Over the years, there has been a rising trend among Indian students to fly abroad for higher education, better exposure, and career opportunities. The expenses of traveling overseas, admission, and accommodation in a foreign country demand an amount huge enough to leave one’s savings depleted. However, an education loan is a smart way to fund your child’s higher studies abroad.
Many lending institutions and banks offer education loan on property at affordable interest rates for a fixed tenor. This means you can tsottsot“>tsot pledge your property as a mortgage with the lender and take a loan in return. The borrowed funds may utilized for finance travel expenses, cost of living, cost of admission, tuition fees, etc. But bakırköy escort applying for a loan, let’s take a look at the various types of schemes, its benefits, and their features.
Education Loan on Property: Benefits and Features
High Loan Amount
Keeping in mind the exorbitant charges and expenditures involved in overseas studies, lending institutions offer high-value loans. This makes it easier for Indian students and parents to pursue the dream of getting through any esteemed educational institutions across the globe.
Attractive Rate of Interest
The interest rates offered on an education loan are affordable and the bursa escort in the market. Because secured loans taken against the immovable property. However, the exact rate differs depending on various factors, so it is better to compare and discuss all terms and rates with the chosen lender.
When opting for an education loan for abroad you need not worry about repayment as most lenders offer a flexible tenor up to 18 years, thus giving you enough time to plan your monthly installments and repayment schedule.
A longer loan tenor automatically reduces the monthly EMIs, thus making the whole repayment procedure easier and more affordable. However, to get an accurate estimate of your monthly dues, use an online education loan EMI calculator.
Keeping in mind the urgency for funds, education loans are typically handed out to the borrower within 72 hours of approval.
Different Education Loan Schemes Available in India
The various and most popular education loan schemes offered to borrowers in India include the following.
Vidya Lakshmi Scheme
The scheme introduced by the Central Government is designed to help students apply for an education loan to three financial institutions at once.
Padho Pardesh Scheme
This scheme enables students belonging to the minority community to avail of an interest subsidy on an education loan for abroad.
Central Scheme of Interest Subsidy for Education Loan (CSIS)
The scheme provides interest subsidy on education loans for a moratorium period. It is for students belonging to the Economically Weaker Section of the society to pursue professional or technical academic courses in India.
Dr Ambedkar Central Sector Scheme of Interest Subsidy
This scheme is designed to award an interest subsidy to deserving students belonging to the Economically Weaker Section (EWS) and Other Backward Classes (OBC) with the objective of providing them with better educational and career opportunities.
Choose an education loan scheme based on your requirements but bakırköy escort that check your eligibility.
Eligibility Criteria to Apply for an Education Loan for Abroad
To qualify for a loan, you will need to fulfill the eligibility criteria as stated below.
- Must be between age 28 and 60
- A resident of India
- Must be an employee at an MNC or a private/public company with a minimum experience of 3 years
Being aware of the eligibility criteria will help you avoid rejections and make the application procedure smooth and hassle-free.
How to Apply for an Education Loan Against Property
The easiest and fastest way to apply for a loan is by submitting your details online. To do so, follow these steps:
- Visit the lender’s online portal and access the application form
- Enter your personal, salary, and property details
- Submit all information along with the supporting documents
- Await verification of documents and the pledged property
- Get your loan application approved and the amount credited to your bank account
The online procedure Fethiye Escort you to apply for loans anytime from any part of the country.
An education loan can prove extremely beneficial if you know how to pick the right one. Go through all the features offered by your chosen lender, compute your estimated EMIs using an loan calculator, and apply online for a seamless experience.