Education loan
Education Loan: Inflation is increasing rapidly in the education sector. Not only professional courses, but school fees have also become very expensive. Higher education to their children is getting very expensive for parents. In such a situation, many people resort to education loan. In education loan, the student takes a loan from the bank for the expenses of their studies and when the students get jobs, then this loan has to be repaid as EMI. Today we will tell you how many types of education loans are and what are its benefits.
There are 4 types of education loans
Undergraduate Loans: You can take this loan for college after high school.
Post Graduate Lones: After studying undergraduate, you can take this loan for further studies.
Profession Advancement Loans: For courses made to take forward skills, certification and profession.
Parents Loan: Parents can take a parental loan for their children’s education.
Education loans features
1. Loans up to Rs 1 crore can be taken under education loan.
2. It has a flexible repayment period. You can also repay your loan for a period of 15 years.
3. Students can take loans for studies anywhere in India and abroad.
4. Some lenders give some amount of debt even before getting a visa for studies abroad.
5. In the education loan, children of women students and bank employees also get discounts.
6. Reports are not required until 1 year after completion of the course.
Online method of application
Step 1: Open the website of the respective bank of your choice.
Step 2: Go to the education loan section from the website.
Step 3: Fill the application form with all the necessary information.
Step 4: Submit all necessary documents such as identification proof, address proof and educational documents.
Step 5: After this the bank will verify your application. When satisfied, this amount will transfer to your account.
Offline method of application
Step 1: Go to the official branch of your respective bank.
Step 2: Ask for application form for education loan.
Step 3: Fill the application form with the required personal details.
Step 4: Submit the application form with all the necessary documents for verification.
Step 5: The bank will verify your application and if the amount is satisfied, the amount will be transferred to your account.
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