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Discover how to get education loan after 12th for studying in India or abroad with our guide. Check eligibility with GyanDhan for the best loan options.
Embarking on your higher education journey just got easier! Wondering "How to get education loan after 12th?" Look no further. This guide is your key to unlocking the world of education loans, offering a clear path through the financial hurdles that stand between you and your academic dreams. Whether you're aiming for prestigious universities in India or abroad, financial constraints shouldn't hold you back. Here, we provide essential insights and practical advice to help you secure the funding you need effortlessly. Get ready to transform your educational aspirations into reality without letting money be an obstacle.
An education loan is a beacon of hope for many students wondering how to get education loan after 12th, dreaming of pursuing higher education in India or abroad but are constrained by financial limitations. These loans cover a variety of educational expenses, enabling students to focus on their studies without worrying about the financial burden. Education loans can be availed from various banks and financial institutions, each offering different terms and benefits to meet the diverse needs of students. The significance of education loans extends beyond mere financial assistance; they are investments in the future, empowering students to unlock their full potential and achieve their academic and career goals.
Check Your Education Loan Eligibility
Education loans can broadly be categorized into two types: secured and unsecured loans. Here’s a comparative overview to help you understand the differences:
Feature | Secured Education Loan | Unsecured Education Loan |
---|---|---|
Collateral |
Required |
Not Required |
Interest Rate |
Generally lower |
Higher than secured loans |
Loan Amount |
Can be higher, depending on the collateral value |
Usually has a cap or limit |
Repayment Terms |
Flexible, can be extended |
Relatively less flexible |
Processing Time |
May take longer due to the valuation of collateral |
Quicker processing time |
Secured loans require collateral, such as property or fixed deposits, making them a lower-risk option for lenders and hence often come with lower interest rates and more flexible repayment terms. Unsecured loans, on the other hand, do not require any collateral but usually have higher interest rates and stricter repayment terms due to the higher risk for lenders.
Several education loan providers can assist you in understanding how to get education loan after 12th? securing the necessary funding after the 12th grade. A major factor determining which lender to choose is whether you intend to pursue your undergraduate studies in India or abroad. To aid in a clearer understanding, we have listed a few lenders, considering both scenarios.
Education Loan for Indian Institutes
Lender Name | Maximum Loan Amount (INR) | Interest Rate Range |
---|---|---|
State Bank of India |
Up to 1.5 Crore |
8.55% to 11.15% |
Punjab National Bank |
No upper limit, varies |
Up to 12% |
ICICI Bank |
Up to 1 Crore |
9.50% – 15.85% |
Axis Bank |
Up to 40 Lakh |
13.7% - 15.2% |
HDFC Bank |
Up to 20 Lakh |
9.55% - 13.25% |
Up to 1.50 Crore |
9.15% to 12.50% |
|
Canara Bank |
Varies, up to 50 Lakh |
9.25% – 11.35% |
South Indian Bank |
Up to 1.5 Crore |
12.90% – 13.65% |
Education Loan for Abroad Institutes
Lender Name | Maximum Loan Amount (INR) | Interest Rate Range |
---|---|---|
Up to 1.5 Crore |
10.15% - 10.65% (males) 10.65% - 11.15% (females) |
|
Up to 1.5 Crore |
9.25% - 9.75% |
|
85% of Collateral |
9.99% - 11.50% |
|
Up to 20 Lakh |
9.50% - 11.25% |
|
Up to 40 Lakhs |
12% - 13% |
|
Up to 40 Lakhs |
12% - 13% |
|
Up to 100,000 USD |
12.99% - 15.99% |
When it comes to availing an education loan, the eligibility criteria can vary from one lender to another. However, there are some common requirements that most banks and financial institutions consider:
To apply for an education loan, the following documents are generally required:
Application Documents:
Co-applicant Documents:
Income Documents:
It's important to note that the required documents may vary depending on the lender’s policy and the specifics of the loan.
Understanding how to get education loan after 12th is easy with GyanDhan. All you need to do is follow the given steps -
Calculate your Education Loan EMI
Education loans are designed to cover a wide range of expenses to ensure that students can pursue their education without financial hindrances. These typically include:
By carefully considering these aspects, students can make an informed decision that aligns with their financial and educational goals, setting a solid foundation for their future endeavors. And there you have it—a straightforward guide to understanding how to get education loan after 12th, navigating the world of education loans. Whether it's about choosing the right lender or understanding the nitty-gritty of loan options, we've got you covered. Remember, the right funding can set you on a path to academic and professional success without the burden of financial worry. If you're ready to take the next step towards securing your education loan, why not start with GyanDhan? Check your eligibility and find the best education loan tailored to your dreams. Let's make your educational journey as rewarding as it should be!
Yes, you can start the loan application process before receiving your admission letter. Many banks offer provisional loan sanction based on your entrance exam scores and the institutions you aim to apply to. However, the final approval and loan disbursement will require the admission letter.
The course and institution you choose significantly impact your loan approval chances and terms. Loans for courses and institutions with high employment rates often have better terms, reflecting the lower risk to the lender.
Yes, some lenders offer education loans for part-time or distance learning courses. However, the availability and terms of such loans can vary widely between lenders, and they may have different criteria compared to full-time courses.
If you fail to complete your course within the scheduled time, you should inform your lender immediately. Many banks provide an extension for the repayment period, but this is subject to the bank's discretion and may vary based on the reason for the delay.
The credit score of the co-applicant plays a crucial role in the approval process of your education loan. A higher credit score can improve the chances of loan approval and may result in more favorable loan terms, including lower interest rates.
Check Your Education Loan Eligibility
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