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Compare & Apply for Education Loans
Education in India is a costly affair. With many eminent educational institutions and universities hiking their fees and other charges, the cost of getting basic education is touching the sky. This could act as a constraint if an eligible student doesn’t have sufficient funds to finance their education. Education loan comes in the scenario as a rescuer as it offers the necessary funds which can be used to attain the quality education and pursue one’s dreams.
India is one market which has a huge demand for education loans. Many banks, financial institutions and NBFCs are providing education loans to meritorious students so that they can pursue an education in India or abroad. SBI Education Loan, Axis Bank Education Loan, Avanse Education Loan and HDFC Education loans are some popular and most sought after education loans in the country which are student friendly, offer competitive education loan interest rates and terms and conditions and have robust processing.
Need of Education Loans
Many people opt for education loans over personal loans to fund their education. These loans offer several benefits and are highly versatile.
- Education loans take care of all the funds required to meet the expenses of education.
- A comprehensive education loan is free of inflation and other monetary issues. It offers timely help required to fund the education.
- Comprehensive education loan takes care of all aspects of expenses related to study a course.
- Comprehensive education loans are easily and widely available via LoansJagat.
Features & Benefits
Eligibility
Who can apply:
- Minimum ₹ 25000 monthly income in metro cities and ₹ 20,000 in other cities
- Salaried individual
- A credit score above 650
- Total work experience of atleast 1 year
Age:
- Above 23 years and below 58 years
Required Documents
Identity Proof
- Passport
- Voter ID
- Driving License
- Aadhar Card (Mandatory)
- Pan card (Mandatory)
Any of the following
Address Proof
- Passport
- Utility Bill
- Aadhar Card
- Driving License
Any of the following
Other Docs
Mandatory
- Salary Slips ( Last 3 months)
- Salary A/c Bank statement ( Last 3 months)
Calculator
Calculate your Loan EMI in 3 easy steps. Use the slider to set your loan amount, interest rate and tenure to understand your loan summary
Loan Summary
Loan Amount
₹ 100,000
Interest Payable
₹ 17,397
Monthly EMI
₹ 1,957
How to Apply
LoansJagat is a platform to offer education loans quickly and efficiently without having a difficult application process. Our aim is to offer a hassle-free process so that no one has to wait for their dream to become a possibility. Apply for a loan right away!
- Scroll Up. Fill in the basic details about your name, number, and work profile.
- Fill in your personal details. For example, your email, company name, and DOB.
- Mention your credit score, PAN number, and salary-related information.
- Compare the offers from 20+ banks and NBFCs before applying for loans.
- Organise all the documents, like the Aadhaar Card, PAN Card, residential proof, KYC details, and past 3 months' bank account statement. Submit these documents when needed.
- After successful document verification, your loan will be approved and money will be credited to your bank account.
Tips to Avoid Loan Rejection
The following guidelines assist in improving the chances of loan approval to avoid the possibility of rejection of education loans.
1. CIBIL Score Above 650
You have a high chance of loan approval if your CIBIL score is more than 650. So, try to increase your credit score to match this number. You have a high chance of loan approval if your CIBIL score is more than 650. So, try to increase your credit score to match this number.
2. Lower Debt-To-Income Ratio
If you majorly depend on your credit card, even after spending your monthly income, then the chances of loan approval are low.
3. Clear Existing Debts
Try to stay clear of all the outstanding debt. If you repay your loans timely, then banks will prefer to lend more loans to you.
4. Provide Verified Information
Don’t lie about your information over the tele-verification process. If found not true with supporting documents, the chances of rejection increase.
5. Stable Employment
Try to have a stable job for at least 1 year before applying for a loan. This will help you have more chances of loan application approval.
6. Credit Report of Last 6 Months
When you are planning to apply for a loan, make sure that your credit history of the last 6 months is up to the mark.
7. Timely EMI Repayments
If you pay your loan EMI on the due date/month. Then your credit score will boost instantly. This will guarantee instant loan approval.
8. Don’t Engage in Paid Fantasy Gaming Apps
Avoid getting addicted to betting on paid fantasy gaming apps like Dream 11, Ludo, Poker, etc. Remember, there is no shortcut to long-term wealth.
9. Clean Salary Bank Account Statement
Do not engage in external transactions on major stockbroking platforms. Try to keep a clean transaction history of your salary bank account.
10. Average Bank Balance
Investing in derivative products like Future and Options (F&O) trading is a very risky scenario if you are planning to avoid loan rejection.
11. Multiple F&O Transactions in the Stock Market
If you can retain 25% of your monthly income as savings in your bank account, then banks will prefer to approve your loan application.