04/11/2019 Financial & Legal Services
IndianMoney Company Reviews on education loan bridges the gap between shortfall and the required amount for quality education. The education loan covers basic course fees, college accommodation, exam fees and miscellaneous charges.
Educational loans can be taken to pursue a wide variety of courses, for example: School/graduation courses, like High School, B.Sc., B.Com, B.A., etc. Post-graduate/specialized courses, like M.Sc., M.A., M.Com, etc. Professional courses, like M.B.A., M.C.A., B.E., M.E., B.Tech, M.B.B.S., etc. Other courses, like computer courses, fashion designing, commercial pilot training, etc. Keep in mind, however, that, usually, the courses financed should be for durations of more than a year, i.e., 12 months.
Educational loans usually cover the costs of tuition fees, hostel fees, mess fee and examination fees. Some banks may also finance the cost of books, equipments and other instruments required by the student for that course. For studies abroad, banks may provide one-way air fare. But this needs to be checked with your individual bank.
Documents required to avail Education Loan:
You need a loan application form and passport sized photographs.
Letter of admission received from the college/institution needs to be presented to the bank.
You need mark sheets starting from class 10th to the last qualifying exam you have cleared.
You need a declaration/affidavit to confirm no other loan has been availed.
You need an identity and an address proof.
The co borrower (Your Parents or the third party Guarantor) has to show proof of income (salary slips) as well as the income tax statements of the past 2 years.
Tax benefits : One can get tax benefits for education loans.
Get advice to take an education loan, from most banks 80-85% of the education course fees. Then you got to arrange the remaining 15-20 % only yourself. You must invest based on risk profile.
Contact IndianMoney wealth doctor at 022 6181 6111 for more advice.
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