Pursuing higher education is the gateway to a brighter future and exciting opportunities. We often plan to Join the colleges and universities of our dreams when we grow up. While scholarships, grants and savings may help us cover a portion of the expenses, many turn to an Education Loan or a student loan to bridge the financial gap. A loan for education can be a game-changer when it comes to funding academics. In this blog, let’s explore the eligibility criteria and benefits of an online education loan, taking a step towards an amazing career. Let’s get started!
What is an Education Loan
An Education Loan is financial support offered to students by financial institutions who wish to pursue their higher education. This loan support both domestic and international studies of a student by covering the educational expenses that are required to complete the course.
Benefits of an Education Loan
Let’s explore more about student loan by understanding its benefits:
- Access to Higher Education
An Education Loan helps you enroll in the institution of your choice by providing financial support and covering all your study-related expenses. Once your application is approved, you can use the borrowed amount according to your convenience. It may include tuition fees, accommodation costs, travel expenses, library fees, and even the cost of purchasing a laptop.
- Adjustable Loan Amount and Loan Tenure
An Education Loan offers you the flexibility to choose the loan amount and tenure based on your budget, overall expenditure, and repayment capacity. The flexible loan tenure enables you to choose between competitive interest rates and flexible monthly payments tailored to your specific needs.
- Hassle-free Application Process with Competitive Interest Rates
NBFCs have made it easier and more convenient to apply for an online Education Loan offering the added benefit of competitive interest rates. The entire application process can be completed in just a few minutes from the comfort and privacy of your own home without the need to physically visit the lender's office.
- Quick Approval
A student loan comes with quick approval, making it easier and faster for you to access the funds. The best part is that you don't have to worry about excessive paperwork, further speeding up the process. If you meet the eligibility requirements, you can receive loan approval within a few hours.
- Build a Credit History
Timely repayment of an Education Loan can help build a positive credit history, which is useful when applying for future loans or credit.
Procedure to Check Eligibility Criteria for an Education Loan
To check your eligibility, follow these steps:
- Research Lenders: Identify reputable financial institutions and choose the one that suits you the best.
- Visit the Lender's Website: Go to their official website and find the relevant tab.
- Access the Eligibility Criteria: Go through the eligibility criteria and the loan requirements that need to be provided to the lender.
- Use Online Eligibility Calculators: Some lenders have an eligibility calculator that allows you to enter your details and determine your eligibility instantly. The calculator can tell you the maximum amount you are eligible for.
- Contact the Lender: If you have any queries or need further clarification, contact the lender's customer support.
Also Read :- Check Your CIBIL Score Today To Apply For A Education Loan
Interest Rates and Tenure of an Education Loan
It's important to keep in mind that the interest rate and tenure may vary from lender to lender. It's always a good idea to conduct thorough research on interest rates offered by different lenders before opting for one. However, if you're looking for a reliable loan provider, Poonawalla Fincorp offers an Education Loan with interest rates starting at just 11.25% p.a. and a flexible tenure of up to 15 years.
How to Apply for an Education Loan Online To Conclude
Here are the three easy steps to apply:
Step 1: Click
on the ‘Apply
Now’ button.
Step 2: Fill out the loan application
form.
Step 3: Upload necessary documents.
On successful
verification, the loan amount will be disbursed into your bank account instantly
To Conclude
An Education Loan provides you with the necessary financial support to pursue your academic aspirations. Poonawalla Fincorp understands the importance of education and offers an Education Loan that you can tailor to fulfil your dreams. By meeting the student loan eligibility criteria, providing the required documents, and following the application process, you can access the funds needed to pursue higher education with just a few clicks. So, wait no longer and apply now!
Frequently Asked Questions
- What is the maximum amount of Loan I can get when applying for an Education Loan?
Poonawalla Fincorp offers a maximum amount of up to Rs.3 Crore with collateral and up to Rs.1 Crore without collateral for an Education Loan.
- Can I use the loan amount for expenses beyond tuition fee?
Yes, with an Education Loan from Poonawalla Fincorp, you can cover all kinds of expenses, including tuition fees, exam fees, hostel fees, etc.
- What is the Education Loan tenure?
The loan tenure is typically up to 180 months. You can choose the loan tenure based on your convenience.