Achieve Your Educational Dreams with Easy EMI Education Loans in Hosur
Pursue Your Dreams in 2024 with TFS Hosur's Easy Education Loans! Reach for the stars without financial constraints! TFS Loan Agency in Hosur makes your educational aspirations a reality with our convenient and flexible education loan options.
our EDUCATION Goals 2024
Why Choose TFS Hosur for Your Education Loan?
- Competitive Interest Rates: Focus on your studies, not your finances, with our competitive interest rates that ease the burden of educational debt.
- Fast Approvals & Quick Disbursement: Get your loan approved and disbursed quickly, so you can focus on your studies without delay.
- Minimal Documentation: Skip the paperwork hassle with our simplified documentation process.
- Flexible Loan Options: Choose from a variety of loan options tailored to your specific educational needs and duration, whether it’s undergraduate, postgraduate, or professional studies.
- Dedicated Support: Our friendly and knowledgeable staff is here to guide you through every step of the loan application process.
- Special Hosur Benefits: Enjoy exclusive discounts and offers designed specifically for students in Hosur.
Investing in your education is an investment in your future. Let TFS Hosur be your partner in achieving your academic goals!
Purpose of Education Loan
An education loan helps you finance the cost of your education and related expenses, including:
- Tuition fees
- Books and supplies
- Living expenses
- Other course-related costs
It's an investment in your future, allowing you to pursue your educational goals without worrying about financial burdens.
Student Eligibility
- Indian citizen, typically 18-35 years old.
- Admitted to a recognized higher education program (India or abroad).
- May require a co-applicant (parent/guardian) depending on the loan amount.
- Bonus: Many banks offer competitive rates, flexible options, and quick approvals.
Get educated, and invest in your future! Check with TFS Hosur for details.
Education Loan Eligibility
| Particulars | Eligibility |
|---|---|
| Nationality | Indian |
| Age | Minimum- 16 years Maximum- 35 years |
| Academic record | Proven – good |
| Qualification | Completed 10+2 (12th Standard)/Diploma |
| For Pursuing | Graduation /Postgraduate Degree or a PG diploma in professional Education. |
| University Applied to | Listed,Recognized and Accredited Institutes in India and Overseas |
| Loan can be sanctioned on the basis of |
|
| Loan Amount | Domestic – Upto Rs 1 crore International – Upto Rs 2 crore |
| Co-borrower | Father, Mother, Brother, Sister, Spouse (Husband/Wife), Grand Parents, Parents in law, Brother in law, Maternal/Paternal Uncle. |
| Security | Property i.e. House or Flat, FD –Fixed Deposit, Existing ICICI Bank Home Loan for cross collateral. |
Required Documents for Education Loan
Here are the mandatory documents that a student need to provide to the banks while applying for a student loan:
- 2 photographs of passport size
- Copy of 12th standard mark sheet or latest education certificate
- Admission letter with cost of education if available
- Pan Card of the student and Parent/ Guardian
Age proof
- Aadhaar Card /Voter ID/Passport/Driving Licence
Identity proof
- Voter ID/Aadhaar Card/Driving Licence/Passport
Residence proof
- Passport
- Driving License issued by Regional Transport Authority
- Voter’s Identity Card issued by the Election Commission of India
- Job card issued by NREGA signed by State Government Officer
- Letter from National Population Register containing details of name and address
- Proof of possession of complete AADHAR number/AADHAR Card
Income proof
- Most recent salary slips and Form 16 of the parent/ guardian/ co-borrower
- Latest 3 months bank statement for non-ICICI Bank customer (Not required for ICICI Bank customer)
- Updated ITR (Income Tax Return with income computation) of 2 years of parent/co-borrower/guardian.
Study in India / Abroad / NRI Students
Your Dream University is Now a Reality.
Age of the Student
Loan in Sub-Sequent Years of Course
Eligiable Course
Quantum
Co-Applicant
In India, a co-applicant for an education loan is someone who shares responsibility for repayment with the student borrower. They're usually a parent, spouse, or close relative with a good income. Think of them as a backup if the student can't repay for some reason.
What is it?
Think of the margin as your contribution towards your study expenses. It’s the portion you pay yourself, while the bank covers the rest through the loan.
How much is it?
Generally, the margin ranges from 10% to 25% of your total education cost. But, keep in mind:
- Public banks in India usually have a 10% margin requirement.
- Some private lenders might offer loans with no margin for specific courses or universities.
