For students who want to continue their studies, obtaining an education loan is frequently a prerequisite. Applying for an education loan online is now easier than ever thanks to the convenience of the digital age. We’ll go over the fundamentals of an online education loan in this tutorial, including what it is, how to apply, and how to make an informed choice.
Features of an Education Loan
Whether we look at it in India or overseas, education is not inexpensive. Regardless of their financial situation, parents can choose to switch to education loans, which can safeguard their child’s future. The offer of an education loan allows students to pursue their studies under any circumstances. Not only does the Buddy Loan App offer student loans for study abroad, but it also offers other benefits to educated and motivated students.
A student loan’s interest rate may range from 9 to 10% by RBI regulations. Loan amounts for studying in India could be as low as 10 lacs or as high as 15 lacs. On the other hand, the main sum for studying overseas can be about 20 lacs. However, only post-graduation or graduation-related studies were eligible for education loans. For educational purposes, it is not legitimate.
Another option is to apply for student loans online by just visiting the website and entering the required information. Buddy Loan responds to applications within three hours. As a result, buddy loans offer rapid education loans. Another choice is to apply for student loans online by simply going to the website and filling out the necessary details. Applications are answered by Buddy Loan in three hours. Consequently, buddy loans provide quick funds for education.
Benefits of an Education Loan
- Covering Various Expenses: The sum of the immediate education loan can be used to cover both living expenses and tuition. If you are studying overseas, where everything can be costly, this will be quite beneficial.
- Building Credit Score: Making on-time repayments now is a fantastic way to raise your credit score. Building a very high credit score will be your goal as long as you consistently pay off the amount owed on your student loans.
- Save Your Savings: You can avoid depleting your money by applying for a study loan. To pay for their further education, many people wind up selling their jewelry, land, etc. However, you won’t have to worry about selling anything to make up the difference if you decide to apply for an online school loan.
Eligibility Criteria
- The candidate needs to be an Indian resident.
- The candidate must have been accepted into a course at a university in India or another country.
- To pay for schooling, parents of a minor child may also apply for a loan.
- The necessary paperwork must be submitted by the applicant.
Documents Required
- Evidence of age
- Evidence of enrollment in the course at the institution or school
- A copy of your grade report or your most recent exam certificates
- Proof of address in the form of a passport, lease license agreement, etc.
- Mark sheets, high school diplomas, secondary school diplomas, or graduation
- identification documents such as a voter’s ID, PAN card, passport, driver’s license, or Aadhar card.
- Form 16 or bank statements for the previous three or six months serve as evidence of parental or guardian income. Nevertheless, not all financial institutions require Form 16 to grant a loan.
PAN Card is Mandatory to Get an Education Loan!
Nowadays, one of the most crucial things for any student worldwide is getting a quality education. High-quality education from a reputable institution or university benefits students since it enables them to earn good degrees or diplomas, which in turn helps them succeed in their careers and gain a head start as soon as feasible. However, some students find it difficult to pay for such a high-quality education. The cost of many popular programs and courses that guarantee a successful job and high salary has increased significantly. Students ask for college loans as a result. These days, most Indian banks have made it essential for all applicants, including co-borrowers and students.
Reasons for Mandatory Submission of PAN Card
A Permanent Account Number Card, often known as a PAN Card, is required for everyone who wants to open an account with any Indian bank. To receive salaries and payments worldwide, this number must be supplied. All of the information about the holders’ financial situation is contained on this card or number. This aids the banks in gathering information on the applicant’s and co-borrowers’ income. Additionally, it keeps scammers from giving banks false information about their financial situation.
How to apply for an Education Loan Online?
- Investigate: Examine lenders, interest rates, and terms of repayment.
- Select a lender: Go to the section on loan applications on their website.
- Complete the form: Give precise financial, educational, and personal information.
- Add documents: Upload the required documents after scanning them.
- Examine and send in: Before applying, make sure all the information is correct.
- Await approval: After reviewing your application, the lender could ask for more paperwork.
- Approval of the loan: Examine the terms and conditions carefully after approval.
- Accept the offer. Verify that you accept the loan offer.
- Funds are disbursed to your educational institution.
- Repayment: Adhere to the predetermined repayment plan.
Conclusion
Education Loan Online applications are now easier to get, allowing students to continue their studies without worrying about money. With advantages including saving money, establishing credit, and paying for expenses, students can apply with ease. Students can make well-informed financial decisions for their academic path by being aware of the eligibility requirements, paperwork requirements, and payback conditions.