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 personal loan 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:
These being the common personal loan 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 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 personal loan 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:
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