Nowadays, the education in India has been very expensive. It is not easy to cover these expenses in a limited salary. Education loan helps you to complete your studies by taking financial help from the banks. Education Loan is provided for studies from India as well as abroad. Banks or NBFCs charge an interest rate on the principal amount. The repayment of education loans begins after the completion of your studies. The repayment norms may vary as per the banks.
Get yourself enrolled in your favorite course by getting an education loan. Repay the study loan on your own after completing your studies.
Checklist before taking an Education Loan:
- Select the college and course before applying for a loan. Be sure about your selected course.
- Consider your budget and financial resources. Finalize your requirement.
- Do a detailed homework. Study all the education loan options available in the market. Do an online comparison and choose the best option.
- Understand the education loan procedure. Check the eligibility criteria and documents required. Dialabank will help you to grab the best deal.
- You should carefully consider the repayment options and the grace period. Check the terms and conditions and choose the best one as per your repayment ability.
Education Loan Interest Rates: 9.33% to 12.50% per month
Education Loan Documentation:
Education loan needs a co-applicant along with the applicant. Check the document required for an education loan:
- Mark sheet of last qualifying examination for school and graduate studies in India
- Proof of admission to the course
- Schedule of expenses for the course
- Copies of a letter confirming scholarship, etc.
- Copies of foreign exchange permit, if applicable
- 2 passport size photographs
- Last 6 months bank statements
- Last 2 years ITR if the co-applicant is self-employed
- A brief statement of assets and liabilities of the borrower
- Current address proof and identity proof
Various types of Student Loans in the market are:
- Undergraduate student loans
- Graduate/ professional students – Graduate/ professional student loans are suitable for students going for higher or advanced degrees at countrywide colleges.
- Career education loans – Career education loans are for students attending the undergraduate career-oriented programs at countrywide colleges, technical, and trading schools.
Get education loan tax benefits under Section 80E of the Income Tax Act. If you are paying a part of your income as the EMI of an education loan, you can avail benefits under Income Tax Act.
Apply online or call us to get the best education loan across the leading banks of the country.