Education loan: Follow THESE rules to cover 100 percent of expenses of study in India or abroad, here's the detail

Whether it is about India or getting good education abroad, it is getting more expensive day by day. To get a quality education, you also have to pay hefty college and school fees. Every class person might not be able to manage this much expenditure. In such a situation, if you want to arrange money to get a quality education, an education loan may be the best option.

Education loan is specially designed for students. Many banks and financial instruments provide the loan. Here, you not only get income tax benefits, as well a loan is also provided for some selected courses without giving any pledge and guarantee.

The loan amount can range from Rs 1 lakh to Rs 1 crore depending on your study area. Many banks provide loans up to Rs 50 lakhs for studies in India and up to Rs 1 crore for studies abroad. Banks provide loans for both undergraduate and postgraduate students.

- In some special cases, a 100 percent financing facility is also available.

- Financing covers the expenses of essential study material like travel and laptop.

- Easy repayment options are provided by banks to make the loan flexible.

- After the completion of the course, the repayment time is 12 years.

- Marksheet and passing certificate of class 10th and 12th. - College and university admission letter. - Fee Structure - KYC documents of the applicant and co-applicant

Many banks do not ask for collateral for loans less than Rs 4 lakh, but the same third-party guarantor is required for loans between Rs 4 lakh and Rs 7.5 lakh. Collateral becomes mandatory for loans above Rs 7.5 lakh. Insurance becomes necessary if you want to take a loan to study abroad. It is not necessary to make a repayment immediately after taking an education loan. You can start payments after a few months or a year after the completion of the course. In some special cases, you can also get it extended for 5 to 7 years.