Education Loan - Choose Education Loan

About Education Loan:

When it comes to all the building blocks that form a complete and successful life, nothing is as important as quality education. However, education in India, at least the commonly perceived ‘quality education’ as imparted by acclaimed and influential educational institutions, is decidedly costly and not easily available to everyone- especially those who deserve it based on merit alone. Thus, education loans are vitally important. A barebones explanation for an education loan is thus, ‘funds offered by financial institutions to meritorious and/or deserving students so that the latter can pursue their basic/higher education, in India or abroad’. Almost all banks in India offer education loans, and the demand for it has remained stable with the Indian student community.

Why Choose Education Loan?

The question should ideally be, why choose an education loan over a personal loan, or the money accumulated in your savings account? The versatility and advantages of education loans are listed below-Education is Expensive-It's a matter of instant availability. A comprehensive education loan frees you from the task of accumulating sufficient money to fund your son/daughter’s higher education. And, with inflation and shifting prices, can you ever be 100% certain? A good education is expensive and the expenses aren’t changing in a predictable curve. A good education loan scales accordingly and helps you be safe from unexpected surprises.

Specialised Help-The expenses incurred through a standard study course are many, caution deposits, library fees, building deposits, laboratory fees, etc. With a comprehensive education loan, individual facets of the course can be better addressed without the risk of running out of money. It’s more organized and seamless with an education loan.

Widely and Easily Available- Comprehensive education loans are a priority product in most banks’ arsenal of products and the RBI lists them as part of the priority sector lending of banks. Conforming to some basic requirements and confirming your ability to repay the borrowed amount is all it takes to get on-board.

Timely Assistance- Often, good intent isn’t backed by good monies. A good education loan offers timely help when it comes to a crucial pillar that promises a successful life- education. Nullifying the worry that accompanies the need to gather up the requisite amount, a full-fledged education loan puts you at ease.

Features & Benefits of Education Loans:

When it comes to a complete education loan, the features and benefits offered are the designated deal makers. Commonly, the following conveniences are offered as part of the education loan-Universally available. Anyone with a will to study can apply.

Education loans are provided to pursue all types of academic courses, in India and abroad. The courses include graduation, post-graduation, vocational courses and other certificate courses.

Loan amounts can vary from a minimum of Rs.10 lakhs to a maximum of Rs.15 lakhs. For education abroad, banks will provide loans to the quantum of Rs.20 lakhs. The applicant’s annual family income and the course pursued are primary determinants for the applicable loan amount.

Usually, female students are offered discounts and/or lower interest rates when it comes to education loans. Government sponsored subsidy schemes, such as ‘Central Scheme to provide Interest subsidy (CSIS)’ help students from the economically backward sections of society avail the benefits of a robust loan for education.

The applicant need not repay the borrowed amount immediately. Post the completion of the course, the repayment tenure can stretch upto 5-7 years. Generally, loans below Rs.4 lakhs do not require a security or guarantor. Banks, in their individual capacity, will offer a whole suit of exclusive features and benefits. Check the same before zeroing in on the one that best complies with your requirements.

Why Apply for an Education Loan on BankBazaar?

BankBazaar is a user friendly portal that is dedicated to the comparison of various banking products, including Education Loans. A helpful resource, BankBazaar allows visitors to better understand this loan, its pros and cons, as well as the various banks that offer them in India. Why BankBazaar? The reasons are as follows-100% Hassle Free- Save on time and effort as you ditch legwork and fire up your computer to check out the best education loan options. The process is extremely simple, distraction free and incredibly quick.

Compare Education Loans- BankBazaar lists almost all the education loans offered by the various banks and other financial institutions in India. The simple comparison option allows you to choose the loan that best suits your limitations and requirements. Plus, detailed information on every available loan option.

Apply Online- Post the comparison, use the simplistic BankBazaar interface to apply online for your chosen education loan. Kindly note- Currently, you can only apply for Avanse Education Loan on BankBazaar. More options are expected to be available soon.

Know it All- From important details such as education loan eligibility, documentation and the basic terms and conditions, to informational bytes that relate to the latest happenings across the education loan landscape in India, BankBazaar is a treasure trove of helpful information.

Always With You- Have a query or concern? BankBazaar’s brand of superior customer support is always just a phone call, email or chat-box away.

How to apply for an education loan on BankBazaar?

Applying for a suitable education loan (currently Avanse Education Loan is available) on BankBazaar is a very interactive and simple process. The following steps list this process clearly- On BankBazaar’s homepage, access the ‘Education Loan’ option from the top navigation bar.

Spread before you, on the drop-down, are popular education loan options. You can directly choose any lender from this list. Do you notice the ‘Get Quote’ and ‘Explore’ buttons? These link to wizards that help you, a) find the most suitable education loan for you, and b) find more information about individual loan options. Your eligibility for the loan is determined by an interactive wizard that takes just about 3 minutes to complete. At the end, a selection of the most appropriate education loan options are listed before you. Clicking on any of these allows you to explore this option further.

On a particular bank’s education loan page, the ‘Apply’ button is a prominent fixture. Click on the same to set the wheels in motion. Your information (as provided) will be forwarded to the bank in question and the representative from the latter will contact you in a short while. You can also track your loan application via SMS alerts and email notifications.