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A good education is essential for a student to have a successful career and life. However, with rising college tuition year after year, a student's ability to obtain quality education becomes increasingly difficult. In India, education, particularly in prestigious institutions, is costly. Even if a student is qualified for admission solely based on merit, it is sometimes impossible for them to study at such institutions, because of financial constraints.
For instance, to enroll for undergraduate engineering courses in India, educational costs ranging from ₹5 lakhs to ₹12 lakhs will have to be met. Similarly, private universities can charge up to ₹50 lakhs for medical degrees. Business degrees can cost more than ₹20 lakhs.
Therefore, an education loan for higher studies, such as for an MBA or MBBS, is mandatory. Higher education is substantially more expensive if one wants to go abroad for a course. Again, the fees for private colleges are always higher than for public colleges. Students in such situations opt for college education loans in India. You can also consider an education loan for your academic prospects.
Read on to know how you can opt for an education loan in India.
Leading Indian banks such as IDFC FIRST Bank provide education loans to help students accomplish their academic goals. With loan terms of up to 12 years, IDFC FIRST Bank offers education loan interest rates starting at 9.5 per cent per annum.
Education loans for India and abroad can be availed for higher education. The lender will determine which courses qualify for an education loan. One can obtain an education loan for pre-primary education courses, such as kindergarten courses. You can also acquire a loan for full-time or part-time courses. You can also get loans for working professionals, for higher education. IDFC FIRST Bank offers you unsecured loans of up to INR 50 lakhs.
Applying online is the most convenient method of applying for an education loan. There are two options for submitting an online application. The first is a simple application form that you will have to complete online. You begin by reading the terms of the loan, and upon agreeing, can attach any required documents and submit the form. This will initiate your loan process.
The second option is to apply by submitting all the needed information. The lender will then contact you to negotiate the loan terms before progressing with the application.
You can also apply for a loan offline by:
You have the option of calling the lender or stating your interest in receiving a call-back. Next, you can talk about the loan terms and apply for a loan.
With loan terms of up to 12 years, IDFC FIRST Bank offers education loan interest rates starting at 9. 5 per cent per annum.
An education loan can be highly advantageous to you, especially if you are hoping to move to a different location for your higher education. IDFC FIRST Bank offers its customers unsecured loans that can be utilised for educational needs. What makes them so appealing are the interest rates and the easy payback options.
The fact that you can get a personal loan for education without collateral and with a starting interest rate of 9.5% is nothing short of a blessing. Don’t procrastinate the decision on which dreams are dependent.
There’s more! The moratorium period offered to you includes your course duration and an additional 12 months as grace period. This is subjected to the institute classification done in the IDFC FIRST Bank’s policy. The interest accrued during the moratorium period will be added to the outstanding loan amount at the time of repayment commencement. The EMI repayment process is thus, determined on the combined amount. It’s convenient, flexible and made easy, just for you!
Let’s take a quick look at the types of documents a candidate would require for availing education loan:
Wait no more, make dreams a reality with IDFC FIRST Bank’s Education Loans.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.