Higher studies need a huge amount of fund, and an education loan is the best way to it. An education loan is a kind of personal loan given to students for pursuing their higher studies.
You can avail a higher education loan for abroad from a bank or financial institution in India. Let us have a look at the features and benefits of an education loan to know all about it.
Simple eligibility criteria
The eligibility criteria for an education loan are simple, and required documents is also very less. You can also apply online for it and save your time and effort.
An education loan for abroad studies is a personal loan, and hence the application and approval process is similar to it. On submission of the required documents, the loan application gets instant approval.
Easy loan disbursal
On approval of the loan application, the loan amount is being transferred in your account in no time. You can withdraw it and use it to pay tuition fees, accommodation, expenses and all other expenses related to your education.
Flexible repayment tenor
The repayment tenor of a personal loan for higher education is flexible and extends up to 60 months. One can pay interest-only EMIs for the initial part of the loan tenor.
A high amount of loan
Education loans are high-value loans. You can avail a higher loan amount when you apply to a leading bank or financial institution. The loan amount differs from one lender to another, depending on the borrower.
Co-applicant or collateral security
For an education loan for abroad, either you need a co-applicant/guarantor or provide collateral security.
The interest paid on the education loan is eligible for tax deductions under Section 80E of the Income Tax Act, 1961.
With so many benefits, an education loan is the best option to bridge the gap between your savings and higher education expenses.
Bajaj Finserv presents pre-approved loan offers on personal loans, education loans and many more.
You can check your pre-approved offer by sharing some basic details like your name and mobile number.