Higher education in India or abroad is a transformative decision which takes a long time. There are many who want to take up higher studies but fail to arrange sufficient funds for their education. So, they have to rely on external sources for money. We will try to describe each and every aspect of loans available for higher education. The process to apply for an online loan, its eligibility criteria and documents have been way simplified for quick processing.
Eligibility Criteria & Documents to Apply for Online Loan for Education
The first step in the process is to find out whether you actually qualify for an instant loan or not. Below have been shown the essential criteria to check for an instant education loan:
- Be an Indian citizen aged between 18 and 60 years.
- Have valid ID proof and current address proof.
- Be employed, self-employed, or a pensioner.
- Maintain an active bank account.
- Ensure a minimum 90-day interval between two Home Credit loan applications.
- Demonstrate a monthly household income exceeding ₹25,000. “Household” refers to an individual family unit comprising a husband, wife, and their unmarried children.
- Need to be an existing customer of Home Credit (should have availed Ujjwal EMI Card/ Consumer Durable Loans/ Personal Loan/ Flexible Personal Loan in the past).
Read More: 5 Tips to avail an Online Education Loan in India
What all documents are required for applying for an Instant Loan in Bangalore?
Before we even think of a personal loan for education, it is extremely important to complete your documentation. Although, Home Credit loans need only 2 documents. So, before applying for an educational personal loan, the applicant must be completely aware of the documents required to apply for a student loan. Following documents are required to apply for an education loan:
Top Loans Providers in India for Personal Loan in Bangalore:
Study Abroad Education Loan from NBFCs (Non-banking financial companies)
We have many NBFCs in the market today, however, banks came forward first to lend cash money for education. Let’s have a quick look at the top bank offerings now:
HDFC Bank
HDFC Bank is one of the most renowned private banks which allow instant loans for education abroad. The maximum amount offered by HDFC is about Rs.20 lakhs. To ensure quick disbursement of loans, the bank provides the loan much before the individual secures admission to a university/college.
State Bank of India
SBI allows a maximum amount of Rs.30 lakhs as a loan for higher education whether nationally or internationally with a margin of 15. The rate of interest charged on the education loan is up to 2% on the minimum rate of the bank. Also, the loan can be repaid within a range of 1 year 15 years.
Besides the govt. aided, nationalized banks, education loans can be easily used from non-banking financial companies/institutions (NBFCs) also. A few non-banking institutions offer loans to cover only tuition fees. Prospective borrowers need to supply collateral security to the banks against the loan amount of about Rs. 7.5 Lacs. And now students who are looking for instant cash for education abroad. So now you have the option to approach NBFCs for a loan. Some of the NBFCs options are:
Home Credit
Home Credit is considered to be one of the best NBFC to lead the financial market and supply the best loan products. It provides loans from ₹10,000 to ₹5,00,000. Apply for Personal Loan for Education!
