Education Loan
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Education Loan
Home / Education loan
Education Loan
International education offers unmatched career prospects, but it usually comes at a hefty price, including challenges like funding tuition, living expenses, research infrastructure, and costs, among others. At Falcon, we are thrilled to guide you through every step of the way and support you with our tailored education loans from leading providers, offering low-interest rates and minimal formalities.
Benefits of an education loan
- Hassle-free loan disbursement:
Loan offered without admission letter or i20
- Secure a loan before you go:
Pre-visa disbursement of education loans
- Pre-visa disbursement of education loans
Avail income tax benefits under section 80E
- Save on money transfer:
Avail a concession in TCS on foreign remittances with a student loan
- Special benefits for women:
Many government banks offer a 0.5% discount on education loan interest rates for female students
- Learn now, pay later:
Repayment tenure up to 12 to 15 years
Education loan process
1
Application
The borrower applies to a lender, providing information about their financial situation and the specific educational institution or program they plan to attend.
2
Approval
The lender reviews the application and, if approved, offers a loan with terms and conditions, such as interest rates, repayment options, and the total loan amount.
3
Disbursement
Once the borrower accepts the loan, the lender disburses the funds to the educational institution to cover the educational expenses.
4
Education
The student uses the loan to pay for tuition, books, living expenses, and other related costs while pursuing their education.
5
Grace Period
Many education loans offer a grace period after graduation, during which borrowers do not have to make payments. This grace period varies by loan and lender.
6
Repayment
Repayment of the loan typically begins after the borrower finishes their education. Depending on the type of loan, the borrower may have various repayment options.
Education loan process
1
Application
The borrower applies to a lender, providing information about their financial situation and the specific educational institution or program they plan to attend.
2
Approval
The lender reviews the application and, if approved, offers a loan with terms and conditions, such as interest rates, repayment options, and the total loan amount.
3
Disbursement
Once the borrower accepts the loan, the lender disburses the funds to the educational institution to cover the educational expenses.
4
Education
The student uses the loan to pay for tuition, books, living expenses, and other related costs while pursuing their education.
5
Grace Period
Many education loans offer a grace period after graduation, during which borrowers do not have to make payments. This grace period varies by loan and lender.
6
Repayment
Repayment of the loan typically begins after the borrower finishes their education. Depending on the type of loan, the borrower may have various repayment options.
Study loan: everything you need to know.
An education loan or study loan serves as a solution to extend monetary assistance to students aspiring to study abroad but are held back due to financial constraints. Various banks (government, private, or cooperative) and NBFCs offer general and specialized education loans to meet all students’ needs. While education in general is getting expensive, it becomes harder for aspirants to pursue their higher education in reputable academic institutions. Hence, our banks come into the frame and extend various types of education loans along with government-driven subsidy schemes to promote international students.
Collateral and collateral-free education loan
Each student’s educational experience is unique. That’s why, we bring you competitive education to cater to your specific needs. Our education loan partners offer both collateral and collateral-free education loans. Whether you seek financial flexibility without pledging assets or prefer a traditional secured option, we’ve got you covered. Explore our tailored education loan solutions here!
Education loan features
- Up to INR 1.5 crores* for an education loan with collateral
- The interest rate starts at 7.5% (depending on the RBI repo rate)
- A student loan interest rate concession of 0.5% for female students is offered by government banks
- A moratorium period is offered for all student loans; start repaying them 6 months to 1 year after studies abroad or in India
- Repayment tenure is up to 15 years
- Loan offered without admission letter or i20
- Pre-visa disbursement of the study loans is possible
- Avail income tax under section 80E
