Education Loans Consultancy
There are many options available for students pursuing higher education both within India and abroad, often with flexible repayment terms. It's advisable to compare different loan products and verify details before applyingGet the Funds You Need to Achieve Your Academic Aspirations and We are India’s one of Leading Education Loan DSA Agent. We offer quick approvals, minimal documentation requirements, and generous loan amounts based on income and repayment capability, helping you get closer to realizing your dreams.
Pursuing education abroad is indeed a dream for many students, as it provides access to high-quality academic programs and promising career prospects. The significant number of Indian students studying overseas reflects this aspiration. However, the pressure often comes from the high financial costs associated with studying abroad, including tuition fees, living expenses, and additional costs related to travel and accommodation. This financial burden can create a stressful environment for students, as they strive to balance their academic goals with the economic realities of their choice.
Education loans for studying abroad are a form of financial assistance provided by banks and other financial institutions to help students cover their education-related expenses. These loans can be used for various costs, including tuition fees, accommodation, books, transportation, and other course-related expenses. Typically, education loans for studying abroad offer competitive interest rates and flexible repayment options, making them an accessible choice for many students pursuing international education.
Studies in USA
Education loans for studying in the United States provide essential financial support for international students. These loans can cover various expenses, including tuition fees, living expenses, and other costs related to studying abroad, such as proof of funds required for visa applications.
Studies in India
We offer education loans for studying in India. Our loans cover numerous institutes, a wide range of courses, and various education-related expenses, ensuring that all your educational needs are met.
Studies Elsewhere
Finolon Consulting offer educational loans designed for students planning to study abroad. These loans process can help cover various expenses, including travel costs and other educational fees, ensuring that students have the financial support they need for their overseas education.
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Education loans, also known as student loans, are financial resources that students can access to cover the costs associated with their education. This includes tuition fees, expenses for post-secondary education, and other costs related to higher education.
Age Eligibility
- There is no specific restriction regarding the age of a student in order to be eligible for an education loan.
- Age of joint applicant / co-borrower / guarantor should be minimum 21 years at the time of loan origination and maximum age at the time of loan maturity can be 70 years.
If the student was a minor while the joint applicant / co-borrower / guarantor executed the document for the loan, the bank will obtain a letter of ratification from him/ her upon attaining majority.
Student Eligibility
- The student should be an Indian National
- The student shall have secured the admission in India or abroad through an entrance test or through merit based selection process
Eligible Courses
India
- Post-Graduation Courses: Masters and Ph.D. from accredited institutions.
- Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management and Computer Sciences.
- Other professional courses such as CA, ICWA, CS, and CFA.
- Masters and Diploma Management Programs.
- Other courses leading to degree/diploma conducted by colleges/universities approved by UGC / Govt. / AICTE / AIBMS / ICMR, etc.
- Regular Degree/Diploma course like aeronautical, pilot training, shipping, nursing or any other discipline approved by Directory General of Civil Aviation / Shipping / Indian Nursing Council or any other regulatory body as the case may be, if the course is pursued in India.
- Any other course as shall be declared from time-to-time.
Studies abroad
- Graduation: Reputed universities.
- Post-graduation: MCA, MBA, MS and other courses as shall be declared from time-to-time.
- Other courses such as CIMA – London, CPA in USA, CFA, CISA, and other approved courses as shall be declared.
Degree/Diploma course like aeronautical, pilot training, shipping, etc. provided these are recognised by competent regulatory bodies abroad for the purpose of employment in India/abroad.
| Loan | Education Loan |
|---|---|
| Interest Rate | 11.5% to 24% |
| Loan Processing Charges | Upto 2% of the loan amount+ GST and other applicable statutory levies |
| Documentation Charges | - |
| Stamping Charges | Applicable as per the respective State's Stamp Act |
| Credit Administration Charges | - |
| Credit Appraisal Charges | Upto 5% of the Loan amount, not exceeding Rs. 7500(inclusive of GST) |
| Commitment Charges | - |
| Overdue Interest | 3% of Overdue Amount, compounded monthly on the amount due but unpaid from the date of the amount falling due till the date of actual payment |
| Collection Charges | 30%(inclusive of GST and other applicable statutory levies)of cheque/instrument dishonour charges+ overdue interest |
| Dishonour Charges Per Instance | Rs. 750.00 per instance(inclusive of GST and other applicable statutory levies) |
| Swap Charges( Replacement of PDCs) | Up to Rs. 500 per Swap per Instance+ GST and other applicable statutory levies |
| Prepayment Interest / Forclosure Charges | Lock in period for 12 months. After 12 months, 5% foreclosure charges + GST on principal outstanding |
| Duplicate Issue of NOC | Rs. 500 + GST and other applicable statutory levies per instance |
| Solvency Certificate | - |
| No Due Certificate | Rs. 500 + GST and other applicable statutory levies per instance |
| Charges for furnishing a copy of the credit information report (CIBIL) to the applicant. | Rs. 50 + GST and other applicable statutory levies per instance |
| Charges applicable in case customer requests for copies of records pertaining to his transactions ( SOA / Amortization Schedule) | - |
| APAC Reschedulement | - |
| Part Foreclosure Charge | - |
| Payment Processing Charge | - |
| Valuation Charges for Used/RF Vehicles | - |
| Repossession Charges | - |
| Credit Adminstration Charges | - |
| Duplicate Foreclosure Statement Charges | - |
| NOC for National Permit | - |
| NOC for State Permit | - |
| NOC for Change in Body Type | - |
| Rebooking of Loans (due to change in borrowing structure, change of property / Asset / Collateral etc.) | - |
| Change in Installment Due Date | - |
| Change in Property / Asset / Collateral | - |
| Copy of Any Property/Loan Document | - |
| Asset Verification Charges - Immovable Assets | - |
| Legal / Incidental Charges* | - |
| NOC to Convert From Private to Commercial Registration | - |
| NOC to Convert From Commercial to Private Registration | - |
| Re-issuance of Pay Order | - |
| Non Compliance with Sanction Terms and Conditions | - |
| End-use Certificate Delays | - |
| Net Worth Statements Delays | - |
| *Taxes as applicable | |
| "Blank / -" denotes that these charges are not applicable to the concerned business division |
| Document | Applicant | Co-applicant/ co-borrower | Guarantor |
|---|---|---|---|
| Application Form | Yes | Yes | Yes |
| 2 photographs | Yes | Yes | Yes |
| Proof of Identity | Yes | Yes | Yes |
| Proof of Residence | Yes | Yes | Yes |
| Signature verification from bank | Yes | Yes | Yes |
| Income Details | No | Latest payslip or Form 16 or 2 years ITR | Latest payslip or Form 16 or 2 years ITR |
| Proof of Ownership | No | Yes | Yes |
| Proof of Relationship | Yes | Yes | Yes |
| Confirmed admission letter | Yes | No | No |
| Letter from college | Details of course and fee structure to be paid | No | No |
| Academic Pass out Mark sheet/Certificate | Yes | No | No |
