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What is an Education Loan ?
Education loan is a Personal loan a student applies for to complete his/her educational commitments. It is a long term loan where the repayments are deferred until the education/course is completed and the student/borrower gets a job. Nowadays, educational institutes charge exorbitant fees and not every meritorious student can afford them. The student loans are offered for courses within India and abroad, based on minimal eligibility and documentation criteria.
Almost all banks & financial institutions in India offer education loans, and the demand for this has been constantly rising among students who want to pursue higher education at prestigious institutes.
Who can opt for it ?
The excitement of getting enrolled in a prestigious educational institute is followed by organization of funds for the fees and related expenses. You can get an education loan for any Indian or foreign institute. In order to avail an education loan, you need to have the following eligibility factor:
- You need to have an Indian nationality.
- You should fall under the age bracket of 16-26 years.
- You need to have the required academic grades.
- Your parents or you need to need to have a stable income source.
- Depending on the lending financial institution, you might need a guarantor or show security.
These being the common eligibility factors, there could be changes depending on the financial institution you consider to choose for an education loan.
You can check out eligibility criteria for education loan to know more details.
How to apply for an Education loan ?
You can apply for a student loan online or visit our branch. You need to fill out all the relevant details like personal details, education details, course details and income details. On the basis of the documents provided, our system will provide you details about your eligibility and interest rate quotes while you apply for the study loan.
Once the education loan is approved our customer care executive will contact you and collect all the relevant documents. After the documents are submitted successfully you will receive a confirmation email. The application will be processed and a final sanction will be provided along with terms and conditions. You need to just submit any additional documents as per your sanction letter.
The payments will be made in the name of the institute/college/school as per the schedule mentioned during the application prior to the due date.
You can read more about the education loan application process.
Why Choose Tata Capital for an Education Loan ?
Tata Capital offers hassle-free education loans to students willing to pursue higher education in India or abroad. Tata capital offers very competitive interest rates on education loans ranging between 10% -14% per annum. However, it will also depend on the eligibility, the course and other criteria to determine final interest rates for the student loan offered.
Some of the benefits that we offer on our study loans are:
- Easy and hassle free loan disbursement
- Higher eligibility with our education loan
- Speedy approval
- Minimum documentation
- Competitive interest rates on our educational loan
- Customized solutions
- Study Loans available for almost every course and every Institute
- Personalized customer care assistance before and after loan disbursement
- Flexible payment plans
What are the documents needed to apply for an Education Loan ?
- Know Your Customer Documents (KYC) - Address, Age & Nationality proofs like Passport, Aadhaar, Pan card and other documents of both student and guarantor/parent
- Attested Marks Sheets & Certificates- Starting from 10th Standard
- Admission Letter as issued by the admitting School/College/Institute
- All essential documents issued by the admitting School/College/Institute, including prospectus, breakup of fees, etc
- Income Proof- Bank statements (6 months), Salary slips (3 months) & ITR of Parent/Guarantor
- Studying Abroad- Employment Contract, Entry Permit, Admission letter & I-20 Form from Foreign Institution
- Property documents if immovable property is offered as security
- If Employed- Resignation letter, Acceptance of Resignation letter or Sanction letter for study leave