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Education Loans in India
When it comes to foreign education, the amount of funds required is always substantial, therefore, iTutorEducation India LLP has collaborated with top banks including HDFC for your education loans in India.
What is an Education Loan?
An education loan is a sum of money borrowed to finance post-secondary education or higher education-related expenses. Education loans are intended to cover the cost of tuition, books and supplies, and living expenses while the borrower is in the process of pursuing a degree. Payments are often deferred while students are in college and, depending on the lender, sometimes they are deferred for an additional six-month period after earning a degree. This period is sometimes referred to as a “grace period.”
Features of education loans in India
iTutorEducation India LLP understands the education and admission process in various countries across the world. On the basis of our extensive research, our partners for education loans in India offer tailor-made solutions to offer unmatchable features and service standards.
They provide a range of rates depending on several factors including the institute, co-borrower, collateral security offered and the academic background of the student.
- Up to 100% finance
- Doorstep service
- Repayment tenure up to 15 years in easy EMI
- Less than 100% collateral
- Co-borrower flexibility
- Loan sanction even before admission confirmation
- Attractive rate of interest
- Tax benefit under Section 80E of Income Tax Act
The service of Education Loans in India is provided free of cost to all our students.
Interested in Studying Abroad?
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Interested in Studying Abroad?
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Education Loans for which country?
Our loan partners have specialised products for various countries including the USA, Canada, Germany, UK and Singapore.
We understand that students going to countries such as Germany require a percentage of their education loan to be disbursed before the visa process. While most lenders do not provide the same, our partners do.
Further, the option of an education loan sanction even before admission confirmation has helped many students show proof of funds to universities, a pre-requirement for admission.
Hence, with an in-depth understanding of students’ needs when pursuing higher education,
Last year, we got more than 30 education loans approved in more than 30 cities, and for 5+ countries.
How to apply for an Education Loan?
Getting an education loan in India is not only tedious but also time taking, so, in order to avoid any last-minute rush, one should always start applying for a loan early. After getting the admit letter from the university, you will be informed about the exact funds that will be required for the payment of the fee, GIC and other expenses. The student counsellors will advise you the amount you need to finance and how much you are going to spend from your own pocket.
Our loan partner banks provide the best:
- Interest rate
- Lowest Processing fee
- Expenses covered under the education loan
- Fastest Loan processing time
- Minimum prepayment terms and duration
Just let us know and we’ll send the bank personnel to your house.
You don’t need to go from Bank to Bank in order to submit your application – the bank will come to you.
List of documents required
From last few years, the number of Indian students going to study abroad has increased exponentially, therefore, demand for loans has also risen significantly. In order to sanction the loan, banks also verify the details given by the applicants. So, there is a list of documents that the applicant needs to submit to the banks.
Here’s a list of the documents required while applying for the education loan in India:
- Admission letter from university/institution (Proof of admission)
- Loan application form
- Passport size photographs
- Academic documents (certificates and mark sheets)
- Documents of qualifying exams (like GMAT, IELTS)
- Resident proof of the student and the guarantor
- Statements of borrowers’ bank accounts (last one year)
- Income proof of the guarantor
Note: Requirement of documents can vary as per the banks’ own rules and regulations, so it is always advised to check the list of the documents required with the respective bank.
Courses for which banks provide a loan to study in Canada?
Those students who wish to apply for the undergraduate, master’s or research programs in established institutions are funded by the banks. Nationalized banks generally do not offer education loans for vocational, short-term or diploma courses.
As banks always think about getting the amount back from the student seeking funds, they always prefer to disburse loans for job-oriented courses.
Also See:
Cost of Study in Canada
Study Permit requirements for Canada