Education Loan Apply, Government is giving loan up to Rs 7.5 lakh without guarantee, apply from home

Education Loan Apply: For those students who come from financially weak or middle class families and cannot afford their studies, the government has started a new scheme. Under this scheme, you can get an education loan of up to Rs 7.5 lakh without any guarantee.

Now you will not have to go to the bank to get an education loan. The government has made such a system that students can get a loan sitting at home. Students who had to leave their studies due to lack of money will get a lot of benefit from this scheme. In this article, we will give you information about education loan and tell you how you can take a loan of up to Rs 7.5 lakh without any guarantee.

Education Loan Apply 2024

The government is providing loans to students for their studies. This education loan is being given under the Central Sector Interest Subsidy Scheme (CSIS). Under this scheme, students studying in all colleges or reputed institutes will get loans.

Any student can check his eligibility for this loan given by the government from home and can fill the application form from his mobile itself. There will be no need to visit the bank.

Benefits Of Education Loan

The biggest advantage of a student loan is that this loan gets approved very easily. It is the government’s job to approve the loan within 15 days of filling the application form.

In student loan, you can take a loan of up to Rs 7.5 lakh without any guarantee. If you want a loan more than this, then some more paperwork may have to be done.

You also get a subsidy of up to Rs 2 lakh on this loan given by the government. That is, you will get a discount of Rs 2 lakh while repaying the loan amount.

Education Loan Online Apply

To get a loan for education, you have to submit the application form, to submit the form, first go to the official website. If you also want to apply online for this, then let us tell you that the entire process of applying has been explained by us step by step below and the direct link has also been made available below, let’s know the online process of applying-

  1. Select the education loan option here.
  2. After this click on Eligibility Check button.
  3. Now fill in your general details and enter the loan amount you need for your studies.
  4. Then click on the check eligibility button.
  5. You will know whether you are eligible to take an education loan or not.
  6. After this, you can fill the application form online from your mobile.

Types of Education Loans

  1. Undergraduate Education Loan: For higher education following secondary education.
  2. Postgraduate Education Loan: For pursuing courses after completing undergraduate studies.
  3. Career Growth Education Loan: For courses, training, or certification aimed at career advancement.
  4. Parent Education Loan: For parents financing their children’s education.

Features and Benefits

Education loans serve as a financial lifeline, covering expenses such as tuition fees, hostel charges, travel costs, insurance premiums, and more. Loan amounts can reach up to Rs. 1 crore, with flexible repayment terms extending up to 15 years, providing substantial support throughout a student’s academic journey.

Tax Benefits: Under Section 80E of the Income Tax Act, borrowers can avail of deductions on the interest paid on education loans.

Comprehensive Coverage: These loans support not only traditional academic paths but also vocational training and skill development courses. Eligibility generally requires enrollment in recognized institutions and completion of 10+2 or a degree, among other criteria.

Application and Repayment

Application Process: Available both online and offline, the application process requires essential documents such as admission letters and academic records.

Repayment: Repayment typically starts 12 months after course completion, with various repayment modes available, including internet banking, cheques, direct debit, and demand drafts. An Education Loan EMI Calculator helps borrowers estimate monthly repayments, providing insights into the overall loan cost.

Loan Approval

Lenders consider a range of factors when approving loans, including the chosen course, institute, loan amount, academic performance, family’s repayment capacity, assets, and annual income. This holistic approach ensures a supportive framework, alleviating financial constraints on students’ educational endeavors.

Eligibility Criteria for Education Loans

Education loans are available for a variety of programs, including sanctioned undergraduate and postgraduate programs, PhDs, diploma courses of six months or longer, job-oriented courses, and technical/professional courses.

Institution Requirements: Applicants must be enrolled in or have secured admission to recognized institutions, including government institutions, professional institutions, and international colleges and universities.

Educational Requirements:

  • Undergraduate Courses: Applicants should have completed 10+2 (12th standard).
  • Postgraduate Courses: Applicants must hold an undergraduate degree.

List of Documents Required for Education Loan

Most lenders typically require the following documents:

  • Admission letter from the educational institution
  • Marksheets from previous education (school/college)
  • Proof of age
  • Proof of identity
  • Proof of address
  • Proof of signature
  • Salary slips
  • Recent bank account statements
  • Income Tax Returns (ITR) with income computation
  • Audited balance sheet
  • Proof of turnover (service tax return/sales receipt)
  • Completed and signed application form
  • Recent passport-size photographs
  • Appropriate visa for studies abroad

How to Apply for an Education Loan

To apply for an education loan via the official bank website, follow these steps:

  1. Visit the Bank’s Official Website: Start by accessing the bank’s official website.
  2. Find the Education Loan Page: Navigate to the page dedicated to education loans.
  3. Fill Out the Application Form: Complete the application-cum-consent form with your personal and contact details.
  4. Submit Academic and Financial Details: Provide your academic and financial information when contacted by the bank.
  5. Finalize the Loan Approval: Choose between doorstep service for a study loan or visit the bank in person to complete the loan approval process.

How to Apply for an Education Loan Offline

To apply for an education loan offline, follow these steps:

  1. Visit the Bank Branch: Go to your chosen bank’s branch.
  2. Request an Application Form: Ask for a student loan application form.
  3. Complete the Form: Fill out the form with your personal, academic, and financial details.
  4. Discuss Loan Terms: Confirm the loan terms with a bank official.
  5. Submit the Application: Submit the completed application form along with the required documents.
  6. Receive Loan Agreement: Obtain the formal student loan agreement once your loan is approved.

How to Education Loan Online Apply?

Education Loan Online Apply Click Here

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