How to get a loan for education?

Instant personal loan for education up to Rs 1,00,000. Check your unique credit limit on the LazyPay website or smartphone app after filling in a few basic details. Get immediate approval to take a loan of Rs 10,000. Pay interest only on the loan amount you borrow.

Also the question is, how much loan can I get for education? One of the most vital questions that you may wonder about is the amount of the educational loan. In general, you can get up to 4 lakhs of educational loan for higher studies without any collateral. Under education loan scheme, you can get a maximum of 15 lakhs for studies in India and more 25 lakhs for abroad studies.

In this regard, what documents are required for education loan?

  1. Duly-filled application form.
  2. 2 passport size photographs.
  3. Graduation, Secondary School Certificate, or High School Certificate or mark sheets.
  4. KYC documents that include ID, address, and age proof.
  5. Signature Proof.
  6. Income Proof of parents or guardian.

Beside above, what is the age limit for student loans? There is no upper age limit for students applying for student finance but if the student is over 60 the amount they can get depends on their household income. Students can usually only get student finance for their first higher-education qualification.

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People ask also, how can I get a 5000 RS loan?

  1. Eligibility Check. Visit the Money View website or download the Money View app and complete the eligibility check which takes only 2 minutes.
  2. Loan Amount and Repayment Schedule.
  3. Documentation.
  4. Verification and Disbursal.

Is education loan free of interest?

In most of the cases, it is just subsidized. However, you can still make your way around to avail education loan at 0 interest. … There is no interest paid until then. This can be availed under the Central Sector Interest Subsidy Scheme and can be availed only from one of the scheduled banks.

Can a student get loan?

A student loan can be used only for the purpose for which it is taken. Besides, a student loan has specific eligibility criteria, and you must fund 15% of the expenses. A Personal Loan for education is easy and quick to get, and you can fund up to 100% of your expenses.

Can I take 2 education loans?

Well, the answer to the above question is – Yes, a student can be eligible for a second education loan. For this, they can either apply for a second education loan from the bank they already have taken their first loan from or they can apply to a different bank.

What is the EMI for education loan?

So, if you take an education loan of Rs 10 lakh with an average interest rate of 12%, for 2 years the EMI will be: P = 10 lakh, R = 12/100/12 (You convert to months), N = 2 years or 24 months EMI = [10,00,000 x 12/100/12 x (1+12/100/12)^24] / [(1+12/100/12)^24-1] EMI = Rs 47,073.

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Can I get 20 lakhs education loan?

The Credit Guarantee Fund for Education Loans (CGFEL) Scheme provides a guarantee for education loan dispersed by banks under the Model Education Loan Scheme of Indian Banks’ Association (IBA). … Under the CGFEL scheme you can get a loan up to Rs 10 lakh for study in India and up to Rs 20 lakh for studying abroad.

Is getting education loan easy?

Easily available: Education loans are widely and easily available. In fact, they are a priority product in all banks as per the RBI’s guidelines. Varied loan amounts: Banks can offer loans anywhere between Rs. 2 lakhs and Rs.

Can I get 50 lakhs education loan?

The monthly installments on an education loan of 50 lakhs works out at least to 50,000-60,000. … With loan amount collateral value almost equals the loan amount . Generally taking loan more than 7-8 lakhs the bank asks for a collateral for the loan amount.

Can I get 1 crore education loan?

ICICI Bank presents education loans up to Rs 50 lakh for your educational requirements in India and up to Rs 1 crore for overseas. Visit the nearest ICICI Bank branch, fill the form and get started with your loan approval process.

What is proof of income for education loan?

Applicants who are working at any private/public concern or an MNC need to submit their latest salary slips as income proof. You can provide Aadhaar card, PAN card, Voter ID, etc. as your proof of identity to process the Study Loan. Address proof may include Passport, Driving License, PAN card, Aadhaar card, etc.

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Can I get education loan before admission?

No. You can apply for education loan before getting admission confirmation from University / College. If your case is approved, you’ll get a conditional loan sanction letter. … Students and parents feel confident to apply for better colleges, without worrying about how to fund the education cost.

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