If you too have a desire to get into your dream college/university, you can apply for an education loan using the online loan availing technique. All you will have to do is simply visit a relevant banking website. These days, loans are not just restricted to government banks, but can be obtained from private financiers as well. Some of the leading private companies offer student loans with interest rates as low as 12.75% with a mere 1-2% processing fee. With the rise in competition, the importance of Study Loan In India is getting higher day-by-day.There are a lot of ways available to students from where they can obtain funds for education. One such way is an education loan. These loans are secured and come with a comparatively low rate of interest. The borrower can enjoy flexible repayment options and a relaxation period (moratorium period) of up to 6-12 months.
The student should have an admission in the university/institute, prior to applying for the loan. When it comes to eligibility, the borrower must be between 18-35 years of age. His/Her family must have a regular source of income. A co-applicant is a must in case of availing an education loan. Since, students do not have a source of income, a guarantor (co-applicant) is required to take responsibility for the repayment. The borrower’s siblings, spouse or parents/guardian are eligible to apply along with the borrower as co-applicants.Study Loan In India can be availed for graduation as well as post graduation courses.To avail a student loan against any course it has to be recognized by the government. Usually, these courses have a maximum duration of 3 to 5 years. After completion of the course, the borrower has to begin the repayment in the form of EMIs. Top notch private lenders also offer a holiday/grace period after the course, which means the borrower can use that time to secure a good job after getting out of the college.
As per your convenience, you can begin the repayment which is categorized as per your needs:
- Interest servicing during the course
- Partial interest servicing during the course
- EMI repayment during the course
- EMI repayment post holiday/moratorium period
- Step up repayment facility