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How can I get Education Loan

How can I get Education Loan

Quality education is significant for every student to lead a successful life. However, acquiring education at different levels has become difficult to afford due to the increasing fees every year, especially for higher education. The cost of education for engineering in India ranges between 5lakhs to 12lakhs, whereas medical courses soar high up to 50lakhs in private collegesand institutions.

To support higher studies, students have no option left except to apply for education loans in India. With so many banks offering education loans, it is confusing for parents and students to shortlist the best one. The interest rates for education loans in India vary according to the banks and financial institutions. However, the interest ranges between 12.00 % and 16.00 %, which depends on the bank’s base lending rate.

Here are a few tips before you apply for an education loan:
 
  • Consider your financial capabilities before applying for an education loan, so that your name doesn’t appear in defaulters.
  • Read the terms and conditions in the loan application form thoroughly before submitting
  • Check for a lenderthat provides the flexibility of extending the repayment tenure
  • Confirm in detail what all benefits the educational loan covers. Check for hidden fees or additional costs, if any.
Apply for Education Loan

An education loan covers full-time, part-time, vocational courses, and graduation/ post-graduation studies as well. Follow the procedure to avail education loan easily:
 
  • Loan provider will verify the eligibility criteria considering your residential status, age, academic level, and income.
  • Enter into a personal discussion with the lender to get clarity on aspects such as applicant’s academic performance, the course, the university or institute details, etc.
  • Lenders demand the university/college/institute offer letter as a primary document for education loans.
  • Add a guarantor – parent/guardians/self. Their credit score will be verified to ensure the loan repayment capability.
  • In case the student is a primary applicant, the lender will request a promissory note of repayment.
  • Finally, once all the requisites are submitted and verified, applicants will have to submit a post-dated cheque to initiate loan disbursal.
*Please Note, abovesteps are not to be followed while applying for Education Loan by SimplyCash.
 
Education Loan Eligibility in India

High-grades, good academic record, and a strong financial background can improve your eligibility for education loan. The education loan eligibility criteria for Indian Nationals pursuing higher education in India or abroad requires:
 
  • Confirmed admission letter in recognised educational institutes in India or abroad
  • Loan applicant should be between an age group of 18 to 35 years
  • Students applying for full-time courses should have a co-applicant - parent/guardian or spouse/parent-in-law (in case of married candidates)
Mandatory documents while applying for an education loan:
 
  • Duly filled and signed the application form, attested with two passport size photographs
  • Copy of latest education certificate
  • Proof/statement of course fees structure/travel and accommodation expenses, if applicable in case of students willing to study abroad
  • Aadhaar Card and Pan Card of the Student and Parent/ Guardian
  • Residence proof - Rental agreement/Electricity Bill of the student or co-borrower
  • Income proof - Recent salary slips or Form 16/6 months bank statement of the parent/ guardian/co-borrower
 
 

SimplyCash

SimplyCash powered by Hero FinCorp is an instant personal loan app providing cash loans of upto INR 1,50,000 for both salaried and self-employed individuals. Driven by technology and fuelled by innovation, SimplyCash solves instant cash requirements of customers in just a few simple clicks without any physical documentation or meeting. The mobile app is available to users through all popular Android play stores like Google play store, Samsung store, Xiaomi store etc. With one of the most widespread presence, SimplyCash currently offers its services in over 90 major locations in India. Known for a seamless process, instant loan disbursal and transparent pricing - SimplyCash truly lives upto the expectations of being a 'Hero' product.  

Note: SimplyCash is a duly registered trademark and is a loan product offered, managed and operated by Hero FinCorp. Hero FinCorp Limited is a Non-Banking Financial Company registered under the provisions of Reserve Bank of India ("RBI") and is in the business of finance and lending.

Accepted Banks:

ICICI BANK LTD HDFC BANK LTD IDBI BANK STATE BANK OF INDIA PUNJAB NATIONAL BANK YES BANK INDUSIND BANK KOTAK MAHINDRA BANK LTD

IDFC FIRST BANK LTD AXIS BANK BANK OF BARODA TAMILNAD MERCANTILE BANK LTD INDIAN OVERSEAS BANK INDIAN BANK RBL BANK LTD DEUTSCHE BANK AG CITY UNION BANK LTD FEDERAL BANK SOUTH INDIAN BANK STANDARD CHARTERED BANK CANARA BANK KARNATAKA BANK LTD CITI BANK BANDHAN BANK UNION BANK OF INDIA DCB BANK LTD DBS BANK INDIA LTD THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD DEUTSCHE BANK UCO BANK

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