Education Loan-Compare and Apply for Credit Cards, Loans, Investment in India - SafeMudra

Give yourself a bright future with an Education Loan

education

Quality education is a must for a complete and successful life. For many, it is equivalent to graduating from a top institution. The cost of education is, however, increasing rapidly. In fact, the cost of studying at reputed institutions is already quite high.

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Current Residence Details

Work and Income Details

Details of Education Loan

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Particulars Eligibility Criteria
Education Loan Interest Rate.(Monthly reducing balance) 12.00% to 17% floating.
Processing Fees NA
Education Loan Tenure 1 year to 5
Educationa Loan Amount At least 6 months in the same job
Pre-closure Charges low income
Residential stability NAN
Guarantor Requirement Yes, guarantor required

Why Choose Education Loan?

The question should ideally be, why choose an education loan over a personal loan, or the money accumulated in your savings account? The versatility and advantages of education loans are listed below-

Comprehensive
Better resale value

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Comprehensive
Two-wheeler Insurance

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Comprehensive
Pay installments

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Eligibility Criteria

Listed herein are the basic requirements that qualify your application for an education loan,

1. Indian Cityzen

The applicant must be an Indian citizen.

2.recognized universities.

He/she must not be younger than 21 years and older than 60 years at loan maturity.

3. Indian Passport (NRI).

The applicant must have a secure employment, with regular income and tenure at the same job for atleast 2 years.

4. secured admission

The applicant must be an Indian citizen.

5. collateral/security

Must possess a landline/cellphone that marks his address, and occupation of that address for an expected duration of time.

4. CPA-USA

The applicant must be an Indian citizen.

Documents Required

It is essential to remember that with every eligibility criterion that needs to be covered, comes the requirement to prove it to the bank through documentation.

1. Completed loan application form.

2. Documents for proof of age (self-attested).

3. ID and Address proof.

4. Passport sized photographs of the applicant, guarantor, etc.

5. Completed loan application form.

6. Documents for proof of age (self-attested).

FAQs

What are the courses in India for which education loans are available?
Professional courses including Engineering and Medicine
Management courses (both full time and part time)
What is the maximum amount of loan that I can avail?
Banks usually provide loan of 80% to 90% of car price (considering the ‘on road price’). Banks consider your net annual income too before financing.
How should I pay the EMI?
auto debit facility if you have a savings account with the bank where your EMI will get debited automatically at the end of every cycle
How can I increase the loan amount?
You can increase the loan amount by clubbing your income with your spouse / son / father etc.. In that case he/she will be the co-applicant for your loan.
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