Education Loans for Students for higher studies.
Fund your higher education with an education loan from top banks in India
Everybody has the right to a good education. But, higher education is often an expensive affair, and many parents cannot afford the education their child desires or deserves. However, a lack of money should not determine the future of your child. At Loandeals, we bring you hundreds of competitive education loans in India that will give your child a chance to fulfill their dream of higher education.
Even professionals who wish to forward their career by taking up higher education can apply for an education loan to increase their income and skills without any financial burden.
Depending on the course and the location of the university in India or abroad, you can choose an education loan from one of the leading banks in India online on Loandeals.
Apply for an education loan online in just a few seconds.
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Key Features of an Education Loan
- Equitable interest-rates loan to fund education in India or abroad
- Loan repayments start only after the completion of the course. Some banks may allow a relaxation of one year after the completion of the course.
- Choose a loan tenure between five and seven years
- Get a minimum of INR 50,000 and up to INR 4 lacs without any collateral or guarantee
- Avail special discounts on education loans for females
Eligibility Criteria for Education Loan in India
- Any resident Indian above the age of 16 can apply for an education loan to study in India or abroad.
- Some banks may accept loan applications for borrowers who would be a maximum of 70 years of age at the time of the maturity of the loan. However, other banks, such as HDFC bank limited, only allow education loan applications for borrowers who are below 35 years of age. Get in touch with an expert on WhatsApp +91-8425804441 to discuss your options.
- No collateral is needed for loans less than four lacs in amount.
- For loan amounts between 4 lacs and 7.5 lacs, parents must apply as joint borrowers or a guarantor must sign the education loan application.
- Education loan against property or other collateral can be availed for loan amounts exceeding 7.5 lacs.
Student Eligibility Criteria
- The student for whom the education loan is sought must be an Indian citizen.
- He or she must have secured admission in a reputed university in India or abroad, through a merit-based selection process.
- The loan can be sought for various professional, post-graduate, masters, and diploma programmes from accredited universities.
- An education loan can be requested for full-time, part-time, as well as vocational courses.
Don’t put your dreams of higher education on hold. Whether you are a student or a salaried professional, you can borrow a minimum of INR 50,000 to up to 4 lacs for your education in India or abroad without any security or guarantor.
For higher loan amounts, it is required to have a joint borrower or apply for a loan against property or provide some other collateral.
At Loandeals, we give you access to education loans from top banks in India at competitive rates. You will also find specific loan deals designed for various education programmes.
Discuss your requirement with us on WhatsApp +91-8425804441 so we can match you with the best education loan for your need.
Education Loan Against Property
Funding higher education, especially overseas, is a costly proposition, and not an easy one to shoulder. Fortunately, you can rely on your home to support your child’s dream education without stretching your finances to the tee.
Taking an education loan against property allows you to access up to 75% of the equity in your property. This substantial sum can be used to cover all the costs relating to education – including tuition fee, hostel fee, food and miscellaneous expenses, etc.
Enjoy the following benefits when you take an education loan against property:
- Lower rate of interest
- Up to 20 years of loan term
- Flexi-loan option with interest-only and line-of-credit option
- Loan top-up possible with minimal documentation during the tenure
Speak to us or WhatsApp +91-8425804441 to understand whether an education loan against property is the right choice for you or not. You can also avail a loan against property on Loandeals to fund your business or meet other personal requirements.
Benefits of an Education Loan
- Under Section 80E of the IT Act, individuals can claim a deduction for the interest paid on the repayment of an education loan. The deduction is only allowed for eight years. The deduction is applicable for individuals who are making repayments for themselves, or on behalf of their spouse or children.
- An education loan not only covers the cost of the course but the other expenses of education, too. These include hostel expenses, cost of uniforms, books, and other essentials, and any refundable fees paid to the institute.
- Many banks offer a 0.5% discount on the interest rate to female students pursuing higher education in India or abroad.
- Repayments for an education loan only begin once the course is over. Most banks start the repayments one year after the course is completed or six months after the student takes up a job.
Apply for an Education Loan in India Online
Most banks in India offer education loans to students at competitive interest rates starting as low as 11%. At Loandeals, you can compare the deals offered by various banks or speak to an expert on WhatsApp +91-8425804441 to find the best product for your need.
Apply for an education loan online and get the money you need in your account in less than a week with minimum documentation at Loandeals.
You can also chat with us on WhatsApp +91-8425804441 to know more about best deals on education loan for the month.