If you have to take a loan for further studies, then you can take a education loan from bank very easily and what you have to do for this and how to take education loan, we are going to tell you all this information in this article.
Before taking education loan, you need to know about it, what is education loan, then if any student wants to do higher level studies, then he has to pay fees etc. but many times people are unable to pay fees.
In such a situation, the government and the bank provide loans to help them so that all the students can do further studies according to their ability and can make their best future.
If any bank gives a loan to someone, then it definitely thinks about its return, so the bank prefers to take the loan to the same person, who should be able to repay the loan and it is necessary to have a guarantor along with the person taking the loan who takes the responsibility of the loan.
It is that if the person taking the loan does not repay the loan then the bank can recover the loan amount from the guarantor and the guarantor can be any person like family person, relative, friend etc. and you need a guarantor to take the loan. Along with this, you must also be able to repay the loan.
If you want to take education loan, then you are definitely thinking that for what kind of education bank provides loan, then this loan can be used for external, graduation, post graduation, diploma, doctor, engineer, CA, medical, PhD etc. And if you want to study abroad, then you can also get a loan from the bank for this and after that you can continue further studies and make your best career.
Documents for taking education loan
If you want to take education loan, then for this you need to have some important documents, only then you can take loan for education and for this you should have the following qualifications.
- ID proof of age
- passport size photo latest
- school mark sheet
- bank passbook
- ID proof
- Address proof
- Course Details
- PAN card of parent and student
- Aadhar card of parent and student
- Proof of parent’s income
You need the following types of documents and if you have all these documents complete, then you can apply for this loan and get this loan.
Types of Education Loan
If you want to take education loan then it is important for you to know what are the types of education loan and how it can be taken, then we are telling you about some education loan about which you need to know Is.
- Under graduation Loan – Often most of the people take this loan, when you pass out, then you have to take a loan for graduation, then you are given this loan, through this loan you can study graduation inside the country and abroad.
- Career Education Loan – This loan is for those who take a course or take a loan for the purpose of making their career, such as for studying CA or for ITI or for engineering etc.
- Business Graduate Loan – Those people who have completed their graduation in Business and want to do further studies, then this loan is provided to them.
- Parental Loan – This loan is taken by the parents for the education of their children and this loan is given to the parents, which is a financial loan, so that the parents can get their child further education.
Education loan is as follows and if you want to take education loan, then you can get education loan by bank according to your need and you can also contact any bank for more information about it.
What will be the interest on education loan
Often people think about the education loan interest rate while taking a bank loan, after all, how much interest they will have to pay later, then tell you that education loan has a very low interest rate as compared to other loans.
If you are taking a loan, then many banks also provide many types of discounts in giving education loan to girls so that girls can also get higher education and make their best future.
What is the processing fee on education loan
Anyone who wants to take a loan definitely wants to know about the processing fee and if you take an education loan, then you will also want to know about its processing fee. Which is a big advantage for the student and for this the bank will not charge you any processing fee nor do you have to pay any extra fee.
Is guarantor required for education loan
Often most of the people think about it that if we take education loan then it is necessary to have a guarantor and only if there is a guarantor, then we can get the loan, so let us tell you that if you take loan less than 4 lakhs then you can get loan without guarantor.
Loan is available but if you want to take more loan then you need a guarantor for this and the guarantor can be any person like your friend, relative, neighbor etc.
Process to get education loan from Bank
You have to follow a small process to get an education loan, only after that you can get an education loan and for this you have to apply in the following way.
- First of all, you have to contact the bank from which you want to take the loan and ask about the education loan.
- Now the documents that the bank will ask for from you, they have to show the documents and give the form, they have to be filled correctly.
- Now if there is a separate process of the bank, then the bank will tell you that you have to follow it and the information that the bank officer will ask you should tell the correct information.
- Now you have to submit the form along with the documents to the bank, after which the bank provides you the loan in a few days.
In this way you can get education loan from bank and for detailed information about education loan, you should contact the bank, where you are explained the whole process in detail so that you will get to know the whole process and you can easily get loan from bank. will be able to obtain