Today’s world is occupied by well-civilized people. But the question is how to differentiate between civilized and uncivilized people? The fine line that stands between these two-class of people is Education. As it is said that, most educated people are the most civilized ones.
Education is the most important requirementof any individualto sustain in this world. Education provides life stability, wealth and happiness. Almost every individual in today’s world is interested and competitive for education.
But doall get a chance to get educated? Everything comes with a price. As education is most important for every individual but the cost of education is not so easy to handle.
Most of the people drop their idea of education even if they want to study just because of their weak financial status.
According to 2017 records, the literacy rate in India is only 74.4%, which clearly states that most of the people in India are still deprived of education.
To overcome this common problem, many organizations like banks and private financial companies have come up with Education Loan Rate of Interest in India which helps the individual in pursuing their education.
What is an Education Loan?
It is a scheme according to which an individual’s interest in education is allowed with a sum of money in the form of loan to complete their education and are provided with flexible dates to repay it.
Benefits of Education loan
This type of financial assistance comes up with huge benefits.
- Assured Education– It helps an individual in pursuing his or her higher education in any institution so as to live their dream in achieving their educational interest.
- Easy repayment- Education loan comes up with a feature of easy repayment of the loan after the education for course duration is over.
- Flexible terms and conditions- The loan comes up with flexible terms and conditions for the repayment of the loan. The terms and conditions can be modified after discussing it with the loan payer.
- Huge cover up- The loan comes up with huge cover-up of 20 lakhs from the various bank.
- Easy Availability- Educational loans are easily available through online service provided, which helps in getting the loan approved in no time.
- Easy Instalments- Loan can be repaid in easy installments according to the individual with proper consent.
Eligibility for obtaining education loan in India
- The applicant has to be a citizen of India.
- The applicant should meet the loan provider’s age parameters.
- The student should have an admission letter from the institute where he/she wants to pursue the course.
- Good academicrecord is a must.
What are the Documents that are need to apply for such a Loan
To get the loan sanctioned without any hassle, proper docs are needed.Here are the necessary documents that are enlisted below:
- Address proof
- Identity proof
- Nationality proof
- Age proof
- Attested mark sheet of class 10th
- Family Income proof
- Passport size photographs
Hence Education loan plays a very crucial role in the life of a student by helping him or her in pursuing the dream education they always wanted so as to enhance their career and make their living better in every aspect.