NBFC Education Loan in India
It is obvious that we cannot return to the world as it once was. The pandemic has radically reshaped our world, thus reshaping the education sector. But we can’t just sit back and watch what plays out. Many students aspire to get into their dream college or pursue higher education from a reputed institute. In this costly world, a situation made worse by high education inflation, many parents may find it difficult to support their child’s education as the economy suffers in the present situation. Whether you wish to take a management degree or engineering, an education loan could be the answer. Varthana offers the best education loan in India.
A student can apply for education loan in a public sector or a private bank or even a non-banking financial company (NBFC). You can easily get an education loan in India (with no collateral) from Varthana. We offer the best NBFC education loan in India. This loan will get you a step closer to your dream career, besides offering several other advantages that will allow you to focus on your studies without worrying about money. To make responsible, effective decisions about funding your education, you must fully understand the application process, disbursement, and repayment requirements. Varthana education loan also covers the cost of boarding, lodging, tuition fees, travel and other related costs for the student.
Why should you take an education loan?
Here’s why you should always consider taking an education loan in India:
- Be financially independent
- Reap Income tax benefits under 80E of IT Act
- Leverage flexibility during repayment
- Strengthen your credit history
Varthana (NBFC) Education Loan Eligibility Process
Our education loan process is divided into 3 steps:
1. Apply
To apply for education loan for higher studies, visit www.varthana.com. Fill out and submit the contact form or give us a call at 080-68455777. Our customer service team will contact you within 4 hours of the business day (Mon-Fri, from 9.30 am to 6.30 pm) seeking detailed information. After that we will assign a dedicated relationship manager to fulfil your education loan needs.
2. Approval
Our dedicated relationship manager will call you or write you a mail, and fix up an appointment to understand your requirements. We will also advise you on the necessary documents required to avail an education loan in India. Upload the loan application document with the help of telecallers. Get your loan approved within 72 hours after verification.
3. Disbursement
After necessary due diligence and education loan eligibility calculation, the education loan would be approved in principle. The education loan for higher education will be disbursed to the institute while you pay flexible EMIs.
Documents required for Education Loan
Documents we need from you
- KYC documents
- Proof of admission to the course (Offer letter/Bonafide letter from the institution)
- Schedule of expenses (Fee Structure)
Co-borrower (Parent/Spouse/Guardian) – General Documents
- KYC Documents
- Proof of current residence (Gas Bill, Rental Agreement or any KYC)
- Income Documents
Note: For retired Co-borrowers we need only their ID’s, residential proof, 6 months bank statement and pension order
Co-borrower (Parent/Spouse/Guardian) – Income Proof Documents
For Salaried:
- 3 months salary slips / Salary Certificates.
- Salary a/c statement for the last 3 months with credited salary banking.
For Business:
- Latest 1-year full ITR set (Computation of income + P/L Statement & Balance Sheet)
- Savings and current a/c statement for last 6 months
- Business proof
- Special Programs for Business Individuals without ITR
Why Varthana
Varthana is India’s fastest-growing education loan company
We are helping students achieve their education goals
We operate in 10 cities and provide the best education loan in India
400+ partner institutions and growing
400+ partner institutions and growing
Varthana has flexible EMI options and doorstep service
Full-fledged online process
Quick processing of the loan application
Frequently asked questions of student loan
Apply for an education loan for higher studies by visiting www.varthana.com. Fill out an enquiry form or reach us at 080-68455777
Usually, we take two weeks to process your loan application and disburse the loan amount.
You can repay the education loan for higher studies to the lender. Over the loan’s term, these will be paid in Easy Monthly Installments (EMIs). Repayment options include the Electronic National Automated Clearing House (e-NACH) or Post-Dated Cheques (PDCs).
The interest rate is calculated using a variety of factors such as the loan amount requested, the type of education loan selected, the loan tenure chosen, the student/co-future borrower’s cash inflow, loan repayment history etc.
There are many banks providing education loan at low interest rate but no bank provide education loan interest free.
The guardian or parent will be required to provide KYC and income-proof documentation in order to obtain the loan as your co-borrower.