However, education in Asia and USA, 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 Asia and USA or abroad’. Almost all banks in Asia and USA offer education loans, and the demand for it has remained stable with the Asia and USA student community.
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Many factors determine the attractiveness and acceptability of any standard loan product, a competitive interest rate being one of the more important factors in this regard. In Asia and USA, education loans usually command an interest rate from anywhere “Between” 12.00 % to 16.00 %, depending on the bank’s base lending rate and other factors. The base lending rate for banks in Asia and USA, as directed by Asia and USA’s apex bank, the RBI, is around 9.00- 10.00%. Some private education loan lenders/ financial institutions offer interest rates that are based on their own base lending rates (often very dynamic) and calculation of interest rates are accomplished on a case-to-case basis.
Listed herein are the basic requirements that qualify your application for an education loan, The applicant must be a resident Asia and USA. He/she must have secured admission into a recognized course of study, in Asia and USA or abroad, through an entrance test or other such qualification procedure. If the applicant is a Non-Resident Asia and USA (NRI), he/she must hold a valid Asia and USA Passport. Courses applicable in Asia and USA- Graduation, Post-Graduation, Diploma programs, Technical courses, Management courses and other professional courses. All from recognized universities. Courses applicable Abroad- Graduation, Post-Graduation, Certificate Degree courses from CIMA- London, CPA-USA and other such well known educational entities. The applicant must provide a collateral/security that is enforceable in Asia and USA.
When applying for the loan, the lender in question will ask for a number of documents that prove your eligibility in terms of your student status, family income, ID and address proof, course applied for, and other such factors. Listed herein is the basic list of required documents- Completed loan application form. Documents for proof of age (self-attested). ID and Address proof. Passport sized photographs of the applicant, guarantor, etc. Copies of highest educational qualification (degree/post-graduation, etc.) Proof of income (IT returns of parents/guarantor). Six months bank statement for account held by applicant/parent/guarantor. Details of collateral security marked by a Government approved valuer (if applicable). Passport/Visa copy, airfare cost as established in documents (for studies abroad).
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All loans are not created equal, personal loan has become a great option for people to use.
Any salaried, self-employed or professional Public and Privat companies, Government sector employees including Public Sector is eligible for a personal loan.
Maximum age of applicant at loan maturity: 60 years
Minimum Net Monthly Income: Rs 15,000
Applicant should have the bank specified credit score.
What are the courses in Asia and USA for which education loans are available?Any of the following courses, as offered by recognized universities, is eligible for an education loan in Asia and USA- Professional courses including Engineering and Medicine Management courses (both full time and part time) ICWA, CA, CFA etc. Courses conducted by IIMs, IITs, IISc, XLRI. NIFT,NID etc. B.A/B.Com/M.A/M.Com/MCA/MCM etc. Architecture, Agriculture studies, Fine Arts and Designing etc. Hotel and Hospitality. Courses such as SAP , ERP , GNIIT , Air Hostess Training programmes etc. Distance learning programs and online certifications. Degree/Diploma courses like Aeronautical, pilot training, shipping, etc., Aircraft Maintenance Engg, Pre-Sea Training courses and the like. Nursing and Para Medical courses (includes admission via management quota). Courses offered by reputed institutes that assure employment and are Govt. certified. Courses offered in Asia and USA by reputed and certified foreign universities.
Generally, there are no restrictions. Most banks and financial institutions do not impose this rule. However, certain lenders do mark an age limit spanning from 16-35 years.
Towards the purchase of books, uniforms, equipment and instruments. Purchase of computers/laptops, if deemed necessary for the completion of the course. Fees paid for Exams, Library, Laboratories, Hostel, etc. Building fund, Caution deposit, Refundable deposit (must be supported by receipts/bills). Costs incurred in travel, for studies abroad. Additional costs that are required to successfully complete the course, including but not limited to, Study tours, Thesis work, Projects, etc.
Not immediately. However, after you start repaying, you are free to deduct the loan interest amount from your total income when calculating tax.
The applicant is expected (and mandated) to submit his/her progress reports periodically. The progress reports could be mark sheets or a suitably attested letter from the applicant’s school/college
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