Education Loan in India

Education Loan

Do you want to do higher education.  do you or your family do not have enough money to pay for your higher education. Do you want to go for abroad for education and want take Education loan for abroad. I want to tell you that, at this time government and private banks of Government of India are giving you education loan for higher education. With the help of this education loan you can complete your higher education. If you have to take loan from bank for your higher education then we call it education loan.

Education Loan-Loan Amount :-

 The bank gives you a loan according to its policy, if you takes loan upto ₹400000, then in that case the bank does not take any guaranter from you.  If you want to take loan more than 4 lakhs and upto ₹ 750000  then, a guarantor will be needed. If you want ₹ 7,50,000 to take a loan above, then you have to mortgage any one property with the bank. 

Education loan rate of interest 

The rate of interest of the bank on education loan ranges from 8% to 12%. The bank decides the rate of interest according to the education profile.  For example, thechildren who take out IIT bankof 7.5% for the ROI offers an. .

Repayment period of education loan :-

After completion of education, the bank gives you 5 years to 7 years to repay the loan, Which is enough time.

Required documents for education loan:-

 In which college or university, your admission will be schedule; bank will ask fees structure of that institution. Bank will pay according to the fees structure, In education loan, you will get school fees  Along with giving you a loan according to your living, food and your laptop according to all these and only takes loan interest from you till your studies are not completed.  If you want, you can pay the interest part of it during your studies or after studies. You have to deposit EMI every month in the bank as as installment After getting your job.

Let us now know what the paper demands from you in this.

1-Aadhar, Voter ID, PAN Card.
2-Passport size photograph.
3-Address Proof (Aadhaar, Voter ID or Electricity Bill)
4-Income proof of parents.
5-Photocopy of high school and intermediate mark sheet.
6-The admission letter of the institute in which you are going to study and the proof of the duration of the course, along with the details of the expenses will have to be shown

Repayment period of education loan :-

After completion of education, the bank gives you 5 years to 7 years to repay the loan. Which is enough time.

Let us now know what does the paper ask from you to take a loan? 

Now the government has started an online web portal to give education loan to the students, the detailed information of which is given below.

PM Vidya lakshmi Scheme:

Many students are very smart in studies but due to lack of money, they are not able to fulfill their dream of further studies. But now the central government scholarship and education loan to remove troublesome(Education Loan) is giving students. Under the Pradhan Mantri Vidya Laxmi Yojana, every information related to scholarship and education loan is available on one platform. Common Application Form (CAF) of Education Loan is available on this portal, by filling which students can fulfill their dreams by availing scholarships and education loans. 

Loans can be taken from 13 banks through Pradhan Mantri Vidya Laxmi Yojana:-

The portal of Pradhan Mantri Vidya Laxmi Yojana has been linked with 13 banks for education loan. There are 22 scheme have been registered on this portal, that 22 you can take advantage of any of the loan schemes. These banks include SBI, IDBI Bank, Bank of India and Canara Bank. Not only this, scholarship information is available on the portal. After this initiative of the government, students willing to take loans are getting all the information on a single platform and they do not have to wander anywhere. 

How to get loan under Pradhan Mantri Vidyalakshmi Yojana?

1 :- First of all the applicant should be called Prime Minister Vidyalakshmi.  The officialof the scheme website(vidyalakshmi.co.in) hasvisited to be. 

2:- On the website  You have to go and register. 

3: – After registration, youuseron your mobile and email id will getand password. 

4: – Withthis user id the help ofand password, you will login online. 

5: – After this, the Common Education Registration Form given on the website will have to be filled. 

6: – While applying for the loan, you will be asked for some information which you will have to fill, after that your loan will be approved. 

FAQ(EDUCATION lOAN)

For online education loan, one has to visit the official website of Vidyalakshmi Yojana https://www.vidyalakshmi.co.in/Students/.
How many banks give education loan?
The rate of interest of the bank on education loan ranges from 8% to 12%. The bank decides the rate of interest according to the education profile. For example, the bank offers an ROI of 7.5% for the children who take out IIT.
Without guarantor, without collateral education loan is available up to Rs 40000 / -.

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