The cost of studying at a reputed institution is high, increasing annually by 15%. So, an education loan becomes a bridge between this inadequacy of money and the required amount. The loan aims at covering the basic education fee of the student and basic needs such as accommodation, hostel, etc. depending on the type of loan.
Functioning of an Education Loan Online:
Buddy Loan can be an engine to your carrier as it provides personal loans for students. Under this loan, the education cost, along with the other additional expenses, will be covered. The loan amount varies depending on education and financial status. The tenure of the loan is dependent on the duration of the course for which the loan has been taken. Therefore, Buddy loan gives the facility of an immediate instant loan for students because a lack of funds should never be a speed breaker in your future development.
To avail of the loan, students can apply for a loan online also. Small loans for students can also be availed, where loan providers offer you a lending source with less interest amount for a specific tenure. The benefit of education loans for students is that they can pay under smart repayment plans as the loan can be repaid when the student has finished the course and gets a job. The moratorium period is reasonable in case a student is financially low. However, in case one wants to take a loan of a higher amount, he/she can go for a student loan where the loan has to be paid entirely in the specific tenure duration.
Studying abroad might be a dream for some but gets shattered by looking at their parent’s financial background. Buddy loan can also help in providing education loans for students to study abroad. The method of acquiring the loan works in the same way; however, loan details could vary, which include period, type of loan, lending source, or interest. Working with Buddy Loan is a hassle-free and fully transparent procedure where we provide you with the whole documentation at your door.
Features of an Education Loan
Education is not cheap, whether we consider it in India or abroad. However, parents can simply decide to switch to education loans that can save their child’s future, irrespective of their financial condition. An education loan is an offer for students to pursue an education in any condition. For the students who are intelligent and are willing to study, buddy loan gives them the facility of not just Buddy loan App provides student loan to study abroad also.
According to the norms by RBI, a student loan can have a rate of interest varying from 9-10%. The number of loans could range from a minimum of 10 lacs to a maximum of 15 lacs for studying in India. In contrast, the principal amount for studying abroad could be approximate 20 lacs. However, education loans could only be taken for studies like graduation or post-graduation. It is not valid for schooling.
One can also apply for student loans online by simply logging into the website and filling necessary details. Buddy loan replies within 3 hours of the application. Hence instant education loans are a feature of buddy loans.
Also Read: Points To Consider When Getting an Education Loan!
Depending on essential factors such as course and financial status of the family, education loan can be customized that sets a particular interest rate or time duration to pay the debt. Hence you can repay the loan burden-free. In case, more funds are required, negotiations can also be made. The choice, of course, is 100% made by the student, hence applying for a small student education loan as well.
Hence Buddy loan provides significant support for those students to aspire to achieve higher and shine their carrier.
Aadhaar Card Is Mandatory For an Education Loan
An education loan is a personal loan for students. An applicant to apply for an education loan may either be the student itself applying for a college or university, or the parents of a minor student who wishes to pursue an education in a right school. Two kinds of education loans are available; one is domestic, and the other is foreign. Domestic education loan is a loan procured for attaining education in a university, school, or college within India. On the other hand, foreign education loan or education loan abroad is for those students who would wish to study abroad. Buddy loan perceives education to be an essential tool for not only gaining knowledge but also gaining perception.
Education loans can either be secured or unsecured. Secured education loans are those that require collateral for attaining the loan. On the other hand, unsecured education loans do not require any collateral for procuring a loan. Buddy loan offers unsecured personal loans online for students for their educational purposes. Further, Buddy Loan also provides instant loans after the loan amount has been approved.
Also Read: How to Get an Education Loan Online with More Benefits?
Apply For an Online Education Loan
Buddy Loan allows the application of an online education loan with just a few simple steps that are to be followed by the applicant at any time and any place at his/her convenience. The steps are:
- Fill out the details in the application form that relate to personal, financial, past educational achievements and details regarding the educational course that the applicant wishes to pursue
- Submit documents required along with the application
- Choose the loan amount between Rs. 1000 to Rs. 15 lakhs.
- Choose tenure for repayment of the loan, the choice for which ranges from 6 months to 5 years.
- Wait for your approval
- If approved, the loan amount would be credited to your bank account within 48 hours.
Form 16 Is Required For an Education Loan!
