Education Loan
What Is A Education Loan?
A Education Loan is an unsecured credit that you can avail without pledging any collateral. Unlike other loans, a personal or unsecured loan has easy eligibility criteria, special offers and unrestricted end-use for you to finance your immediate expenses, be it a medical emergency or a foreign trip.
We provides easy Education Loans available at attractive interest rates, starting at 10.99%. Avail a loan up to Rs. 25 lakhs through a simple online process with minimal documentation and an easy to meet eligibility criteria. Get flexible tenures up to 6 years and repay your Education Loan EMI as per your convenience. We offers fast loan processing and tailored Education Loan offerings ideal to fund your diverse financing goals.
Who Can Take a Education Loan?
We provides unique and flexible Education Loans for salaried individuals. The following can get a Education Loan :
● Salaried individuals
● Students
● Students
Education Loan Eligibility
Applicant’s Education Loan eligibility depends on various factors, including a fixed monthly income, age, nature of employment, CIBIL score, professional experience, etc. For a quick Education Loan from We, you must fulfil the easy-to-meet eligibility criteria.Your personal details including your PAN number, CIBIL score & KYC documents.
The Education Loan eligibility for Salaried individuals:
● Age should be between 22 to 58 years
● Minimum monthly income should be ₹ 15,000
● Minimum of one year of work experience
The Education Loan eligibility for Self-Employed individuals:
● Monthly income of at least ₹ 15,000
● Age must be between 22 to 58 years
● Work experience of at least one year
Documents Required for Education Loan
The following are the documents required for Education Loan with We:
● Photo Identity Proof documents
● Income Proof documents
● Salary Slips
● Address Proof documents and
● Employment Certificate
What is the Importance of CIBIL Score for Education Loan?
CIBIL score, an important indicator of your credit health, is a three-digit number summarising your credit history, report, and rating. The score ranges from 300 to 900 and indicates your ability to repay your Education Loan amount in a timely manner.
CIBIL score plays a decisive role in the Education Loan application process. When a self-employed or salaried individual approaches a financial institution for a loan, the lender checks the CIBIL score and report of the applicant. If your CIBIL score is low, it reduces your chances of getting the loan. The score also affects your loan interest rates, tenure, amount, and EMI. The higher the CIBIL score, the better.
Generally, the minimum CIBIL score required for availing a Education Loan is 750.
How to Apply for a Education Loan?
For offline loan applications:
● Visit your nearby We branch.
● Submit the Education Loan application and the required documents.
● You can also get in touch with We representative over a phone call
● Offline loan applications can take a few business days to process.
For an instant Education Loan applications, go online:
● To get swift approval on the Education Loan, apply online with necessary details.
● Education Loan online applications are approved within minutes from submission.
● Acquire loan eligibility and furnish the required documents.
● After that, experts verify the loan application and submitted papers.
● Upon approval, the loan is sanctioned, and you receive the amount directly in your bank account.
Customer Faq’s
- Mark sheet of last qualifying examination for school and graduate studies in India
- Proof of admission to the course
- Schedule of expenses for the course
- Copies of letter confirming scholarship, etc.
- Copies of foreign exchange permit, if applicable.
- 2 passport size photographs
- Statement of Bank account for the last six months of borrower
- Income tax assessment order not more than 2 years old
- Brief statement of assets and liabilities of borrower.