At Varthana, the education loan interest rate is calculated by a number of criteria, including the loan amount sought, the type of student loan chosen, the loan tenure chosen, the student or co-borrowers cash inflow, loan repayment history, and so on.
An education loan is the most cost-effective approach to pursue higher education without jeopardising your financial situation. You can borrow money for courses in India using an education loan. Unemployed students must have a parent or guardian as a guarantor. Varthana offers education loan to meet the cost of education that includes fees payable to college/school/hostel, exam fees, purchase of books/equipment, travel expenses, purchase of computers essential for completion of the course, etc. The education loan amount can be repaid to us through Easy Monthly Installments (EMIs) over the course of the loan’s term. You can pau us back the loan using the Electronic National Automated Clearing House (e-NACH), or Post-Dated Cheques (PDCs).
1. Loan for Degree and PG Courses
This type of student loan is available for undergraduate studies. Any students who have completed high secondary school/PUC/+2 and want to pursue a three-year or longer course to improve their job opportunities can apply for this. These are one of the best student loans that have simple repayment terms and are collateral-free.
2. Loan for PUC 1 and PUC 2
Students who have completed the 10th grade and plan to enroll in a two-year pre-university college course are eligible to apply for PUC/+1/+2 student loan. These student loans, which have low EMIs, provide financial assistance to students pursuing a Pre-university College Degree. This is a no-collateral loan.
3. Loan for Certification Courses
Students who want to attend career-oriented certification programs, such as vocational, technical, or upskill courses offered by institutes, can apply for student loan for certification courses. These are unsecured loans with no collateral.
Varthana Education Loan Eligibility Process
Our student loan process is divided into 3 steps:
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. Get 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. Loan 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 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
- 3 months salary slips / Salary Certificates.
- Salary a/c statement for the last 3 months with credited salary banking.
- 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
No, it’s not! The rate of interest is decided by a number of factors, including the loan amount requested, the type of student loan selected, the loan tenure selected, the cash flow of the student or co-borrowers, loan repayment history, and so on.
The whole student loan process may take 2-3 working days.
Not at all! The student loan amount for higher education will be repaid to the lender through Easy Monthly Installments (EMIs) over the course of the loan’s term. The loan can be paid back using the Electronic National Automated Clearing House (e-NACH), or Post-Dated Cheques (PDCs).
Here’s why you should always consider taking a student loan:
- Be financially independent
- Reap Income tax benefits under 80E of IT Act
- Leverage flexibility during repayment
- Strengthen your credit history
All student loan requires a cosigner or a co-borrower for processing the loan. The guardian or parent will have to provide necessary KYC and income-proof documents to avail the student loan. Whether you’re an independent student or a dependent student who needs parental financial information on their paperwork, the good news is that you can easily obtain student loans with Varthana.
The student loan amount will be repaid to the lender through Easy Monthly Installments (EMIs). Varthana helps you throughout the loan process from the day you apply to the time you get disbursement. You can register with us by visiting www.varthana.com and by filling out an enquiry form. You can also reach out to us at 080-68455777 and earn exclusive benefits.
Yes, it covers all your education-related expenses ranging from tuition fees, hostel: food and accommodation expenses, classroom requirements like books and uniforms, purchase of laptops and training materials, expenses covered for study tours etc.