After all the hard work you have finally been offered admission to the university of your choice. You now need to tie up the finances so that you don't have to worry about money while you are studying hard. If you or your family members don't have the income to justify the loan and also cannot offer any security for the education loan you can still get a loan up to Rs. 4 lakhs. For loans larger than that you will have to provide security such as real estate and/or a guarantee from a person earning sufficient income. If your household income is certified as less than Rs. 4 lakhs per annum then the interest during the study period will be borne by the Government of India. Fill in the form on this page and we will send your details to the major lenders including lenders specializing in offering education loans. You can choose from among the lenders depending on
- Amount of Loan sanctioned
- Interest Rate
- Discounts available for girl students
- Processing Fees
- Type of Security accepted
Or any other point that matters to you.
Disadvantages of personal loans for educational purposes
personal loans are at 11% to 16% and education loan interest rates are at 10.25% to 13%Apnaloan.com Research Bureau
10 Aug 2007
Repayment of both principal and interest on personal loans begins immediately.
They also have higher interest rates and charges.
The loan tenure for personal loans is lower than education loans and varies from one to five years.
Personal loan schemes can be used for educational purposes, but the cost and repayment requirements are not as good as an education loan.