All India survey on higher education 2020-21 suggested that India’s student population in higher education grew by over 11% in the last 5 years and there are now 1,000 universities and 40,000 colleges in the country. The continuous rise in gross enrollment ratio and the number of institutions are a part of our country’s major move towards improving access, equity, and quality. Varthana feels that having a higher education is a very important factor in the economic development of any country. And, a student should never compromise the quality of education because of financial constraints.
You can easily get an education loan in India (with no collateral) from Varthana. 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.
1. Loan for Degree and PG Courses
This form of education loan is available for undergraduate studies. Students who have completed high secondary school/PUC/+2 and wish to continue a three-year or longer course in order to better their work prospects are eligible to apply for this loan. These are the best education loans as they have simple payback terms and no collateral.
2. Loan for PUC 1 and PUC 2
PUC/1+2+ education loans are available to students who have completed 10th grade and plan to enroll in a two-year pre-university college program. Students seeking a Pre-university College Degree might benefit from these top education loans, which have affordable EMIs. This is a loan with no collateral.
3. Loan for Certification Courses
Students can apply for education loan for certification courses if they want to attend career-oriented certification programs. These programs can be vocational, technical, or upskill courses offered by institutes. These are unsecured loans with no collateral.
Expenses Covered In Education Loan
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
The whole education loan process could take up to two weeks.
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.
The maximum loan amount for an education loan can be decided and made available depeṭnding on the course, loan type, eligibility criteria and creditworthiness, loan repayment history.
The guardian or parent will be required to provide KYC and income-proof documentation in order to obtain the loan as your co-borrower.