For a long time ago, the cost of learning in boarding school in Rajasthan was out of pocket for parents. Due to this, students have recently avoided pursuing higher education. However, with the provision of an educational loan scheme, the way to pursue higher education has avcılar escort simplified.
An education loan is a financial support offered to students by banks or financial institutions. Through this support capital, students can pay their higher education costs. Under this special loan provision, students who wish to pursue higher education apply for financial aid from banks. Through this loan facility, students can pursue higher education in institutes both in India and abroad.
The loan structure offered by banks is also straightforward, as debtors have to pay loans at low-interest rates and with flexible terms and conditions. In addition to it, the process of documentation is not so complex, due to which applicants can easily apply for the loan.
Eligibility For Loan Application
To avail themselves of loans for their educational needs, students have to meet some necessary criteria, which involve the following:
- The loan applicant must be a citizen of India.
- The applicant must have confirmed admission in recognized educational institutes on Indian soil or in a foreign country.
- The candidate’s age must fall within the bracket of 18 to 35 years at the time of loan application.
- The candidate must be pursuing a graduate/post-graduate course or a PG diploma. (Usually, candidates pursuing B.Tech or other science-related field education seek this loan as theyenroll in the best IIT coaching in Rajasthan to clear the entrance test).
- The institution where the candidate takes admission must be affiliated with the University Grant Commission (UGC)/ All India Council for Technical Education (AICTE), etc.
- While applying for an education loan, the candidate has to apply along with a co-applicant. The co-applicant could be either a parent/guardian or spouse/parent-in-law (in case of married candidates).
- The loan applicant shallbe liable to pay an interest rate of around 8.40% per annum.
Necessary Documents For The Application Process of Education Loan
To apply for the loan, an applicant has to present some documents, which involve the following:
- Duly filled and self-attested application form.
- 2 passport-size photographs.
- Xerox copy of high school and higher secondary school exam certificates.
- Statement of course expense/ expected cost of study.
- Identity proof (Aadhaar card, pan card, driving license, etc.) of the loan applicant.
- For Age Proof: Copy of Aadhaar card, voter ID, passport, driving license.
- For Identity Proof: Same as above.
- For Residence Proof: As residential proof, an applicant can attach a copy of his rental agreement/ Bank statement of 6 months of the student or co-borrower/ guarantor, a copy of ration card/gas book/ electricity bill.
- For Income Proof: For presenting the income proof, an applicant can attach any of the following documents:
- Recent salary slips or Form 16 of the co-borrower (parent/guardian).
- Six months bank statement of the borrower or the xerox copy of the applicant’s bank passbook.
- Updated income tax return (ITR) or income computation of two years or IT assessment order of last two years of parents or of the guardian.
How To Improve Your Eligibility Criteria?
While granting the loan to any applicant, banks take every step cautiously. Due to this, they cross-check for applicant’s eligibility criteria multiple times. This ensures that the loan amount will reach only the needy ones. Therefore, applicants have to maintain a good credit score card. In addition to this, applicants can work on the following parameters to improve their eligibility for the loan applicant:
- Good score card in both high school and higher secondary school examinations. Students enrolled in some of the best school in Sikar,such as Matrix High School, need not worry about this. It is because this institution is popular for its advanced teaching curriculum.
- Applicants should try to apply to top and reputed universities rather than regular universities.
- Co-borrowers must have a strong financial background.
- Applicant must present a good prospect of his future employment/source of income.
How To Identify Eligibility For An Education Loan?
Parents, who enrolled their kids in boarding school in Rajasthan, can be well aware of the high schooling fees they had paid for their children’s schooling needs. Therefore, looking for education loans becomes a compulsion for children as the applicants must fit best with some eligibility criteria. Therefore, it becomes necessary for applicants to be aware of their suitability as per the loan eligibility.
To identify their eligibility criteria, applicants must seek for the main banks’ application brochure. After it, they can match their suitability for the loan application. Alternatively, applicants can also learn about their suitability and credit limit for the loan application from various online sites, such as Bankbazaar, moneycontrol, and so on.
Final Words
See, pursuing higher education is not cost-friendly for many households. It is because there are many expenses associated with the course learning which are exclusive of main course fees. This is why seeking an education loan from banks is the only option available for aspiring students. This way, students can continue their higher education courses without worrying about the repayment of the loan amount. It is because debtors have a time limit of around 10-15 years to repay the loan amount. This time limit is more than sufficient to repay the entire payment.
Suppose someone is looking to pursue higher education but is afraid of the schooling cost. In that case, they can check some of the best and most affordable boarding school in Rajasthan by visiting the official website of the Education Hub Sikar.
Education Hub Sikar is an educational site that enlists the top learning institutes in Sikar Rajasthan. Through the reference of this platform, people can easily find the best residential and day schools and coaching centers for various competitive and entrance exams, such as NDA, IIT, NEET, and many more. People can check Education Hub Sikar’s official website to learn in detail about the escort avcılar platform.
