Maximum Education Loan
The maximum education loan amount sanctioned depends upon lender to lender. Depending upon the course fees, the maximum loan amount can be requested. There is no cap onto it.
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EDUCATION LOAN
Quality education is the key to a successful life. Nowadays, the cost of education is increasing rapidly, and parents are struggling with admissions for higher education in India and abroad. Enrolling in reputed educational institutes requires a lot of funds. Hence, parents invest the money rightly in fixed deposits, recurring deposits, or mutual funds as a long-term investment. If you don’t have enough savings or want to save for emergency expenses, taking an education loan for higher studies is the best option to accomplish academic milestones.
Personal loan for education plays a significant role; it is designed to borrow funds for student-related expenses who aspire for higher education or post-secondary education. Education loan covers the cost of tuition fees, books, library, and hostel expenses. However, education loan online differs from other types of loans, as the rate of interest levied is considerably less and the repayment tenure may get postponed, while the student is in due course of his/her curriculum.
Many financial organizations in India support instant educational loans so that the students get maximum benefits to secure their future. The maximum education loan amount varies according to the kind of course covered under the educational loan program.
Why Hero FinCorp Instant Personal Loan for Education Loan?
The Hero FinCorp instant personal loan app qualifies as one of the flexible digital platforms that enables easy registration and loan disbursal without any physical documentation. Download our loan app from the Google Play Store and get started with a quick education loan application process for timely academic admissions. The information entered is 100% secure and only limited to the purpose of education loan sanction.
As the Hero FinCorp personal loan app offers an instant online education loan ranging between 50,000 and 5 lakh, it is best suited for students or professionals seeking finance for short-term courses, certification courses, or vocational training programs.
Hero FinCorp educational loan is an unsecured and collateral-free loan that does not require any kind of security against the loan amount. Instant loan apps give you 24/7 access, whether you are travelling, in the office, or at home.
A personal loan for education becomes far easier with the loan Hero FinCorp EMI calculator as it permits you to customize your monthly EMI of interest as per your budget and convenience.
Hence, do not compromise on upgrading your skills. Download our instant personal loan app on the Android Play store & avail a personal loan for education and accomplish your academic goals, promising a great future..
Features and Benefits of Education Loan
An education loan at Hero FinCorp is highly convenient to avail. This is because the instant personal loan facility is flexible enough to be used as an education loan and support academic needs at the same time.
Education Loan Interest Rate
Several financial organizations and banks have launched schemes for availing of easy education loans in India. Usually, the concessions laid down for education loans are affordable and attractive. Education loans for female students who aim to pursue higher education abroad or in India are very reasonable at a low interest rate. Moreover, the interest rate for education will remain fixed for the entire tenure.
With the development of instant loan apps and websites, the loan EMI calculator is one important feature that equates the monthly instalment considering the principal loan amount, interest rate, and tenure. Accordingly, you can decide whether to proceed or not with an education loan.
The interest rate on education loans may differ if compared with public and private financial services. The rate of interest and concessions are levied as per the RBI rules. Public financial organizations have a low rate of interest on education loans as compared to private banks and financial services. Most importantly, the interest rate remains the same and does not fluctuate in an education loan.
Education Loan Eligibility and Required Documents
When you think of applying for an education loan online, it is advisable to know the education loan eligibility criteria to eliminate all the chances of loan rejection or delay. Students and parents should be aware of the eligibility criteria and required documents before applying for an education loan online:*Documents/details are not required to avail loans with Hero FinCorp Instant Personal Loan.
Salaried and self-employed individuals starting from 21 years of age can apply for a personal loan at Hero FinCorp Instant Personal Loan specifically for education.
Education Loan Fees and Charges
When you apply for an instant education loan, the lenders may charge a minimum processing fee. Again, it may vary from lender to lender. So before applying for an education loan, you should confirm the fees and charges, because some lenders keep it hidden and disclose it only after taking the education loan. An instant personal loan app - Hero FinCorp, all the terms of personal loans are transparent, and nothing is hidden. Whether it is an education loan or any type of loan, there is a minimum processing fee of 2.5% + GST (as applicable).How to Apply for Education Loan
Don’t let the financial crunch keep you deprived of graduation and higher studies. Personal loan for education is easy to avail nowadays with minimal documentation. Hero FinCorp an instant education loan facility to fulfil your aspiration of getting a higher degree. Follow the below to quick start the education loan application process:
- 1
Download Hero FinCorp Instant Personal Loan on Android
- 2
Register with your email id and mobile number
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Enter area pin code for clarity on location details
- 4
Add KYC details plus other mentioned documents and get a real-time credit assessment
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Get a loan approved and disbursed instantly during business hours
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FAQs
Yes, you can get a Rs.50,000 education loan via Hero FinCorp instant personal loan app, if you fall under the age group of 21–58 years with a minimum income of Rs.15,000 per month along with a six-month bank statement. You can apply for an instant loan that can be used as an education loan.
Although, the CIBIL score is an important factor to know your creditworthiness, but not the only criteria to get an education loan. Although, the CIBIL score is an important factor to know your creditworthiness, but not the only criteria to get an education loan. If you are a first borrower, you can get a loan if you meet the criteria set by the lender.
Financial institutions in India provide education loans to all recognized and approved courses from graduation to postgraduation courses, from teacher training to MBA courses, from polytechnic courses to global courses, education loan covers most of the courses.
Repaying an education loan at once can reduce your burden. Therefore, you can repay your education loan at the earliest by choosing short-term repayment tenure. As a result, the EMIs may get higher, but the sooner you pay your education loan the lesser expensive it turns out to be.
You can repay your education by choosing a repayment tenure. Hero FinCorp allows a short repayment tenure of between 6 and 24 months. You can customise the tenure and EMI as per your ability to repay the loan.
Yes, students/parents can avail of a personal loan for education online through instant loan apps. A personal loan for education is collateral-free and demands no guarantor. This reduces the major formalities and speeds up the educational loan processing.
Like any other loan, an education loan can also be easily taken via a personal loan website or an instant personal loan app such as Hero FinCorp. Loan application instructions are clearly stated on the loan provider’s website or app. Start by registering and completing the loan application procedure as suggested.
Students or parents applying for an education loan should be an Indian citizen. The candidate should be minimum 18 years of age with a good academic background. Those applying for education loan for job-oriented courses are given faster sanctions.
Secure admission to a college or institute recognised by the authorities in India and abroad. Visit the loan provider’s website or an instant personal loan app like Hero FinCorp. Keep the required documents ready and start registering. Loan processing is done in real-time, and funds are transferred within 24 hours of verification.
The rate of interest is a critical factor when taking any type of loan. For education loans, the interest rate varies depending on different loan providers. For instance, Hero FinCorp offers a starting rate of interest as low as 25% p.a.
The best way to calculate an EMI for education loan is through an EMI calculator, available freely on the loan provider website and app. Enter the principal loan amount, interest rate, and tenure. It will automatically calculate the EMI in seconds. You can also try different variations by changing the three variables until you get an EMI figure that suits your budget.
Benefits of education loan are varied for the students:
- Low rate of interest
- Quick loan sanction
- Flexible payment terms
- Tax exemptions
- Positive credit score
Proof of admission, mark sheet of the last examination, loan application form, KYC details, and bank account statement of last 6 months.
Submission of Permanent Account Number (PAN) is mandatory along with the loan application.