, thereby peacefully completing his studies without any worries. Student loans have proved to be a boon for those who cannot afford the rising prices of college fees for pursuing higher studies and have to compromise with their career in a number of ways. Education loan helps generate the required monetary assistance within a short period of time.

Before sanctioning your approval for an education loan, the lender may consider factors such as your family income, CIBIL score, etc. One thing that a borrower should keep in mind is that, a loan obtained against collateral security will be highly reliable and the capital will be more as compared to a loan that is obtained without any collateral security.For availing an education loan, having a co-applicant becomes mandatory. A co-applicant can be the borrower’s spouse, sibling or parent/guardian. Before you could think of availing an education loan make sure you consider the following points: 

· If your family has enough savings which can take care of your educational expenses, you do not need to borrow any loan.

· Prepare well for the scholarship exams and you will have to pay very little.

· Government affiliated institutes offer special deductions in fees for students belonging to OBC/SC/ST.