Education Loan @ 7.95%
Rates as low as 9.33%
Pre-Admission Loans
Study in India / Abroad
Doorstep Service
Unsecured Loan Available
An education loan is a loan that is offered by banks and NBFCs to help students afford their post-secondary education as well as related expenses such as tuition, study material, etc. In today’s world, paying for higher education through your own pocket can become a burden on your finances, and so it is avoided by many people, and this is exactly where an education loan helps you.
Education is something that not only helps you be financially independent but also helps you leave life with dignity, and we here at Firstfinserv understand its importance, and so we are here to help you avail the best education loan offers available in 2020, with interest rates starting at just 7.95%.
Scroll to know all the details about an education loan. Apply online or call us for a hassle-free experience.
Entire academic fees
Hostel fees
Insurance expenses
FACTOR AFFECTING APPROVAL RATE
GOOD CREDIT SCORE
REGULAR REPAYMENT HISTORY
STABLE PROFESSIONAL EXPERIENCE
Types of Education Loan
Loans based on courses:
There are three types of loans on the basis of courses:
- Undergraduate education loans – are given for undergraduate courses, which are usually for 3 to 4 years. However, the applicants should be pursuing or have completed secondary education to avail of this loan.
- Graduate education loans – are for students who plan to apply for a postgraduate or any other professional course to get advanced degrees and increase their job opportunities. The applicants should have already finished an undergraduate course to apply for this loan
- Career education Loans – Apart from undergraduate and postgraduate courses, loans are also offered for professional training courses for a particular field of career. People aiming for a particular job can avail of this loan.
Loans Based on Location
- Domestic education loans – are available to students who aim to apply for a course within the territory of India. While some banks offer pre-admission loans, the applicant should have already secured a seat in the desired institution for easier availing of the loan.
- International education loan – is beneficial for the students aiming to study abroad. Like the domestic loan, in this too the applicant should have already secured a seat in the institution.
Loans Based on Collateral
- Loans against property such as agricultural land/residential land/ flat/house as collateral
- Loans against fixed/ recurring/ or gold deposits
- Loans against securities such as bonds, debentures, equities etc.
- Loans through the third party guarantee such as a certificate from an employer or a home loan
Loans for parents
Banks and NBFCs also have the option for parents to avail of education loans for their children. These are unsecured loans, but help parents fund 100% of the education and can be used to cover even extra expenses. Even relatives can use this facility. Parents can also avail loans for their children studying in college. If the college student is studying and working, the loans have to be cosigned by the parents.
Education Loan Eligibility Criteria
- In case the applicant is a major, the minimum age of the co-applicant or the guarantor should be 21 and the maximum age at loan maturity should be 70.
- In case the applicant is a minor, the criteria for the co-applicant is the same. However, the applicant would be liable to provide a letter of ratification to the banks upon attaining majority.
- The applicant should be an Indian national
- The applicant/student must have already secured a seat in the desired course and the desired institution
- The applicant/student must have applied to a course or its equivalent recognized internationally by the relevant bodies.
Documents Required for Education Loan
- basic KYC documents such as identity proof, address proof
- Banks statements of the last 6 months
- A guarantor form in case of a guarantor
- A copy of the admission certificate of the desired course from the desired institution as well as the fee schedule document.
- Some banks also require mark sheets of degree courses, especially in cases of pre-admission loans
Documents required for the first disbursement:
- Loan agreement signed by the applicant and co-applicant
- Sanction letter signed by applicant and co-applicant
- Disbursement request signed by applicant and co-applicant
- A demand letter from the institution
- Receipts of margin money paid to the institution
- In case of collateral, documents for the collateral security
- In the case of overseas education, form A2 signed by applicant or co-applicants
Documents for subsequent disbursements:
- A demand letter from the institution
- Disbursement request signed by applicant and co-applicant
- Receipts of margin money paid to the institution
- In the case of overseas education, form A2 signed by applicant or co-applicants
- An exam progress report or a mark sheet
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