- The margin can increase if you borrow a larger loan amount or for higher education abroad.
Why is it important?
A higher margin shows the bank you’re invested in your education and can manage finances responsibly. This might give you better loan terms like lower interest rates.
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Educational loans can help cover a range of expenses related to your studies, making it easier to pursue your academic goals. Here’s a simplified breakdown of what you can typically use the loan for:
1. Tuition fees: This is the biggest chunk, covering the cost of attending your chosen course or program.
2. Books and study materials: Textbooks, reference materials, software, and other essentials for your studies.
3. Living expenses: Rent, food, utilities, transportation, and other daily living costs, especially if you’re studying away from home.
4. Examination fees: Registration fees for various exams related to your course.
5. Study tours and projects: Costs associated with educational trips, research projects, and field work.
6. Laptop and equipment: Essential tech tools you need for your studies, like a laptop, software licenses, or lab equipment.
7. Health insurance: Some lenders might offer to cover health insurance premiums as part of the loan package.
8. Travel expenses: This might be applicable for students studying abroad or living away from their hometown.
Please note:
- The specific expenses covered may vary depending on the lender, loan type, and your study program.
- Some lenders might have limits on certain expenses, like living costs.
- It’s crucial to carefully review the loan terms and conditions before applying to understand what’s covered and what’s not.
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Repayment for your education loan starts after a pause period called the moratorium. It usually lasts 6 months to 1 year after your course ends, giving you time to find a job.
The total repayment time (tenure) can be as long as 15 years for most loans in India.
Here’s the key takeaway:
- Moratorium: Relax, no payments for a while.
- Repayment tenure: Up to 15 years to spread out your payments.
Remember, longer tenure means smaller monthly payments but more interest paid overall. Choose wisely based on your financial situation!
Interest rates on education loans in India can vary quite a bit, depending on a few factors:
- Loan provider: Public banks generally offer lower rates than private banks or NBFCs.
- Loan amount: Larger loans often have slightly higher interest rates.
- Course and university: Some lenders might offer special rates for specific courses or universities.
- Your profile: Applicants with good credit scores or co-signers might secure a lower rate.
As of January 2024, here’s a general range of interest rates for education loans:
- Public banks: 7.00% to 11.15%
- Private banks: 8.50% to 15.00%
- NBFCs: 9.00% to 16.00%
Remember, comparing rates from different lenders is crucial to find the best deal. Check online platforms or directly contact banks for their current offers.
Education Loan Security
- Collateral-free loans: Up to ₹7.5 lakhs for Indian studies and specific courses abroad.
- Secured loans: For amounts above ₹7.5 lakhs, collateral like property or fixed deposits may be required.
- Co-borrower: A parent or guardian can act as a co-borrower to improve loan eligibility.
Insurance
Got an Education Loan? Life Insurance Might Be Required!
Imagine this: you’re studying hard, building your future, and paying off your education loan. Suddenly, the unexpected happens. What if something happens to you and your family is left with the loan burden?
That’s where life insurance for education loans comes in.
Think of it as a safety net:
- If something happens to you (death or disability), the insurance pays off your education loan.
- This protects your family from financial hardship.
In 2024, some lenders make life insurance mandatory for education loans, especially for larger amounts or unsecured loans (without collateral). The coverage amount usually matches the loan amount.
Compare Top Education Loan Offers 2024
Name of Bank | Interest Rate (p.a.) | Processing Fees |
8.15% to 11.15% |
| |
8.10% to 10.60% | Nil for studies in India | |
8.40% onwards | Contact the bank | |
8.60% onwards | 0.50% of the loan amount up to Rs.10,000 (for collateral security coverage of 100% and above) | |
10% to 15% | Contact the bank | |
8.50% onwards | 1% of the loan amount (Maximum: Rs.5,000) | |
9.25% onwards | No processing charges up to Rs.7.50 lakh1% of loan amount up to Rs.10,000 | |
10.95% to 11.75% | No processing fee for studies in India | |
9.85% onwards | Up to 2% + GST | |
9.45% to 11.30% | Contact the bank | |
13.70% to 15.20% | 2.00% of the loan plus GST | |
9.50% Preferential rates as per the college or the university | As per the criteria of the bank | |
Up to 16% | Nil | |
12.55% onwards | Contact the bank | |
DCB Bank | 9.65% per annum |
|
11.60%- 12.85% | 1% of the sanctioned loan amount |
Note: These interest rates are effective as of January 2024 and are subject to change as per the bank’s rules and regulations.
