Education Loan: Online or Offline? How to apply for an education loan?

#NewDelhi: Meritorious child. The dream of higher education in two eyes. But middle class family. As a result, middle class families are often left with no choice but to take out education loans to fulfill their child’s dream of higher education. This education loan is available from both public and private banks. However, the question arises in the minds of many, if a meritorious student gets a scholarship. If so, why the need for education loan? The main reason for this is that scholarships are given mainly for the cost of tuition. That means only tuition fee. Other costs, such as hostel accommodation, meals, book purchases, examination fees, etc., are not covered by the huge costs associated with scholarships or scholarships. As a result, the student has to bear the cost. But under the pressure of the situation, many times the cost is not affordable. Then education loan is needed.

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Education loans of up to Rs 75 lakh are available for a period of 15 years for higher education in India. Up to one crore rupees loan is available for study abroad in the same period. However, the amount of loan is also different in the case of different banks. However, it can be said with certainty that all the banks (whether public or private) are lending. On top of that, if a student gets a chance in a foreign university or a reputed educational institution like IIT, IIM, then there is no question. Many times the bank is tied with the educational institution again. So getting a loan for higher education has become very easy in today’s world.

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Let’s take a look at how to apply for an education loan. Customers can apply for an education loan online, offline or through a virtual assistant. Let’s take a look at the processes–

Apply online:

This is the easiest and most convenient way to apply for an education loan. Go to the website of the desired bank and submit the required documents, fill the form and submit it. The bank authorities will then contact the customer to discuss the terms of the loan. The whole process, including the decision to grant a loan online, is likely to be completed quickly. Because if you apply on the net, the supervisors can monitor the whole process.

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Apply offline:

There are two ways to apply in this way. The first is that the customer will physically come to the nearest bank branch with the required documents. Discuss the loan terms with the concerned authorities. Then fill out the form along with the documents and submit it. Busy. The second is to discuss the whole matter over the phone with the bank authorities stating that you want to take a loan. Understanding interest rates, loan repayment terms. Then apply for a loan.

Virtual Assistant:

Lately, banks and other financial institutions are adopting digital methods to provide better customer service. Virtual assistant is one of them. Virtual assistants are used to satisfy the customer’s curiosity about the loan and to assist in the application process. Usually, when applying online, this virtual assistant solves all the problems from the customer’s side.

The application is approved after checking the family income of the applicant and the type of course being applied for. So it is better to be admitted in a recognized or approved institution. Of course there are exceptions. However, even if you are admitted to an unauthorized or anonymous institution, there is no problem in getting a loan. But the real thing is, repay the loan. If you get a job after finishing the course, the loan repayment installment will start after 6 months. If you don’t get a job, you have to start repaying the loan after one year. In other words, if you don’t get a good job, the customer will have to book the loan. So it is better to be careful in advance.

In many cases, banks offer discounts on interest rates for female applicants. If you pay interest during the moratorium, you will get one percent discount on interest at that time. That is, if the interest is 12.50 percent, then you have to pay 11.50 percent. And if the amount of education loan is less than 4 lakhs, then no security or guarantor is required. At the same time, if the family income is less than four and a half lakh rupees, the center has arranged a subsidy. Customers can get interest money during the course as a subsidy. However, he has to collect the family income certificate from the appropriate authority (District Magistrate, SDO etc.).

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