Education Loan | How to Apply for Education Loans?

Education Loan

Education Loan

If you’re promising then there’ll be no lack of cash for education. Nowadays all big banks are providing education loans on easy terms. Through this, you’ll give wings to your dream. you’ve got to start the loan instalment one year after finishing six months after getting the work. you’ll need to repay this loan in 15 years. “Pradhan Mantri Vidya Lakshmi Program” helps in providing online education loans to students pursuing education as one window. Scholarships also can be applied through this website. the small print of the loan scheme of most banks is available on this website.

How to apply for education loans?

  • In this portal, an equivalent name has got to be filled which is recorded in your highschool marksheet.
  • The correct mobile number has got to be filled. Students also can give the mobile number of their parents or parents
  • The correct email ID also will need to be entered within the portal
  • Email ID can’t be changed again
  • All types of data are going to be sent to you thru this email

Apart from this, you’ll also apply for education loan through. This website also works sort of a single window in getting an education loan. There’s no got to fill separate forms for banks by applying here.

How much loan?
If you apply for an education loan to urge education within the country, then the bank gives you a loan of up to 10 lakh rupees. Whereas if your admission has been wiped out an honest institution abroad, then you’ll get a loan of up to twenty lakh rupees.
Along with the fees, you’ll take loans for purchasing books, hostel fees, examination fees and library fees. If you would like to require a loan of up to four lakh rupees, then you are doing not got to raise any quite money from you.

Are these important documents?
Bank of Baroda (Bob) Chief Manager KK Mathur says that to use for an education loan, ID proof, photograph, residency proof, parent’s income proof, highschool and intermediate marksheet will need to be installed.
Apart from this, proof of the admission letter and therefore the duration of the course within the institution you’re getting to study will need to be submitted. Banks offer bank loans only to students between the age of 16 and 35 years.

Loan repayment terms
After the completion of the course, banks give an exemption to pay an education loan from six months to at least one year. In some cases, this exemption is for 3-6 months after getting the work. After this, the loan has got to be repaid within the stipulated period.
This period is often 5 to fifteen years. If the scholar is unable to finish the course within the stipulated time, then the bank can extend the loan repayment by two years.

Highlights of online application for education loan:

  • 10 lakh for education within the country, up to twenty lakh for studying abroad, a loan is out there.
  • Income tax exemption under Section 80 (E) in payment of education loan.
  • This exemption is going to be included within the parents’ income.
  • You can apply within the bank of your choice.
  • There is also the power of getting a guarantor loan.