Education loans are personal loans for students for education. The loan can either be obtained for studying within India, or for studying abroad. Buddy loan believes in providing loans to those professionals who wish to pursue higher education within India or abroad, and for those parents who desire and work hard to ensure that their child receives a quality education in a right school or college.
Merits of Obtaining a Loan From Buddy Loan
There are various benefits of applying for an education loan in buddy loan. Following are a few of them:
- There is a high approval rate of loans, which results in a higher certainty of your loans being sanctioned.
- Once the loan is approved, the funds are transferred to the applicant’s bank account within 48 hours.
- The amount of loan to be disbursed is the choice of the applicant. The applicant can choose a loan amount ranging from Rs. 10,000 to 15 lakhs.
- Buddy loan also provides loans for payment of tuition fees, course books, etc. which are necessary for the educational course opted for by the applicant.
- Buddy loan also sanctions online education loans for applicants who need to follow a few simple steps for the sanction of loans.
- The tenure for repayment of the loan is the choice of the applicant who can choose for a term ranging from 6 months to 5 years.
- There are no hidden charges involved in Buddy Loan.
- There is no need for collateral for applying for an education loan at Buddy Loan.
Eligibility Criteria for Applying For Education or Student Loans
- The applicant must be a resident of India
- The applicant must have obtained admission into a course in an Indian or foreign university
- An application for a loan can also be submitted by the parents of a minor child for procuring education in school.
- The applicant must submit the required documents
Documents Required for Applying for an Education Loan
The following are the documents required for applying for an education loan:
- Graduation, Secondary School Certificate, or High School Certificate or mark sheets
- Proof of identity such as Aadhar Card, Passport, Driving License, Voter’s ID, or PAN Card.
- Proof of address such as Lease and License agreement, Passport and so on
- Proof of income or parents or guardian such as bank statements for the past 3 or 6 months, or form 16. However, form 16 is not a document that is compulsory in every financial institution for obtaining a loan.
- Proof of age
- A copy of marks card or certificates of examinations last passed
- Proof of admission to the university or school for the course
PAN Card Is Mandatory to get an Education Loan!
Today, obtaining a good education is one of the most important things for every student around the world. Quality education, which is given by a renowned institute or university, is helpful for the students because, through good quality education, students can achieve good degrees or diplomas, which in turn helps the students to excel in their career and get a head-start as soon as possible. But, for some students, it is tough to afford such good quality education. The fees of various mainstream programs and courses which ensure a good career and excellent pay have drastically risen. Hence, students apply for education loans. Nowadays, the majority of the Indian banks have made it mandatory for all the applicants, i.e., the students and the co-borrowers, i.e., the parents to submit attested copies of their PAN Cards to the banks to obtain education loans.
Also Read: Learn From The Best Schools With Vidya Lakshmi Education Loan
Reasons for Mandatory Submission of PAN Card:
Easy to assess income
Every person who wishes to have an account in any Indian bank needs to have a Permanent Account Number Card or PAN Card. This number needs to be provided for obtaining salaries and payments everywhere. This card or number contains all the information regarding the holders’ financial status. This helps the banks in acquiring info regarding the income of the applicant and the co-borrowers. This also helps prevent fraudsters from submitting wrong information regarding their financial status to the banks.
Easy to trace borrowers
Due to the regular rise in the number of defaulters, banks have made it mandatory for people to submit a copy of their respective PAN cards while obtaining an education loan. Many students have applied for the education loans, acquired them, and then used the money elsewhere. Also, after the students’ pass-out from their respective institutes or universities, it becomes very difficult for the banks to get in contact with those students. Hence, if the banks have the PAN Card details of the students and their parents, then it will be possible for the bank to trace the students or at least their respective parents. The bank needs to keep a constant check on the applicant and the co-borrowers in order to ensure complete repayment of the loan, and PAN Cards helps the banks do so.
Also, once the PAN card copy is submitted to one bank, it is difficult for the applicants to obtain another loan from elsewhere.
Download Personal Loan App
Get a loan instantly! Best Personal Loan App for your needs!!
Looking for an instant loan? Buddy Loan helps you get an instant loan from the best verifiedlenders. Download the Buddy Loan App from the Play Store or App Store and apply for a loan now!
Having any queries? Do reach us at info@buddyloan.com