Education loan are financial tools designed to help student to cover the costs of their education. These loans are specifically tailored to support students in meeting expenses such as tuition fees, books, accommodation, and other related educational expenses.
In Surat, students typically need about INR 10 lakhs for education in India, but if they go abroad, it goes up to INR 50 lakhs. The interest rates for education loans in Surat vary from 8.00% to 14.00% .
Start your Education loan process with EduLoanHub. Our experts will understand your educational goals and financial needs to recommend the best loan options.
With an extensive network of over 15+ bank/NBFCs partners , we offer a diverse array of options, providing you with the flexibility to choose terms and conditions that perfectly align with your unique requirements. This ensures that you not only have a variety of choices but also the opportunity to secure the most favorable terms for your needs.
Choosing a loan for studying ? Know about interest rates – they're important! Rates depend on your loan type, credit, and lender rules.
Secured Loan Interest Rate
9.9% - 10.0%
Unsecured Loan Interest Rate
10.99% - 12.75%
Secured Loan Interest Rate
9.99%
Unsecured Loan Interest Rate
10.75% - 12.5%
Secured Loan Interest Rate
10.15% - 11.15%
Unsecured Loan Interest Rate
NA
Secured Loan Interest Rate
9.25% - 11.5%
Unsecured Loan Interest Rate
9.75%
Secured Loan Interest Rate
9.9% - 10.0%
Unsecured Loan Interest Rate
10.99% - 12.75%
Secured Loan Interest Rate
9.00% - 13.0%
Unsecured Loan Interest Rate
10.99% - 15.00%
-As part of the KYC process, one of the following identity proofs for the applicant: PAN, Aadhar, Driving License, or Passport. This helps establish and verify your identity.
-To assess financial capacity, income proof for applicant or co-applicant. Acceptable documents are Salary Slips, Income Tax Returns (ITR), or Form 16.
- 10th, 12th, and UG/PG marksheets.
- degree certificates.
- Entrance test scores.
-After loan approval, additional documents are required, including: Agreement. MITS (Margin Money Agreement). Repayment Mandate. Security Mandate.
-If the loan is collateral-based, provide documents such as property papers or confirmation of FD lien marking.
On a case-by-case basis, additional documents may be requested.
EduloanHub simplifies the documentation process. We assist you in gathering and preparing all the necessary documents required for your education loan application.
| Feature | Education Loan | Self Funding |
|---|---|---|
| Income Tax Benefit | Tax Benefit under Sec 80E | NA |
| Repayment | Flexible | Fees Paid upfront |
| Proof of funds to secure admission & Visa | Liquid fund proof not required with sanction letter | Solvency letter to show liquid funds to the university |
| Impact on Saving | Save Money for Emergency | Savings wiped out |
| Credit History | Re-payment on time boosts credit score | NA |
| TCS on Remittance | 0.5% | 5% |
| Income | Loan Eligibility |
|---|---|
| 30,000 | 10L |
| 50,000 | 20L-25L |
| 80,000 | 35L-40L |
| 1,00,000 | 50L-60L |
| 2,00,000 | 1Cr+ |
| Income | Loan Eligibility |
|---|---|
| ITR 5L | 15L-20L |
| ITR 7L-8L | 30L-35L |
| ITR 10L | 40L-50L |
| ITR 12L-15L | 70L |
| ITR 20L | 1Cr+ |
Expert Guidance: Get expert guidance for education loans in Surat, ensuring a smooth process for securing funds for overseas education.
Customized Solutions: Tailored solutions for Surat students based on individual needs and financial circumstances, providing the most suitable loan options.
Wide Network: EduLoanHub's strong network with financial institutions in Surat offers a variety of loan options with different terms and rates.
Streamlined Process: Simplified loan application process, reducing the burden on Surat students and families, including assistance with paperwork.
Transparent Communication: Clear information on loan terms, interest rates, and repayment plans, fostering trust among Surat students.
Customer Satisfaction: Trusted by Surat students with positive testimonials, EduLoanHub ensures satisfaction in education loan assistance.
If you're planning to study abroad and need financial assistance, choose EduLoanHub for expert guidance and personalized loan solutions.
1. Consultation: Start your journey with a personalized consultation. Our experts will understand your educational goals and financial needs to recommend the best loan options.
2. Documentation Support: EduloanHub simplifies the documentation process. We assist you in gathering and preparing all the necessary documents required for your education loan application.
3. Application Assistance: Our team will guide you through the loan application process, ensuring that you submit a comprehensive and error-free application to enhance your chances of approval.
4. Approval and Disbursement: Once your loan is approved, we work to ensure a smooth disbursement process, allowing you to focus on your studies without unnecessary delays.
5. Repayment Planning : EduloanHub doesn't stop at approval. We assist you in understanding your repayment options, helping you choose a plan that aligns with your financial goals.
A repayment plan for education loans is a schedule that outlines how borrowers will pay back the money they borrowed to fund their education. It includes details such as the amount to be paid each month, the interest rate, and the duration of the repayment. This plan helps borrowers manage and fulfill their financial obligation over time, making the loan more manageable and predictable.
If a student avails a loan of INR 30 lakhs with a 10% interest rate for a 10-year period and a course duration of 2 years, the repayment journey begins after a 6-month grace period. During this grace period, no payments are required. Afterward, the student enters a 10-year repayment phase, gradually settling the loan through systematic monthly payments.
EduloanHub is your partner in the education loan process. We offer personalized guidance to help you choose the right loan for your needs. Our services include assistance with documentation, navigating the application and approval process, and ensuring that you are well-informed at every step of securing your education loan in Surat.
Education loans are typically available for students pursuing higher education. The eligibility criteria often include enrollment in recognized institutions for courses like undergraduate, postgraduate, or professional studies. In many cases, parents or legal guardians act as co-applicants to support the student's application.
The interest rates on education loans can vary among banks and financial institutions. EduloanHub helps you explore and compare interest rates to find the most competitive option available in Surat, ensuring that you make an informed decision.
Borrowers may be eligible for tax benefits on the interest paid towards education loans under Section 80E of the Income Tax Act. EduloanHub guides you on how to avail these potential tax advantages, providing a comprehensive understanding of the financial implications.
The repayment period for education loans typically starts after you complete your course. It can extend over a duration of up to 15 years, depending on factors like the loan amount and specific terms and conditions. EduloanHub assists you in understanding and selecting a repayment plan that aligns with your financial goals.
Commonly required documents include proof of admission, academic records, KYC documents, income proof, and collateral documents if applicable.
Education loans in Surat encompass a broad spectrum of expenses essential for a student's education journey. This includes tuition fees, examination fees, hostel charges, costs associated with books and study materials, acquisition of laptops or computers, travel expenses for study tours or internships, and other reasonable expenditures crucial for the successful completion of the course.
The processing time for education loans in Surat varies depending on the bank. It can range from one week to one month, contingent upon the completeness of documentation and the internal processes of the bank. For expedited processing, consider obtaining assistance from EduLoanHub.