About Student Loan

We believe, given the right tools and aid every child has the potential to be successful. Our education loans aims at this very need of aspiring children to reach their goals in life.

A loan offered to students, which is used to pay off education-related expenses, such as college tuition, room and board at the university, or textbooks. Many of these loans are offered to students at a lower interest rate. In general, students are not required to pay back these loans until the end of a grace period, which usually begins after they have completed their education.

What does an education loan cover?

  • Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc.
  • Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM etc.
  • Teacher training/ Nursing courses approved by Central government or the State Government
  • Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping/ concerned regulatory authority
  • Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities
  • Courses conducted by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in USA etc,
  • Fees payable to college/school/hostel
  • Examination/Library/Laboratory fees
  • Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course)
  • Caution Deposit/Building Fund/Refundable Deposit (maximum 10% of tuition fees for the entire course)
  • Travel Expenses/Passage money for studies abroad.
  • Any other expenses required to complete the course like study tours, project work etc.

100% education finance now at your doorstep!! You can also pay your easy repayment from abroad also. Customized education loan solution as per your needs.

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Who can apply for the loan?

A student is the main borrower. A parent, spouse or sibling can be a co applicant.

Whom is the loan offered to?
It is offered to students who want to study in India or pursue higher education overseas. The maximum amount offered for studies in India and overseas is different and varies from one lender to another.

Types of courses covered under the loan- It can be taken for a full-time, part-time or vocational course and graduation or post graduation in the fields of engineering, management, medical, hotel management, architecture etc.

Eligibility/documents required
To apply for the loan, one must be an Indian citizen, having secured an admission into a college/university recognized by a competent authority in India or abroad. The applicant must have completed his higher secondary level schooling

The lenders require additional documents such as admission letter of the institution, fee structure, Class X, XII and graduation (if applicable e) mark sheets. Also required are the income documents such as salary slips or income-tax returns (ITR) of the co-applicant.

Precautions While applying for a loan, one should also look out for bank charges such as those related to processing, pre-payment, late payment of EMIs, etc. Most lenders charge-processing fee of around 0.15 percent of the loan amount.
Benefits under Income-tax Act

Section 80E of the I-T Act allows for deduction on the interest paid on the repayment. This deduction is allowed only for the individuals paying interest on the loan for himself, spouse or children or for the student to whom you’re a legal guardian.

You can deduct the entire interest amount paid from your taxable income. This deduction is allowed for a maximum of 8 years. The principal amount does not qualify for any tax deduction.

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Features of Student Loan

All loans are not created equal, personal loan has become a great option for people to use.

Faster Loan

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Student Loan - Eligibility

Any salaried, self-employed or professional Public and Privat companies, Government sector employees including Public Sector is eligible for a personal loan.

Age

Maximum age of applicant at loan maturity: 60 years

Income

Minimum Net Monthly Income: Rs 15,000

Credit Rating

Applicant should have the bank specified credit score.

Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

Yes. There is never a fee for making prepayments or paying your loan off early.

To pay off your loan or to see what your payoff amount is for a given date, Sign In to your Prosper account. You will see a line titled “Remaining balance”, which shows the entire amount due on your loan as of today. To see what your payoff amount is for a future date or to schedule a payment, simply select the “Pay off loan” link and choose the date you’d like to pay your loan off. The “Payoff amount” button will display the balance on your loan on the selected date. To schedule a payment select “Make an additional payment”.

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