How To Take Education Loan From Bank – Complete Information Interest-Rats-EMI ETC

How To Take Education Loan From Bank

How To Take Education Loan From Bank – In today’s time, due to the increasing inflation, education is also becoming expensive and for this reason today the middle class people are not able to give good education to their children and keeping this in mind, the Government of India and banks have started the scheme of Education Loan. Under which any student can get education in the country and abroad.

What is Education Loan

What is Education Loan: The way we take loan for business. We take a loan to build our house, in the same way we can take a loan to complete our studies, which we call education loan.

What is Education Loan

What is Education Loan: Education loan is a loan that you can take for pursuing your higher education. Students or parents can apply for this loan. The biggest advantage of Education Loan is that it gives you a chance to complete your studies.

How To Take Education Loan

Who gets Education Loan?

Any student or their parents, relatives, etc. can apply for an education loan. But if a student applies for an education loan, then his parents or relatives will have to guarantee him along with him.

Area of education loan

You are made available in loan money for all those expenses in education which are necessary to complete the education. From class 12th schooling to graduation, post graduation, PhD, engineering, medical, agriculture management, computer course, you can also avail loan for higher education like CA. If you want to study in the country or abroad, then you can take an education loan for that too. This loan will be given to you by any government and private bank.

What Are The Types of Education Loan?

Type of education loan

There are 4 types of Education Loan.

1. Under Graduate Loan

2. Career Professional Loan

3. Post Graduation loan

4. Education Loan for Children

Under graduate Loan

Students can take this loan to complete their graduation. Any student who wants to study abroad for graduation after completing higher secondary education can avail this type of loan. He can apply for this type of loan

Career Professional Loan

This type of loan is made available to such students who want to make their career by studying in any government college, institute like – ITI, Engineering, Technology etc.

Post Graduation Loan

This loan is available to those students who want to complete their graduation and pursue further studies. Any student or employee can also take this loan.

Education loan for children

This loan is for the parents, under this loan, any parent can take this loan for the education of their children and after the completion of the studies, the parents or the students themselves can fill this loan.

Benefits of education loan

1. With the help of education loan, you can complete your studies.

2. You can take different loans for diploma, degree etc.

3. You can take loan for studies not only in the country but also abroad.

4. After taking the education loan, you can also fill it in a period of up to 15 years. It depends on your loan, for how many years you have to pay.

5. After 1 year of completion of education, when you get a job, then you can start paying EMI of your loan.

Documents required for taking education loan

1. Identity card

2. Passport size photo.

3. Mark-sheet

4. Bank Passbook

5.Address proof

6. Aadhaar Card

7. PAN Card

8. Course Information

9. Parents income proof

These are necessary documents for taking an education loan, but banks and institutions have their own rules, so you may need other documents as well.

Education Loan Process

After filling the application form of an education loan with all the documents, you have to submit all the documents and application form to the bank, after that the bank will verify your documents and send them to the next process, after which the candidates who will study according to your course Keeping in mind the expenses, the installment of your loan will be fixed and then you will be given money according to the same installment.

Education Loan Interest Rates in Indian Banks

Education loan Interest Rates: Compared to other loans, education loan has a low interest rate and many banks also give you a discount on interest rates on it. The Government of India also provides subsidy on education loan, which depends on the loan and its amount.

Education loan charges

There is no processing fee nor any other charges are taken on education loan, so you should be careful about this.

Keep these things in mind while taking education loan.

Take education loan as much as it is necessary because you have to repay it later, so do not take more loan than necessary, if you get tax exemption on education loan, then take care of that too. Before taking education loan, take information from other banks and institutions, after that you can take loan from where you get loan at the lowest interest rate.

SBI Education Loan Details

State Bank of India has come out with a wonderful education loan scheme for students. In which you can apply and take advantage of it. To take advantage of SBI Education Loan Scheme, first of all you have to fill the Loan Application Form with your documents, after that you have to submit the application form along with the copy of all the documents to the bank, after that the bank will process further.

To apply for SBI Education Loan Click Here

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