Eligibility Criteria for Education Loans in India

Eligibility Criteria for Education Loans in India

The interest rates for such loans range from 8.45% to 15.2% pa. And come with flexible tenures up to 15 years if you are searching for an fig loans education loan. The total amount that you could borrow is Rs. 1.5 crore or higher according to the banking institutions policies. Education loans can be utilized to gain income tax benefits under area 80 ( Ag E).

Kinds of Education loans in Asia

An training loan is made to economically help the applicant in affording the expense of training. Since, the it caters to clients opting for greater studies, the loans may be categorized according to two parameters:

  • Precise location of the institute (Asia or abroad): you’ll find so many banking institutions in the national country that provide loans especially for students whom aim research in Asia as well as for people who seek to learn abroad. This difference when you look at the loan is made remember the various economic requirements that arises from studying in Asia or learning abroad.
  • Learn abroad loans: Such loans are geared towards candidates whom intend to learn abroad. Generally speaking, loan providers have actually a summary of organizations or specs they help. The mortgage is authorized in the event that applicant guaranteed a seat in just one of those institutes.
  • Domestic loans: Domestic loans are designed for candidates who would like to pursue advanced schooling in Asia. […]