A few features of an instant education loan in India

In India, there are many students who apply for education loans to pursue their higher studies either abroad or in India itself. However, the process for applying for an education loan in India can be tedious and lengthy. The time taken for processing these loans may hamper the student’s admission to a foreign university as he may miss out on important deadlines.

To avoid these delays, many non-banking financial companies in India offer instant education loan to students for their higher studies. Such instant education loans are simple to avail and cover the student’s entire education related expenses. You can apply for an instant education loan by filling up a simple application form online or request the financial institution’s executives to give you a personal visit. The benefits of such instant loans are multiple.

Their following five features make an instant education loan the most preferred option amongst students.

1) Fast Approval

An Instant education loan of upto Rs 5 lakh is approved by non-banking financial companies in real time without any delays.  You can also avail for a pre-admission and pre-visa loan to fast track your admission process.

2) Lower Processing Fees

The processing fees for an instant education loan in India are quite low. Most non-banking financial institutes charge between 1-2 per cent of the loan amount. These fees are calculated on a case-to-case basis. The final amount is arrived in the course of processing the loan app

3) Low Interest Rates

The interest rates on an instant education loan are quite lower than other loans in India. They are available in the range of 11.5 per cent and 24 per cent. Instant education loans also offer a 0.50 per cent concession to girl students. This enables them to repay these loans easily.

4) Easy Repayment Options

Instant education loan offers easy repayment options that match your needs by customizing the education financing solutions. Students can repay these instant education loans by either servicing either the entire interest during the duration of the course or paying it partially. They can also repay these loans through easy instalments during the course of their study or post the moratorium period. They can also step up their repayment facilities gradually over a period of time to avoid being burdened by the monthly EMIs and manage their available funds more efficiently.

5) Fewer Documents Required

Unlike other loans, you do not need to submit too many documents alongwith your application for an instant education loan in India.  The main documents required include your identity proof, address proof, residence proof, documents confirming your signature from the bank, confirmed letter of admission from the applied university, a letter from the college and your last academic mark sheets.

6) Convenient Mode of Application

An instant education loan in India can be applied from the convenience of your homes. Many non-banking financial institutes provide complete assistance in submitting the application form to customers on just one call from them. This makes the entire experience hassle free for customers.

We hope the above article encourages you to apply for an instant education loan in India.