Education Loan for Student : There are many institutions in India that provide loans but if you are a student then you cannot get a loan. In India, no bank or company provides loan to students because most of the children are dependent on their parents.
They do not have any source of income to repay the loan amount and the bank or loan institution is also not sure whether they will be able to repay the money or not. That is why banks and loan companies do not give loans to students.
Education Loan for Students
Education Loan for Student : Students run out of money to meet their expenses and they have to borrow money from their parents to buy books or pay tuition fees and in India, education is very expensive. Parents also do not have that much money. That is why they need loans.
Today we will tell you that if you are a student or your child has to study further, then how can you take an education loan and what documents are required for it, what is the eligibility, we are going to give you complete information in this article, so read it till the end.
How to get a student loan
There are very few companies in India that provide loans to students. Therefore, only a few selected companies provide loan facilities. If you need an education loan, the following NBFC registered loan institutions provide loans. We have given you a list of these below.
Education Loan for Student
It is important to note that before taking a loan, you should carefully consider your needs and options. It is important to compare the interest rates, fees, and terms offered by different lenders.
1. mPocket
Instant Loan Amount: ₹500 to ₹20,000
Features: No guarantee or deposit, college ID and address proof required
Website: https://www.mpokket.in/
2. CreditBee
Loan amount: Up to ₹300,000
Interest rate: Up to 29.5% per annum
Features: Age between 21 and 56 years, digital application form
Website: https://www.kreditbee.in/signin
3. Crazybee
Loan amount: ₹1,000 to ₹10,000
Features: Flexible repayment options, For students from select institutions in India
Website: https://www.crazybee.com.my/
4. Moneylender
Loan amount: Up to ₹5,000
Interest rate: 3% per month
Features: Age 18 years, student ID from a recognised institute
Website: https://pages.razorpay.com/Sahukar
5. SlicePay
Loan amount: Up to ₹10,000
Features: No-fee EMI, Mastercard usage, 30-90 days tenure
Website: https://www.slicepay.com/
6. CashBean
Loan amount: Up to ₹60,000
Interest rate: 33% per annum
Processing fee: 18%
Features: No credit history required, age 21-56 years
Website: https://www.mymoneymantra.com/personal-loans/cashbean-loan
7. The Red Carpet
Loan Facility: Loan through ATM or Debit Card
Features: Quick Loans, No Guarantee or Deposit
Website: https://redcarpets.com/
8. BadaBro
Loan amount: Up to ₹100,000
Features: Quick loans, for students and professionals
Website: https://abpro.com/
9. Pocketly
Loan amount: Up to ₹50,000
Interest rate: 1% to 3% per month (12-36% per annum)
Features: Instant loan, top-up loan available
Website: https://play.google.com/store/apps/details?id=com.pocketly&hl=en&gl=IN
10. Stucred
Loan amount: Not specified
Features: Special loans for students, quick loans
Website: https://www.stucred.com/need-help
Benefits of Education Loan
If a student gets an education loan, then he can get a good education, can get admission in a good institute and can study in a good position, the student does not have to think about buying the necessary book and can immediately buy the book according to his syllabus.
Things to keep in mind while taking a student loan
If you are taking a student loan, then you should take the loan as per your need. You should take loan to buy essential equipment like laptop, books etc. You should never take a student loan for your personal expenses.
Interest Rate for Education Loan
Generally, the interest rate on education loan is 6.75% per annum. The interest rate may vary depending on your school background, your course and your credit card. If your loan is overdue, you may have to pay a penalty of up to one percent.
How to get an education loan
If you want an education loan then you must follow the steps given below
- Visit the educational institution’s website.
- After that login to the website with your personal details and mobile number
- Then get your KYC done on the website using your Aadhaar card and PAN card
- After that, give information about how much loan you need and for how long.
- Now the loan institution will check your form and documents
- If you are eligible, you will be given your education loan within 15 days
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