What is Educational Loan?

 

What is Educational Loan?

Education Loan is a loan which is taken to finance Post – Secondary Education or Higher Education Related Expenses.

Education Loan is made to cover all expenses while the person is in the process of pursuing a degree.

 

Benefits of Educational Loan

An Education Loan reduces your dependency to your family savings.

EMI is payable after completing studies , Hence no worry to repay Educational Loan EMI instant after taking Education Loan.

Government Promoting Educational Loan Hence Banks & financial Institutes are forced to Provide Loans on easy EMI etc.

 

Eligibility criteria for the Educational Loan

Any Citizen of India can apply for Educational Loan. But Loan Applicants age should be in between 18 to 35 years old. Students should have secured their admission in recognized Institutions; it can be available in India or abroad.

 

Education Loan is interest free or not?

Education Loan is designed for students to promote them to learn higher education but it does not mean it is interest free.

Bank and financial Institutions who provides Educational Loan they charges some interest also, but lower them other type of loans

Education Loan is designed for students to promote them to learn higher education but it does not mean it is interest free.

Bank and financial Institutions who provides Educational Loan they charges some interest also, but lower them other type of loans.

 

How much Educational Loan can a individual get?

A normal Individual can get up to 4 lakhs of Educational Loan without any collateral, under this scheme (Educational Loan) You can get a maximum of 15 lakhs of educational Loan in India or 25 lakhs of Educational Loan for abroad studies

 

How does a Educational Loan works?

The Loan amount is directly paid by banks or financial institutions to the Institutes or University at the time of start of semester. Educational Loan also covers all other expenses like hostel charges, Library Fees, Cost of Books etc. In Simple words students does not have to pay any expenses from their pocket.