A student loan is tailor-made to help youngsters pay for their education. The top Indian bank supports your dreams by assuring faster loan sanctions via a seamless application. Apply for up to ₹75 lakhs that can fund a wide range of courses across 3200+ universities. Flexible repayment options and reasonable education loan rates make it all the more convenient.
A self-help student loan EMI calculator helps you arrive at the monthly payments by entering variables like loan amount, course duration, rate of interest and tenure. It allows for careful planning and arranging of your finances to avoid loan defaults. But before you go ahead and apply for the loan, it is crucial to get an idea of the expenses that it covers. This helps in choosing a suitable product for yourself that fits your needs. Here’s a look.
What is Included in a Student Loan?
A bank student loan covers a range of study-related expenses, making it a one-stop solution. You do not need to offer any collateral to obtain 100% financing and the following coverage for a well-established institution:
- tuition and fees payable to the institution
- purchase of books/equipment/uniforms
- living expenses (including hostel fees)
- examination/library/laboratory fees
Other additional expenses are:
- travel expenses
- purchase of laptops or computers
- overseas insurance and
- cost of health insurance.
A reputable bank believes in your potential and provides student loan online based on your future income. But, add a co-applicant like siblings, parents, grandparents, spouse and grandparents to optimise the loan processing. Along with these benefits, claim tax deductions under Section 80E. It is provided on any loan that is taken for the higher education of self, spouse or children or a student for whom you are the legal guardian.
You can enter the loan amount, tax slab and interest rate to know the tax saved per year and the effective ROI. Work closely with the bank executives to ensure customised solutions and doorstep hassle-free education financing.
How to Apply?
These days, the loan application process is primarily digital. Choose a bank that offers the convenience of applying through websites and mobile applications. You can also visit the branch or simply call the agents to start the process. Verify your eligibility for an education loan online, enter the application form and let the bank take care of the rest.
Get a clear idea of the fees and charges involved to offer the funds. For instance, you will have to pay for processing, stamping, cancellation, EMI bounce, EMI pickup/collection, cheque swap, document retrieval, physical account statement, duplication of NOC issuance charges and the list of documents. Read carefully to be able to avoid shocks and surprises down the line. There are no pre-payment or part-payment charges, initial money deposit charges or foreclosure charges for the student loan online.
Make sure the loan covers all the above-mentioned expenses. A comprehensive cover saves the hassle of multiple loans at a time from different lenders. A loan helps you be financially independent, strengthen your credit history and inculcate financial discipline via EMI payments at an early age. Read the terms and conditions carefully before applying.