How To Get Education Loan After 12th?

Embarking on your higher education journey just got easier! Wondering "How to get education loan after 12th?" Look no further. This guide is your key to unlocking the world of education loans, offering a clear path through the financial hurdles that stand between you and your academic dreams. Whether you're aiming for prestigious universities in India or abroad, financial constraints shouldn't hold you back. Here, we provide essential insights and practical advice to help you secure the funding you need effortlessly. Get ready to transform your educational aspirations into reality without letting money be an obstacle.

What are Education Loans?

An education loan is a beacon of hope for many students wondering how to get education loan after 12th, dreaming of pursuing higher education in India or abroad but are constrained by financial limitations. These loans cover a variety of educational expenses, enabling students to focus on their studies without worrying about the financial burden. Education loans can be availed from various banks and financial institutions, each offering different terms and benefits to meet the diverse needs of students. The significance of education loans extends beyond mere financial assistance; they are investments in the future, empowering students to unlock their full potential and achieve their academic and career goals.

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Types of Education Loans

Education loans can broadly be categorized into two types: secured and unsecured loans. Here’s a comparative overview to help you understand the differences:

Secured loans require collateral, such as property or fixed deposits, making them a lower-risk option for lenders and hence often come with lower interest rates and more flexible repayment terms. Unsecured loans, on the other hand, do not require any collateral but usually have higher interest rates and stricter repayment terms due to the higher risk for lenders.

Education Loan Options After 12th

Several education loan providers can assist you in understanding how to get education loan after 12th? securing the necessary funding after the 12th grade. A major factor determining which lender to choose is whether you intend to pursue your undergraduate studies in India or abroad. To aid in a clearer understanding, we have listed a few lenders, considering both scenarios.

Education Loan for Indian Institutes

Education Loan for Abroad Institutes

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Eligibility Criteria for Education Loans After 12th

When it comes to availing an education loan, the eligibility criteria can vary from one lender to another. However, there are some common requirements that most banks and financial institutions consider:

• The applicant must be an Indian citizen.
• Must have secured admission to a recognized university or course, either in India or abroad.
• The age of the applicant typically falls between 18 to 35 years at the time of application.

Documentations for Education Loan after 12th

To apply for an education loan, the following documents are generally required:

Application Documents:

• Duly filled loan application form
• Passport-sized photographs
• Academic records (mark sheets and certificates)
• Admission letter from the educational institution

Co-applicant Documents:

• Identity proof (Aadhar card, Passport, Voter ID)
• Residence proof (Utility bills, Passport)

Income Documents:

• Latest salary slips or income tax returns
• Bank statements of the last 6 months

It's important to note that the required documents may vary depending on the lender’s policy and the specifics of the loan.

How to Apply for an Education Loan through GyanDhan?

Understanding how to get education loan after 12th is easy with GyanDhan. All you need to do is follow the given steps - 

• Check Eligibility: Begin by checking your eligibility on the GyanDhan website.
• Consult Education Loan Counselor: Get personalized advice by consulting with an education loan counselor.
• Submit Documents: Provide all the necessary documents for processing your application.
• Get Approval and Sign Agreement: Once approved, review and sign the loan agreement.
• Disbursement: The loan amount will be disbursed as per the requirements stated in the admission letter.

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Expenses Covered under Education Loans

Education loans are designed to cover a wide range of expenses to ensure that students can pursue their education without financial hindrances. These typically include:

• Interest rate: The amount of interest you'll pay on top of the principal loan amount.
• Processing fee and time: The cost and duration required to process your loan.
• Margin money: The percentage of the total expense that the bank will not cover.
• Moratorium period: A grace period during which you are not required to make loan payments.
• Tax benefit: Potential tax deductions available on the interest paid on the loan.
• Loan duration: The total time you have to repay the loan.
• Covered expenses: What the loan will cover, such as tuition, living expenses, books, and other academic fees.
• Prepayment terms and conditions: Rules around repaying the loan early, including any penalties or benefits.

By carefully considering these aspects, students can make an informed decision that aligns with their financial and educational goals, setting a solid foundation for their future endeavors. And there you have it—a straightforward guide to understanding how to get education loan after 12th, navigating the world of education loans. Whether it's about choosing the right lender or understanding the nitty-gritty of loan options, we've got you covered. Remember, the right funding can set you on a path to academic and professional success without the burden of financial worry. If you're ready to take the next step towards securing your education loan, why not start with GyanDhan? Check your eligibility and find the best education loan tailored to your dreams. Let's make your educational journey as rewarding as it should be!

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