Every student has a dream that he can succeed in his life by getting good education, but to get higher level of education, middle class children get beaten up with money, that is why this Education Loan in Hindi means We are going to provide complete information on how to get loan for higher education.
After getting a good education in your life, you start earning good money and it becomes easy to lead a good life, but you have the passion to study but do not have money, so in today’s time, many banks offer Education Loan or Student Loan . provides you with which you can complete your education.
Any student can get education loan and fulfill his dream but getting education loan is not so easy because it requires a lot of documents and proof and that’s why we have brought this article in front of you so that You can get information about how to take education loan.
What is Education Loan?
Before getting an education loan, it is necessary to know what is an education loan or student loan. See, when any student takes a loan from any banked institution for his education, then this process is called an education loan or student loan in simple language. By availing student loan one can pursue higher education in his own country or even abroad.
Eligibility for Education Loan
To take an education loan from any bank or institution in India, the following qualifications have to be met-
- The student taking loan for education must be a resident of India.
- The student must have confirmed admission in a recognized educational institution in India or abroad.
- To avail an education loan, the age of the student should be between 18 years to 35 years.
- Must have mark sheet or certificate of last educational qualification.
- To take an education loan, the guardian of the student should be parents or husband, wife or father-in-law as well.
Required Documents For Education Loan
To take an education loan, you will need the following documents-
- Age proof will be required for how old you are
- Passport size photo will be taken
- mark sheet
- bank passbook
- ID proof
- address proof
- education course details
- PAN card and Aadhaar card of the student and guardian will be applied
- Proof of parent’s income will also be required
Types Of Education Loan
Education loan in India is mainly divided into four parts which are as follows-
- Undergraduate Loan
- Career Education Loan
- Professional Graduate Student Loan
- Parents Loan
Undergraduate Loan
It is known from the name of this loan that this loan is given to undergraduate people, this loan is given when the student wants to go abroad for graduation after completing his higher secondary studies.
Career Education Loan
Career Education Loan is available to the student when he wants to make a career by studying related to ITI Engineering or Technology from a government college or institute, he can apply for Career Education Loan.
Professional Graduate Student Loan
If a student wants to pursue further studies after graduation, then in such a situation, he can apply for a professional graduate student loan.
Parents Loan
Parents loan is availed when parents take an education loan for the further studies of their children. When parents take loan for children’s education, then this type of loan is also called parent’s loan and it also comes under finance loan .
Education Loan Interest Rate
Generally, the interest rate on education loan given by government banks is very low and in the case of girls, government banks provide loans by discounting even more, but the interest rate of the loan keeps decreasing and increasing, so whenever you are going to take a loan So you should get complete information about the interest rate to be taken on loan from that bank or institution and only after that you should take loan for education.
Whenever you apply for a loan from any institution or bank, that institution also charges some processing fees , the information of which you should get well, because it is more important than taking a loan, apart from that how much extra charge you have to pay . Could
How to get education loan?
To take an education loan, follow all the steps mentioned below and you will understand how to take an education loan-
- First of all, you have to decide from which bank or institution you have to take education loan.
- After that you have to contact the manager of that bank and go to the bank to get complete information about the education loan, after that the bank will tell you all the further steps which you can follow.
- After completing all the steps mentioned by the bank, when your loan is approved, then that amount is credited to your account.