Education Loan in Chennai

Click to Apply for Education Loan in Chennai

Nothing can replace quality education when it comes to building a bright and successful future for your child, and education is the only thing that can get a happy life going. However, due to the rising cost of higher education for students in Chennai as well as India & abroad, parents are finding it more and more difficult to self-finance their children’s education hence there is a huge demand for Education loans in Chennai, India & everywhere to cover education expenses. Indexia Finance provides Education Loan Chennai, which means we provide an Education loan in Chennai for your doorstep facility, as now the right bank will come to your doorstep. You can apply online for an Education loan in Chennai at lowest rate of interest.

Features and Benefits of Education Loan

• An Education loan plan is a safe and efficient way to gain finance when compromising on your child’s education is not an option. It is a long-term investment in your child’s secure future. It has the following features
• Anyone can opt for an Education loan to study abroad or in India for graduate, postgraduate, professional, and/or doctoral courses/degrees.
• Loan cannot be assigned to the student alone, the parent or guardian needs to be a co-signor for the loan.
• Female students are usually offered discounts and/or lower interest rates when it comes to education loans.
• The annual family income and the course pursued by the education loan applicant are primary determinants of the loan amount.
• Generally, loans below Rs.4 lakhs do not require a security or guarantor.
• For an education loan plan up to a specific amount, no collateral is necessary for a higher loan amount (usually above 7.5Lakhs), security in the form of fixed deposit, property, or other bank-approved collateral is required.
• Usually, the maximum loan limit for students studying in India is capped at Rs.10 – 15lakh and up to 20lakh for those who wish to study abroad with an Educational loan.
• The normal student loan repayment period is 5 to 7 years, but flexible options for settlement of education loans with longer periods, i.e. 10 to 15 years, are also available.

Required Documents For Education Loan Chennai

Generally, the documents required to process your Education loan Chennai application are almost similar across all the banks. However, they may differ with various banks depending upon specific requirements, etc. The following documents are required for Education Loan in Chennai by financial institutions to process the loan application

• Age proof
• Address Proof
• Income proof of the co-applicant (could be father/mother)
• Last 6 months’ bank statement co-applicant
• Passport-size photograph of the applicant & co-applicant

In the case of Co-applicant Salaried

• Employment certificate from the employer
• Copies of payslips for the last few months and TDS certificate
• Latest Form 16 issued by employer Bank statements

In the case of Co-applicant Self-employed

• Copy of audited financial statements for the last 3 years
• Copy of partnership deed if it is a partnership firm or copy of memorandum of association and articles of association if it is a company
• Profit and loss account for the last few years
• Income tax assessment order

Other Documents

• Latest Electricity Bill of the co-applicant (house should be owned)