How to Get Education Loan After 12th | Loan for students 

How to Get Education Loan After 12th : - Regarding Student LoansAn education loan is essentially a type of financial aid given to students by banks and NBFCs to cover their educational-related expenses. These loans are available to students who desire to pursue a professional or technical education after passing 10+2 (12th Standard). Books, supplies, incidental, living costs, travel, and other relevant costs are all covered by education loans. You can use this loan as funding, a reward, finance, or through scholarships. After the course is over, the borrowers—the students—repay the debt to the lender with interest.

Benefits and Features of a Student Loan -

Domestic students are eligible for loans up to 50 lakhs, while international students are eligible for loans up to one crore.

There is no need for margin money for loans up to 20 lakhs. Margin money is the sum that a borrower must give as a down payment to the bank or NBFC's lender.

The cost of books, laptops (if needed to complete a specific course), student exchange travel costs (for international students), and other fees is covered.

Eligibility for an education loan for Indian citizens.

The student ought to have finished the 10+2 (12th Standard) requirements.

obtained acceptance to a degree- or diploma-granting programme at a recognised university or college.

Documents Needed to Apply for a Student Loan -

marks from the student's tenth grade, twelveth grade, graduation, or any admission exam taken for the course.

• KYC records.
• Admission letter from a recognised college or university.
• The course's fee structure.
• documentation proving the income and KYC of the co-applicant.

Top Banks offering Education Loan -

Education Loans are offered by banks in India to help students meet their academic expenses. It starts from an interest rate of 6.85% p.a. along with a repayment tenure of up to 15 years. Here is a list of banks that offers an education loan.

• Punjab National Bank
• State Bank of India
• Union Bank of India
• Axis Bank
• Bank of Baroda
• Federal Bank
• Bank of India
• Tata Capital
• HDFC
• Kotak Mahindra Bank
• Private Bank

Education loans are offered for higher education in both India and abroad.

How to Apply for a Student Loan (Steps by step) -

How to Apply for a Loan for Education Online -

1. Visit the bank's official website if you want to buy the loan there.
2. Click "Apply" under the "Education Loans" column.
3. You will see a form that must be filled out in order to continue.
4. Enter all the necessary information, then click "Proceed."
5. Wait for the bank to check your form and any submitted documentation.
6. The bank will respond and keep you updated.

Steps to apply for an Education Loan Offline -

Visit the bank branch.

1. Inquire about the education loan, its interest rate and repayment tenure.
2. Choose the perfect loan which you want to buy.
3. Fill in the form provided by the bank and submit the documents required.
4. Wait till the bank verify your documents and evaluate the course of study for which you wish to take the loan.
5. The bank, after verifying, will get back to you for further procedures.

How to Apply for a Loan for Education Online -

• Visit the bank's official website if you want to buy the loan there.
• Click "Apply" under the "Education Loans" column.
• You will see a form that must be filled out in order to continue.
• Enter all the necessary information, then click "Proceed."
• Wait for the bank to check your form and any submitted documentation.
• The bank will respond and keep you updated.

What does a student loan partial payment entail?

The borrower is permitted to pay off a portion of their debts before the payback period, which typically begins after the course is finished or after six months after finishing the course, begins. The borrower has the option to pay off a portion of the loan now and pay a reduced interest rate on the balance later.

Can an applicant get an education loan without collateral?

Banks need collateral to offer education loans to applicants in the form of fixed deposits, bonds, shares, property, etc. If an applicant wants to avail an education loan without any collateral, they have to use Credit Guarantee Fund for Education Loan (CGFEL) Scheme, keeping in mind to take up the loan amount of up to 7.5 lakhs only. Such education loans should be supported under the Model Education Loan Scheme of the Indian Banks’ Association. A candidate can apply for this loan through a registered commercial bank.

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