A brief information about Education Loan
At present, education is becoming more expensive, financially weak students have no choice but to take an education loan. Today we are going to tell you about the whole process of taking an education loan through our blog:Education expenses of the world's top class education organization are quite high. According to a study, the cost of studies is increasing at the rate of 15% annually. In today's time, if the cost of studies is 2.5 Lakh Rupees, then after 15 years it will cost 20 Lakh Rupees to do MBA. Education loans can be very helpful in such circumstances. Education loans fill the gap between your need and the amount available.
The following courses come under the purview of education loan
Indian banks provide education loans to students to study outside India or Indian Government has arranged education loan for studies in the subjects of Graduation, Post-Graduation, PhD, Engineering, Medical, Agriculture, Law, Dental, Management, Computer subjects from 12th class of students to beyond. If a student is studying Computer Courses, ICW, CA etc. from a recognized institute then he / she can also apply for education loan.
Students desirous of pursuing education abroad can get education loan by taking admission in Under-Graduate, Post-Graduate, MBA, MS etc., in addition to popular or famous institute and any professional /technical course of a recognized university.
Eligibility for education loan
Before applying for an education loan, some conditions must be met. It is mandatory for the loan application to be an Indian citizen. Apart from the student, his parents, siblings or spouse can apply for this loan as a co-application. Generally, only those students who have taken admission in any higher education organization in India or abroad are eligible for education loan.The bank's ability to repay the loan is also checked and the loan is given only to the person who can pay it. Education loans can be returned either to the student's parents or to the bank after completion of self-study.
Apart from this, banks also condition a guarantor before giving a loan. Or the guarantor can be a close relative or parent of the borrower.
Education loan amount
Nowadays loans are available up to 100% of the expenses incurred. According to the new rules, if you have decided to study in an institution of the country itself, then you will get a loan of up to 6 Lakh Rupees for this very easily. If this amount is more than 6 Lakh Rupees, then the student has to arrange for himself from 5 to 15% of the cost of nail education, this amount is 5% in respect of domestic courses and 15% in respect of foreign courses.What is included in education loan
Under the Education loan to bank students, they give the amount to meet all the expenses which are necessary for their studies. These expenses include all types of fees, including tuition fees and exam fees, such as expenses for books, laboratory, library and uniforms.Apart from this, students can also meet the expenses of books and equipment in education loan. If the student has taken admission in a foreign institution, then the expenses of going for studies, studies during studies, project work and thesis etc. can also be repaid from education loan.
Income tax exemption
Under 80A of the Income Tax Act, the amount paid in the form of loan interest is exempt. This exemption is available to a person on the interest paid on the loan taken by himself, the children or the legal parents for the education of the child, you can deduct the total interest of the loan from your taxable income. This exemption can be taken for a maximum period of eight years.Assumed interest rate and margin
In India, the interest rate of education loans by government banks is usually between 10 to 14 percent. While the interest rate of private banks is between 11 to 15 percent. Apart from not repaying the loan on time, the bank also imposes penalty on EMI, which various banks decide according to themselves.Even after paying the basic amount of interest after the job, students' hard earned money is spent.Margin is the amount of scholarship money earned by students. The bank does not require margin money up to 6 Lakh Rupees. Loans above this require margin money. If a student has to take a loan of 10 Lakh money and has got scholarship of 5 Lakh, then the margin money requirement is fulfilled by the scholarship certificate.
Mortgage required for loan
Bank can finance up to 100% depending on the loan requirement. At present, there is no margin money for loans up to 4 Lakh Rupees. To study in India, a margin money of 5% of the loan amount is required. and study in foreign country, a margin money of 15% of the loan amount is required. 7.5 Lakh Rupees loans above, the bank asks for some mortgage. Once the loan application is accepted, banks pay directly to the college / university according to the fee structure.Loan Re-payment
The student pays the loan. Re-payment usually starts 6 months after the end of the course. This time can be up to 6 months after getting the job or it can be one year after the end of the course.This loan has to be repaid in 4 to 5 years, many times banks can extend it further. The interest on the loan is general, during the course period. This interest is to be paid in the form of EMI, so that there is not much burden on the students after completion of the course.
Things to keep in mind while applying for education loan
Processing, pre-payment, late payment fees, etc. should be checked. Banks charge a processing fee of 0.15% of the loan amount.👉 Note: Before applying for education loan, check the recognized institute and the course should be recognized by AICTE and UGC.
Like other loans, education loans are also similar, some important documents have to be deposited in the bank, such as -
Apart from this, if you are taking any kind of rebate from the bank, like some banks give interest rate rebate to the students or do not charge any payment for the loan, then you will have to give the necessary certificate in this regard.
How to take an education loan
Like other loans, education loans are also similar, some important documents have to be deposited in the bank, such as -
- Loan application form needed
- Admission certificate require
- Selected course projects for study
- Complete information of the application, which contains proof of its address, identity, signature etc.
- Guarantor income certificate
- University letter if you are going abroad for study
- Visa and travel related papers and foreign courses related detail documents
- List of expenses shown in loan application
- Required photograph and
Apart from this, if you are taking any kind of rebate from the bank, like some banks give interest rate rebate to the students or do not charge any payment for the loan, then you will have to give the necessary certificate in this regard.
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Thanks a lot for reading!
Your desired career dream will come true - by education loan
Reviewed by Neel Kamal
on
August 12, 2020
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