Student Loans In India

As a parent, you will always have the best interest in your mind for your children. You will want them to study in a reputed school and provide them within excellent opportunity for their higher education. However, school and college costs are mounting every year. A pre-school admission for a year itself comes up to Rs. 1 lakh. As your child steps into primary and secondary education, these expenses keep climbing thereafter. But in case of a deficit in funds, you can opt for personal loans and use that to fulfill any expense related to academics.

What is a Personal Loan for Studies?

We, at Fullerton India, provide a loan amount for studies in a short time. This is why; the product also carries the name – instant personal loan for education. Such type of loan is different than a traditional education loan in the following ways:

  • In personal loans for studies, it is the working parent who takes the loan, and not the child.
  • A traditional loan for education is primarily for higher studies, but instant loans for students complement your child’s academic journey at any point in time.
  • We transfer the loan amount in lump-sum to your bank account. Thus, you can decide when and where you want to use the funds.
  • As personal loans for studies involve minimal documentation, the processing and disbursal happen within a few days.

Features and Benefits of a Personal Loan for Studies

The key features and benefits of Fullerton India personal loan for studies include:

  • Salaried people can take personal loans for studies up to Rs. 25 lakhs
  • Self-employed individuals can borrow up to Rs. 30 lakhs
  • Tenure for the education loan is between 12 months and 60 months
  • Immediate fund transfer on the same day after loan approval

Personal Loan for Studies Eligibility Criteria

Listed below are the eligibility criteria for an instant loan for education:

  • You should be a residing citizen in India to apply for personal loans for studies
  • Your age cannot exceed 65 years at the time of loan maturity

For Salaried Professionals:

  • The minimum monthly income must be Rs. 25,000 if residing in Mumbai or Delhi, and Rs. 20,000 if residing in any other city/state in India
  • As an applicant, you should be working either with a private limited company or public sector undertaking (local, state, or central)

For Self Employed:

  • You should have a minimum income per year – this amount varies for each case depending on factors such as location, loan amount required and the organisation’s policy at the time of loan application
  • Financial documents showing proof of stable income

Documents Required For Personal Loan for Studies

The list of documents required for an instant loan for education are:

  • A recent passport-sized photograph
  • A government recognised identity proof and address proof
  • PAN Card is mandatory to avail education loan
  • Bank statements of the last six months
  • Proof of income (pay slips/salary certificate), Form 16, Income tax returns for salaried individuals
  • Business registration proof, company’s financials, income tax returns, etc. for self-employed applicants
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Reasons to buy

You can take our personal loan for a variety of reasons.

Wedding Expenses

Higher Studies

Exotic Vacations

Hobbies

 

FAQs

Who are eligible for Education Loan?

Self-employed and salaried people can apply for an instant loan for students. The age of the borrower must be over 21 years. Regular monthly income is necessary to apply for the funds.

What expenses are covered as part of student loans?

Personal loans for students cover for any expense related to the studies. The financial assistance could be for a school fee or funds for your child’s higher studies. You may use the instant loan for students to purchase books, uniforms, school projects, or other education-related costs.

What is the tenure for a student loan?

Tenure for an education loan is between 12 months and 60 months. We at Fullerton India will chalk out a repayment schedule for the instant loan for students as per your financial feasibility. This will allow you to make the most out of the offer.

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