Are you planning to do your higher studies or any professional course? Is your course fee a hindrance for making a career? If yes, educational loan is boon for you. Banks offers loans or advance for continuing your higher education. Earlier parents were much tensed when they think of fees and expense of their child’s higher study but now educational loan has become source of relief and help for them.
If you are planning for higher studies and course fees are not affordable by you, you must best utilize educational loan for completing your higher education. This helps you to make good career at affordable cost. If you are resident of the country and your course is approved by central and state government. Course can be any professional course, graduation, post graduation, or diploma you are eligible for educational loan.
Security and guarantor is not required for loans up to four lakhs and if the amount exceeds four lakhs you will have to provide security inform of any investment such as bonds and shares, bank deposits or property.
You need not worry about repaying loan when you are studying, your repayment of loans starts only after completion of your education or after getting a secured job. Normally banks provide up to 10 years for Rs 4 lakhs and higher the amount is longer will be your repayment period.
While applying for educational loan you will have to submit documents such as copy of mark list of last qualifying exam, proof that you got selection for higher education, list or fee structure of your education and your passport size photos.
Repaying time is six months to one year after completing job or when you get a secured job after education whichever is earlier. You need to discuss the detail and interest rate of your educational loan to one or more bank to get best for your education. Banks and financial institute provide 10 or more years time for payoff the loan.
Important banks offering Educational loans:
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