Education loan
Education Loan: Higher education (higher education) expenses have increased rapidly. Due to this, education loans have become increasingly populized among students with weak economic backgrounds. Economically poor students from every corner of the country are fulfilling their dreams by taking education loans, but students are having difficulty in taking education loan due to lack of credit score. However, it is not that there will be no education loan due to lack of credit score! There are also many other options available to take education loan. We are telling you about them.
Take help from government scheme
The Government of India is running several schemes to provide education loans to students of the economically weaker sections (EWS) of the country. There is a similar scheme, the Central Region Interest Subsidy Scheme (CSIS). Under this scheme, all students studying professional or technical courses are provided with interest subsidy on taking loans. The scheme is applicable only to students from economically weaker sections, whose annual income of parents does not exceed 4.5 lakhs. At the same time, the second scheme is Credit Guarantee Fund Scheme (CGFSEL). The main objective of these schemes is to fulfill the need for money for poor students easily for education.
Take a joint and collateral loan
Students who do not have a credit score can consider a joint loan or collateral loan. A loan can be easily taken by applying for a joint education loan with good credit history. Apart from this, banks also provide education loans on the basis of collateral. For example, banks like Axis Bank, HDFC Bank, ICICI Bank provide loans in lieu of collateral. According to the instructions of these banks, mortgage of assets like property, fixed deposit may increase the chances of approved loan. In addition, being a strong credit profile and a 750s or more scores in a range of 750 or more increases the chances of getting an education loan due to a strong credit-scores such as a co-applicant.
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