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Education Loan

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Education Loan

Quality education is critical for any individual, and students go above and beyond to achieve it. However, the cost of education has recently risen, and taking out an education loan appears to be the best option.
An education loan is a loan that students apply for in order to meet the financial requirements of their course. Many banks and non-banking financial companies (NBFCs) in India provide education loans at competitive rates to help educate the next generation of innovators and leaders.

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Education Loan

FEATURES AND BENEFITS



  • Eligibility criteria
  • Documents required
  • Repayment Procedure
  • How to apply

What Is the Education Loan Eligibility?



Here are the basic eligibility guidelines when applying for a Education Loan:

  • Indian nationals only.
  • Secured admission/invite from university in approved university/college in degree/diploma course.
  • Education: Should have completed 10+2 (12th standard) for an undergraduate course and degree for a postgraduate course.
  • Approved courses leading to graduate/post-graduate degree and PG diplomas were conducted by recognised colleges/universities recognised by UGC/Govt./AICTE/AIBMS/CMR.
  • Courses like ICWA, CA, CFA etc.
  • Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, and NID.
  • Regular degree/diploma courses, such as aeronautical, pilot training, shipping
  • Degree/diploma in nursing or any other discipline approved by Director General of Civil Aviation/Shipping/Indian Nursing Council or any other regulatory body as the case may be if the course is pursued in India.

    • The above course list is indicative, not exhaustive.


Study Loan Repayment System


Some lenders provide a 6-month grace period after completing the course to land a suitable job and start the repayment process. This grace period may vary with the lender. Once you land a job within this period, you may start the repayment process in the form of EMIs.
You can get in touch with the bank officials, and based on your monthly income, the bank officials will suggest a certain EMI. If you agree with this suggestion, you can start making the monthly repayments. Otherwise, you may negotiate with the amount. In any case, the maximum repayment tenure allowed is eight years in general.

What are the Documents Required for Getting a Education Loan?

Types of Documents Required for Education Loan To make the loan application process simple for your benefit:

  • KYC documents
  • Mark sheets of 10th, 12th, graduation and entrance exams
  • Admission letter
  • Fee structure
  • Co-applicant KYC and income proof in some cases
  • Additional documents may be requested in some cases.

How to Apply for a Home Loan?

With Loan Magic, you can apply for a housing loan in various ways:

  • Visiting our Branch

You can visit your nearest Loan Magic branch to apply for a home loan offline. Our executives there will guide you through the entire process.

  • Through the phone

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