Education is a fundamental thing that instills empowerment in the students. The cost of education skyrockets every day, so the students are seeking loans to complete their education. With the motive to educate every student, the government has given a whirl and come up with schemes by offering them Education Loans Online. The government and the banks have also drafted effective strategies to help the students complete their education without hassle. The meritorious students or the students who are willing to go for higher studies but don’t have enough money to do so are granted education loans to pursue the education either in India or abroad.
Almost all kinds of banks offer financial aid to students in the name of Student Loans. Students can cover all the expenses from education to fees to tuition to supplies to living expenses with the help of the education loan offered by banks. The differentiator between general loans and student loans is the low-interest rate. Because students cannot afford to pay more interest, the banks go with low-interest schemes and also give them a grace period of six months to one year to start repaying the loan after getting into a job. In short, the repayment policies are very flexible for the students.
The primary factor the banks consider while granting Education Loans India is eligibility. Here are the eligibility criteria students need to meet before considering getting an education loan from the bank.
Here are some of the documents that are required to apply for Education Loans Online.
Now let us look into the types of Education Loans offered by the banks in India. First and foremost, the loans vary depending on the type of education the student wants to pursue. For instance, Students Loans are granted to students willing to do their diploma, certification courses, or study abroad.
If we divide the loans based on the location, there are majorly two types of education loans:
As the name implies, Domestic Education Loan is given to students that want to pursue their education in the country.
Study Abroad Education Loan is a loan given to students who want to pursue their education abroad.
Again the Education Loans in India are categorized into multiple categories:
Students who have completed their secondary education with merit marks are eligible to attain undergraduate student loans to pursue undergraduate in any university
As the name says, students willing to pursue graduation or post-graduation can apply for these graduate education loans.
This is a lesser-known loan taken by students who wish to invest in career-related programs in named institutes.
Other than these popular types of loans, parents are also provided with student loans to cover the expenses of their child’s education.
If you want to find the EMI for the Education Loans Online, you want to acquire from the lender bank, you can do so with the help of our EMI calculator. With our EMI calculator, you can easily calculate the EMI amount you need to pay every month for your loan. All you need to do is enter the loan amount, the repayment tenure, and interest rate and submit it. The calculator will display the amount of EMI you need to pay.
The exciting part about availing of an education loan from LMV Financial Services is that you can quickly get the loan from the bank/NBFC at the lowest interest rate possible. Also, the loan disbursal is relatively quick with us.