If you have decided to study science, commerce, arts, engineering, medicine or any other course at one of the top universities in India, kudos to you! You’ve made the best decision possible. Higher education and skill development are the foundations of a progressive nation. And, as a student of this modern nation, you must progress. A student loan is a common and often necessary way to cover college expenses. Allow Varthana to help you with the burden of your higher education loan that has been weighing on your mind.
Whether you’re a student or the parent of a student, you’ll want to understand how student loans work so you can find the best student loan providers for you. If you’re just getting started with answering the popular question “How do student loans work?” we’ll go over the basics here.
One of the primary goals of higher education is to prepare you for positions of leadership in the workplace and public life. Young people must complete higher education and/or technical courses to qualify for 21st-century employment that is both accessible and will drive the Indian economy.
In India, good-quality higher education can cost anywhere from Rs 40,000 to several lakhs per year. Tuition, accommodation, utilities, transportation, and leisure activities are the most important factors influencing the cost of studying in India. Once you’ve identified these factors, you can make a list of colleges to which you want to apply and begin researching the best student education loan in India, but we must warn you that the process is time-consuming.
Trust Varthana and we will take care of your needs. We offer simple and convenient loans tailored to the needs of individual Indian students.
1. Loan for Degree and PG Courses
This type of student loan is available for undergraduate studies. Any students who have completed secondary school and want to pursue a three-year or longer course to improve their job opportunities can apply for this. These are 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 loans. These best 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 student loan – Benefits
We provide simple and convenient loans, we take care of your needs:
Our unsecured student loans range from Rs 40,000 to 5 lakh INR
Varthana offers student loans with no collateral
The loan amount taken by students is paid directly to the institution
Easy repayment options (tenure more than the course period)
EMI options are simple and adaptable
A dedicated relationship manager to answer all your queries
Faster disbursement and smooth process
The amount is fully paid to the institute before you begin your higher education
Complete digital Process
Door Step Service
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
Varthana’s Student Loan process:
Our student loan process is divided into 3 steps:
Visit www.varthana.com to learn more about instant loans for students. Fill out the contact form and submit it, or call us at 080-68455777. Our customer service team will contact you within 4 hours of the business day (Mon-Fri, 9.30 a.m. to 6.30 p.m.) to gather additional information and will assign a dedicated relationship manager to solve your student loan needs.
2. Get approval
A dedicated relationship manager will call or email you to set up an appointment to understand your needs and advise you on the necessary documents for a student education loan in India. Upload the loan application document with the help of telecallers. After verification, your loan will be approved within 72 hours.
3. Loan Disbursement
The student loan would be approved in principle after the necessary due diligence and after student loan eligibility calculation. The student loan for higher education will be disbursed to the institute while you pay flexible EMIs.
The whole student loan process may take 2-3 working days.
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).
The rate of interest is calculated using an array of factors such as loan amount requested, type of student loan, loan tenure chosen, the future cash inflow of the student/co-borrower, loan repayment history, and so on.
Depending on the course, type of loan, eligibility criteria and creditworthiness, loan repayment history the maximum loan amount for a student loan can be decided and made available.
The guardian or parent will have to act as co-borrower for the student loan taken by the student and have to provide necessary KYC and Income-Proof documents to avail the student loan.
Loan payment tenure depends on the loan amount availed, course duration, EMI amount etc.
The student loan amount will be repaid to the lender through Easy Monthly Installments (EMIs) over the course of the student education loan’s term. The student loan can be paid back using the Electronic National Automated Clearing House (e-NACH) or Post-Dated Cheques (PDCs).
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.