Despite passion and good marks in exams, many students cannot attend their desired higher education institute due to financial constraints. Education costs in top Indian and foreign institutes are expensive. Consequently, students usually from affluent families can easily meet the high education-related expenses. As a result, those in the backward sections sacrifice aspirations of studying in their favourite college and university.
Considering this scenario, top lending institutions like Hero FinCorp have launched marksheet loan schemes. Parents of students gaining good marks in their exams can approach these lenders to back up their child’s higher education in their preferred institute. With a 10th or 12th marksheet loan, applicants can get admission to any college without worrying about finances. Let's explore what a marksheet loan is and how to get one.
What is a Marksheet Loan?
Also known as a student loan or education loan, a marksheet loan is a Personal Loan scheme financial institutions provide to students to fund their higher education. In simple words, it negates all monetary fears, enabling applicants to fulfil their desire to join a prestigious college.
A marksheet or certificate loan helps students’ parents manage higher education costs while managing repayment with flexible terms and conditions. The application process is easy, and applicants get the desired loan amount within a few hours.
Features >Features & Benefits of a Marksheet Loanamp; Benefits of a Marksheet Loan
Let’s look at the features and benefits of a Hero FinCorp marksheet loan:
- An ample loan amount of up to Rs 3 Lakh to finance education in any Indian or foreign university
- Attractive interest rates are 25% per annum, that lenders determine based on the applicant’s income, eligibility, employment, credit history, DTI ratio, repayment capacity, etc.
- Flexible repayment tenures, from 6 to 36 months, allow borrowers to select an EMI plan suitable to their monthly budget
- No collateral requirement to make funds available without any security or guarantor
- No usage restrictions, allowing borrowers to use the loan amount for any education-related purpose they want
- 100% digital and instant loan application to access funds instantly
- Easy eligibility criteria and minimal documentation requirements for easy access to the required funding
Also Read: What Are the Required Documents for Education Loan
Eligibility Criteria for Marksheet Loan
While looking for a 12th or 10th marksheet loan, an applicant must fulfil the eligibility criteria to qualify. These often include the following:
- Minimum and maximum age requirements: 21-58 years
- Occupation, including salaried and self-employed
- Monthly income of at least Rs 15,000 to accommodate the loan EMIs conveniently
- Work experience of six months for employees and two years for self-employed
- A decent credit score of 750+ to ensure timely repayment
- A low DTI ratio, 30-40%, to measure repayment capacity
Also Read: Education Loan Without Collateral [Detailed Guide 2023]
Documents Required for Marksheet Loan
Hero FinCorp is amongst the best loan apps that require minimal documentation, making the marksheet loan application process quick and hassle-free. Moreover, the applicant does not need to visit the lender’s office to submit the required documents. They can upload the scanned copies online and wait for the verification process to complete. Following are a few documents one must submit to apply for a certificate loan online:
- Mandatory Documents: Duly filled loan application form, Passport-sized photograph (coloured)
- Identity Proof: Driving licence, passport, PAN card, or Aadhaar card
- Address Proof: Driving licence, passport, Aadhaar card, ration card, or utility bill
- Office Address Proof: Maintenance bills, utility bills, property documents, or rent agreement
- Ownership Proof: Residence ownership proof, like electricity bills, maintenance bills, or property documents
- Business Existence Proof: Copy of tax registration, shop establishment proof, or company registration certificate
- Income Proof: Last six months' salary slips, the previous six months' salary account statement, and Form 16 for salaried employees, and the last six months' bank statements and ITR for the previous two consecutive years for self-employed professionals
- Job Continuity Proof: Appointment letter from the current employer or experience certificate from the previous employer
Also Read: Can I Get A 50000 Education Loan?
How to Apply for a Marksheet Loan?
Follow these steps to apply for a marksheet loan from one of the best loan apps:
- Visit Hero FinCorp or Download the personal loan app.
- Go to the Personal Loan app and click ‘Apply Now’.
- Fill out the application form with your income, identity, and employment details.
- Scan and upload the necessary documents.
- Wait for the verification process to complete.
- Review and accept the loan offer to get disbursal into your bank account.
Conclusion
Now, students who want to study in the best institutes no longer need to sacrifice their aspirations due to the financial crunch. Parents of meritorious students who cannot bear the costs of higher studies can obtain a marksheet loan from Hero FinCorp to finance their child’s studies at leading universities across the globe. Although the eligibility conditions are simple, checking them before applying is crucial to avoid loan rejection.
Also Read: Can I Get Education Loan Without Interest?
Frequently Asked Questions
1. What Can Marksheet Loans Be Used For?
Marksheet loans can be used for various expenses, including tuition fees, examination fees, accommodation charges, books, equipment, travelling expenses, etc.
2. Are Marksheet Loans Available for Courses Outside of Traditional Education?
Borrowers can use a marksheet loan for any graduation, post-graduation, degree, or diploma courses, including vocational training and technical courses.
3. Do I Need a Good Credit Score for a Marksheet Loan?
Since marksheet loans are available for salaried and self-employed individuals, lending companies expect a good credit score for approval.
4. Can I get a loan on my degree certificate?
Fulfilling the loan eligibility criteria can help you get a Personal Loan for education, even on your degree certificates.
5. How long does it take to process a marksheet loan application?
Thanks to the 100% digital loan procedure, the marksheet loan application takes only a few minutes to complete.
