Various Categories of Education Loans for Indian Students 2023

Various Categories of Education Loans for Indian Students 2023 –Hi everyone! Hope you are all doing well. Welcome back to another blog. So, are you looking to study abroad? Or do you want to study at a highly-qualified university, but you are worrying about expenses? If yes, then stop worrying about this, because today I will tell you about the various types of education loans, that provide facilities to all Indian students to fulfill their dreams to study in any Indian or foreign university. Mostly the students are trying their best to complete their higher education from outside India. According to a survey in 2022, almost 261, 406 students are studying in foreign universities, and this year, this number will increase by three times, due to the interest of students. So, to share the educational expenditure burden of students, numerous banking networks are providing education loans to students to fulfill their dreams. So, read the whole blog carefully to get all the details about various categories of education loans provided for Indian students in 2023, to study in India or outside of India.

How to get an education loan?

The following steps are involved to apply for an education loan;

• Select the course for which you are going to apply
• Also, estimate the precise tuition fees you are essential to pay for that course
• Make a comparison of the several types of education loans you can apply for and select the one which provides all of your educational expenses
• After selecting the appropriate education loan, fill out the application form carefully on the official website of the relevant bank or by visiting the nearest branch of the bank
• The bank administration will reach you with all the additional information as soon as your loan gets permitted
• After you sign the final legal responsibility form the bank will transfer your loan amount to your account

Categories of Education Loans for Indian Students

Now I will tell you about the various categories of education loans, that are made on the basis of courses or to study in the country or outside the country. Those categories include;

• Domestic Education Loan
• Study Abroad Education Loan
• Undergraduate Education Loan
• Professional and Graduate Education Loan
• Career study Education Loan

Domestic Education Loan:

Domestic education loan is provided to all Indian students that are willing to study at any Indian University. Almost the academic expenses are covered by this education loan.

Study Abroad Education Loan: 

Study Abroad education loan is provided to all Indian students that are willing to study outside the country at any Foreign University. Almost the academic, and non-academic expenses are covered by this education loan.

Undergraduate Education Loans:

Undergraduate education loan is provided to all Indian students that are willing to pursue their undergraduate degree in any area of study. These undergraduate education loans provide the chance to students to study at any Indian University or Foreign University. Almost the academic, and non-academic expenses are covered by this education loan.

Professionals and Graduates Education Loans:

Professional and graduate education loan is provided to all Indian students that are willing to pursue their professional and graduate degree in any area of study. These professional and graduate education loans provide the chance for students to study at any Indian University or Foreign University. Almost the academic, and non-academic expenses are covered by this education loan.

Career Education Loan:

Career Study education loan is provided to all Indian students that are willing to pursue their career-based degree in any area of study. These career study education loans provide a chance for students to study at any Indian University or Foreign University. Almost the academic, and non-academic expenses are covered by this education loan.

Education Loan Profits and structures

Now I will tell you some structures and profits of the education that will be provided to the students;

• For local students, the financial amount of an education loan typically varies between INR 50,00,000 to INR 1,00,00,000, if the student is willing to study abroad.
• By fulfilling some conditions, all the expenses are covered by the education loan.
• Other than, tuition fees, an education loan also provides traveling and other expenses.
• For international loan payments, education loans are regularly transported through better forex rates to lower the exchange rate.
• Refunding of education loans outspreads to a range of 12 years freehold after 6 months of completion of the course.
• It is better to add your parents as joint debtors for education loans to lessen the refunding load.

Eligibility Conditions

The students that are willing to apply for education loans must have to fulfill some conditions. These conditions are different for different banks, or organizations. But some general eligibility conditions are given below;

• The applicant must be at or above the age of 18 years
• The co-applicants must have a regular income resource
• Applicant must have 50% marks in the recent degree
• Students must have to continue their higher education at a recognized institute
• Students are eligible to take a maximum loan of amount Rs 30 lakhs per family.

Mandatory credentials

Applicant must have to attach the following documents to apply for the education loan, in case of any missing document, you are not eligible to secure an education loan;

• Evidence of Identity through PAN Card, AADHAAR Card, or Voters ID
• Evidence of Residence through Electricity bill, water bill, LPG/gas pipe bills
• Legal Passport (not expired)
• All academic transcripts-
• Entry Test results (IELTS, TOEFL, GMAT, or GRE)
• Offer Letter offered by the university abroad that has accepted you
• A statement stating your projected cost of studying and living costs
• 2 passport-size photographs
• Preceding Loan statement (if taken)
• Bank Statement
• Details of Co-Applicant
• Student loan application form

Highest Education Loan Rates 

I have summarized a list of banks that provide education loans to facilitate students, along with the interest rates applicable to the banks;

Refunding methods of Education Loans

Now I will tell you about the refunding method of loan payment;

• Mostly all the banks provide you the opportunity to refund the debt amount after the completion of the degree, or after getting the job.
• After the completion of the course, or getting the job, you can choose a monthly payback method or four times a year, that seems suitable to you.
• If you want to pay back loan money in small installments, then you will contact the bank or the lender, and they will provide you the refunding method according to your aptness.
• Almost all banks, provide a maximum time period of 15 years to refund the loan after the completion of a course or getting the degree.

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