A short description of education loan
Education loan scheme is a specially designed loan that students prefer to either receive additional funding or borrow towards fulfilling all their educational expenses. Both parents and students can apply for it, but it is advisable that students apply. Many students feel that taking an education loan is either risky or not preferable. However experts believe, the right education loan can go a long way towards creating less stress in the family, providing additional comfort and making oneself confident by providing the required support for education.
Almost every bank in India offers an education loan scheme. Each of them is different but they are all made to support the education of the youth. It doesn’t matter what’s your college or study program because this loan is to provide support to any student having a will for obtaining education. It covers graduation and post-graduation programs, along with other certified courses.
How can an education loan scheme help you with your financial problems?
Education loan in India is one of the safest and best solutions to achieve financial support for completing one’s education. This loan will cover all your educational expenses, and it will assist you in finishing your education that you have started and find a job. Interest rates for this loan are very low and affordable for students. The banks of India understand how education is both important and difficult.
The biggest advantage of education loan in Indore is repayment method. The user is not under any obligation to repay the money before the education is complete. You can peacefully focus on your study and you can even get some extra time after you are done. You can use this time to find a proper job that will allow you to repay the loan.
It may seem strange, but Indore education loan is a good option even if you have money to finance your education. When you need to pay for your college expenses, you are usually paying the whole amount at once. An education loan can provide you with an option of monthly payment. You pay with bank’s money, and then you return that money in monthly rates. This is a great thing for your budget.
What do you need to know before applying for this loan?
The first thing that comes to our mind when people talk about the loan is repayment. As you already know, the repayment of education loan in Indore is a calm and safe process. After you are done with your education, you can start with the repayment. However, some banks will even give you extra time to find a job. This is surely the first reason why you should choose an education loan over any other kind of loan.
The application is very simple, and all you have to do is submit various documents. These documents are listed on the website of your bank, so you can check them over there. Some of them are:
- Proof of identity
- Proof of residence
- Financial report about income
Education loan leaves a good trace in your credit history. When you apply for the next loan, you can get lower interest rate because of education loan. This loan means that you are ready to invest in education and other important things in life, which makes you a reliable and serious person.
Another great thing is that education loan eligibility covers every college. So, it doesn’t matter for which program you are enrolled because you can easily become an education loan applicant.
Indore banks and their interest rates
When you start your loan research, you will notice that education loans in Indore have low interest rates. This is a great thing because it allows every student in India to opt for this loan. You can start with these banks:
- Kotak Bank: Interest rate ranges from 11.50% to 24%.
- ICICI Bank: Interest rates amounts to 11%.
- Federal Bank: Interest rates are between 10.72% and 16.22%
Banks that provide good education loan schemes in Indore
Various banks can provide you with education loan schemes in Indore:
1. Central Bank of India:
- The margin moves within the range of 5% to 15%
- Interest rate is in the range of 10.85% to 11.35%
The maximum possible loan amount is Rs. 10 lakhs.
2. HDFC Bank:
- The maximum secured loan amount is Rs. 10 lakhs.
- The maximum unsecured loan amount is Rs. 7.5 lakhs
Interest rate is in the range of 9.50% to 15.25%
3. Bank of Baroda:
- Interest Rate is between 9.60% and 11.85%
- The maximum amount that you can take is Rs 4 lakhs
That’s why there is no margin for this loan
4. Punjab National Bank:
- Interest Rate is between 9.40% and 11.30%
- The maximum duration of tenure is 15 years
- Margin exists only for loans over Rs 4 lakh and it amounts to 15%
If you are interested in education loan in Indore, you should visit Paisabazaar.com. This website can help you to apply online for this loan. It can also help you with other types of loans. You only need to submit information that will be used in loan amount determination. Personal details and details about your education are required. You can also pick the amount of the loan and set the tenure period. The system will show you a list of offers, and you can then pick the best suitable one for yourself.