How to get an Education Loan? Which documents are required ? – Higher education is the dream of every student. But every year millions of students are deprived of higher education due to lack of money. Although the facility of education loan from banks and governments has given new hope to the dream of higher education, many times students are not able to get good and desirable education due to lack of proper information about education loan.
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How to avail Education Loan?
Today every bank is ready to give education loan on its own set of terms and conditions for higher education. By taking a loan from a bank, any student can make a good career by studying not only in the country but also abroad.
When we study in a high-level school, college or hostel for higher education, there is so much examination fees, laboratory and library fees that we are unable to pay it. To continue your education continuously without interruption, you can complete your studies by taking an education loan from the bank.
The Government of India is also bringing several schemes for the bright future of students so that no student can remain unhappy with a good education. However, getting an Education Loan is also not easy.
Most of the people apply for an education loan in the bank to complete their education, but the process of taking a loan from the bank is so complicated that they cannot get a loan, mainly because the necessary documents are not completed.
How to get an Education Loan?
Bank Education Loan gives loan only to those who can repay it. Parents of the student taking a loan can repayment the bank and the student himself can repayment after finishing his studies. To get a loan from the bank, we need a guarantor.
Take these precautions while taking an education loan
While taking an education loan, many times we take a loan in a hurry, but due to not being able to do the repayment at the right time, we have to face a lot of difficulties. Keep in mind that take loans as much as you can repay.
Like other loans, the bank also charges interest on education loan, but mainly three options are given for making recovery. In which the best option is the moratorium period, which is called Repayment holiday. After taking a loan in this option, the person after the completion of the course can repay it.
How to pay education loan interest?
Education loan principal and interest have to be paid after completion of the course. The rate of interest on Education Loan is less than the rate of another loan. Many banks do not charge processing fees. If the banks ask for processing fees, then you can make a negotiation with the bank.
Loan preparation for studies
Many times education loan is not available even after completing bank formalities, mainly because the course is not recognized by UGC. While taking the loan, select the same college or university which is recognized by the UGC.
Who can take Education Loan?
Education loan is given only to those students who want to do higher technical and professional courses. Students of Engineering, Management, Medical get loans easily. Education loans are also given to students with graduate and postgraduate courses.
Documents required for Education Loan
To take a loan from a bank, you need identity proof, photographs, residence proof, certificates related to educational qualification, income proof, senior secondary school mark sheet, documents related to scholarship, postgraduate or graduate mark sheet for MBA.