How to Get Education Loan: How to Get Education loan? What are Its Benefits? Know Everything

How to Get Education Loan: At present, admissions have started in all the professional courses. Often professional courses are expensive. Therefore, students face many problems. If someone goes through such a situation then education loan is very beneficial for him. In today’s time, taking this loan has become even easier.

Actually, many children get scholarship. But education loan is a very good option for those children who are not able to pay the fees of their professional courses at once. You can get this education loan to study anywhere, whether you study in India or abroad outside India. Now almost all private and state banks offer these loans.

What is Education Loan: What is Education Loan?

If seen, education loan is a means of help. When you take a loan from a bank or a private institution to complete further studies. It is called education loan. We can also call this student loan.

Types of Education Loan: How many types of student loans are there?

Generally, 4 types of education loans are available in India-

  1. Career Education Loan- When a student takes a loan from a government college to complete his studies, then it can be called career education loan.
  2. Professional Graduate Student Loan- When a student takes a loan for further studies after completing his graduation, then it is called Professional Graduate Student Loan.
  3. Parents Loan- When a guardian or parent takes a loan from any bank or institution to complete the education of their child, then we call it Parents Loan.
  4. Undergraduate Loan- After completing school, when a student takes a loan to pursue graduation in India or abroad, it is called Undergraduate Loan.

Process of Education Loan: Process of taking student loan

To take a student loan, you have to keep some important things in mind

  1. First of all choose a good bank or institution.
  2. Get every information about student loan from that bank or institution.
  3. It is very important for you to understand the interest rates offered by the bank.
  4. Follow all the rules prescribed by the bank carefully.
  5. Apply for the loan after understanding everything thoroughly.

Documents for Education Loan: Documents required for student loan

  1. Age Proof
  2. Passport size photo
  3. Marksheet
  4. Bank Passbook
  5. ID proof
  6. Address Proof
  7. Course Details
  8. PAN card and Aadhar card of parent and student
  9. Proof of guardian’s income

Advantages of Education Loan: These are the benefits of student loan

  1. With the help of this education loan, any student can fulfill his dreams.
  2. If you repay the loan on time, your credit score becomes good, which makes it easier for you to take loans in future also.
  3. You get plenty of time to return the money taken from the loan.
  4. The interest rates on this loan are also very low compared to other loans.

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