Educational loan

Educational loan

Today we'll talk about the loan which is very popular among the youngsters which are students and wants to do higher studies or want to study in abroad universities.

First of all we'll talk about it's eligibility criteria.

1. The student should be of an age of between 18 to 35 to apply for the students educational loan.

2. The student must be undergoing on a graduate or postgraduate degree or diploma etc.

3. You must have a admission in a college, school or university affiliate to govt, cbse, aicte etc.

Documents required for an Educational Loan:

1.Dully filled application form

2 passport size photographs

2.KYC documents that include ID, address, and age proof.

3.If collateral is required,

documentation for Immovable property, FDs, etc.

Now the most important question is that, is it worth taking student education loan.

The answer is if you don't have enough money to get graduated than it is a very good option to take educational loan because everybody has a right to get educated and don't kill this dream of study because of lack of money and the students who wants to complete their further studies in abroad should definitely give a try to educational loan because we all know the expenses of higher studies and if something is making your dream come true than why not give it a try.

Now, last but not the least point is that how will you repay the loan and what will happen if you don't repay it?

So, basically banks has their own ways to give you loans and they also has their own ways to collect them.

Banks give you loan on the basis of your collateral and you have to pay that loan in between 10 to 15 years and if you don't repay your loan then your balance will keep growing as interest accrues and the bank can take a legal action on you and you can't stop it because they will do all things in association with the government.