Student Loan Guide: Educational Loans for Canada & Australia

Introduction to Educational Loans

Student Loan Guide. All my students have had their wait over today. Because I have brought a very demanding article for you all. That was an Educational Loan. Raman Sir taught us a lot.

He taught us reading, writing, and listening. He taught us everything. Now it’s time to get a visa.

But we don’t have money to get a visa. So where do we get the money from? We will talk about this in today’s article. I will try to answer all your questions. If you have any doubts you can ask me in the comment section. Will try to answer as soon as possible.

Types of Loans in India

Types of Loans in India. Let’s talk about the types of loans in India. There are personal loans, business loans, educational loans, home loans, and vehicle loans. Student Loan Guide.

There are so many types of loans. A loan means you take money and work, and give it back later.

But today we will talk about educational loans including interest. How will it be taken? What are the eligibility requirements? What proof do you need? Who has to give it? How much will be the interest? How long will the loan be? Answer all your questions. I will tell you in a perfect way in the article. I will tell you how to get an education loan.

What Does an Educational Loan Cover?

What does an educational loan cover? An educational loan covers your tuition fees. If you are going to Canada, then your GIC.

And most importantly, your books and travel. And the small expenses of the study. But remember, small expenses should be for your studies. Not that Raman was a bit of a spendthrift. He bought an iPhone and a car. Student Loan Guide. But remember, small expenses should be for your studies. Not that Raman was a bit of a spendthrift. He bought an iPhone and a car. Student Loan Guide.

Will he be able to merge in this? So, it will not happen. So, it is a matter of which facilities you are going to get and how well I have told you. The things that I have told you, you can see on the screen. An education loan will cover these things.

Eligibility Criteria for Educational Loans

So, let’s move on to our next step. Mr. Raman, what is eligibility? Who will get it? It is not like that, the fifth class will get it. No, no, no. So, who will get it? The seventh class? No, not at all. So, who will get it? Yes, the twelfth class should pass. You should complete your twelfth or it can be a bachelor’s or master’s. It implies that furthermore two is your least necessity. It ought to be completed, at that point you’re qualified. What is the moment condition? You ought to be an Indian citizen. You’ve got an Indian international id otherwise you have an Aadhar card. Whatever your requirement to live in India, it should be fulfilled. Student Loan Guide.

No.3rd, your Sibyl, leave your Sibyl, your parents’ Sibyl, it should be good. It is not that someone has declared you a fraud there. There are photos of you in two places. In a bank, in a police station, you will not get a loan at all. It means that your attitude towards people should be good. Sibyl’s score should be good. Your parents’ income proof is needed. Because it will be clear from that. Since you’re not aiming to win presently. Yes, we are Punjabis. Some people think that if we get a salary from someone for two months, then will the income proof be made? Your minimum salary of one year should be continued in your account. Only then you are eligible. And secondly, there will be no fraudulent documents in this.

Special Considerations for Agricultural Families

And now a new question has arisen. Raman Sir, whatever you say, income proof, My father does farming. What about our income? Listen carefully, if you live in a village, then if your parents do not have a job, they do not get a salary in their account, then your land will be in the village or the city. Student Loan Guide.

Both will work. If I tell you roughly, look, this is not a definite figure.I have been inquired this address in two places. I went to numerous banks and met individuals. I also met the manager. He said that if someone has 4 acres of land in the village, then we can give him an educational loan of approximately Rs 10-12 lakhs. It depends on the bank and its conditions. Whatever I have told you, this is the eligibility for your educational loan.

Processing Time and Loan Amount

And remember, if you want to get an educational loan, then the period is approximately 1 month. This means the bank can give you an educational loan in a month. And if you are not eligible, then the bank will not give you so much time. It will tell you in a maximum of 3-4 days that you are not eligible. We are not going to give you a loan. This is the most important thing.

Now let’s talk about how much money you will get if you get an educational loan in a month. And how much time you will get. And how much interest you will get. This is a very good thing. Look, the bank will give you a loan when you have a registered college or university offer letter. Secondly, when the bank gives you a loan, it is not that it is given to your account and you take its car. The bank will pay the fees of your college directly to your college. It will not give you. This is an important thing.

Maximum Loan Amount and Interest Rates

And one more thing, how much loan can you get? It depends on your profile. And it depends on your study. If your fee is only Rs. 35 lakhs, then the bank will give you. This is not a problem. And the return period can be approximately 10-15 years. And if I talk about the interest rate of the bank, it is approximately 11-13%. Many children may not know what is 11% and what is 13%. Let me clear this a little more. If you take a loan of Rs. 15 lakhs and the bank gives you 11%, then your interest rate is approximately Rs. 13,000 per month. And the bank gives you a very good facility. Student Loan Guide.

Flexible Repayment Options

Earlier, only people with degrees used to get this loan. Now, people with diplomas are also getting it. And what facility do you get from the other bank? Suppose you are going by doing plus 2. And when you reach there, you know that your study is for 3 years. You then inform the bank that you cannot repay now. Because you are a student. The bank will say First, complete your study.  First, complete your study. Then start giving me the installment. But as long as you study, they are not giving me the installment. They are not giving me the installment. But as much as my interest is made, keep giving me interest per month. Until your study is complete.

Understanding Educational Loan Installments and Tax Benefits

When your study is complete and you come to the work permit, then you can start your installment. And your amount will start getting deducted. And there is a very good thing about this. Many banks make educational loans as floating loans. What happens in a floating loan? Suppose you took Rs. 15 lakhs.

And you started paying the installment. Suppose you are paying approximately Rs. 20,000 monthly. And once you got a lottery, you got Rs. 5 lakhs. So you thought to pay the educational loan first. So you put Rs.

5 lakhs in your loan account. So in Rs. 15 lakhs, Rs. 5 lakhs came out and Rs. 10 lakhs was left. Now your interest will be above Rs. 10 lakhs. It will not be above Rs. 15 lakhs. As soon as you can pay it, it is in your hands. And there is a very interesting word in this. Moratorium. I find this moratorium very tough. I have memorized it very fast. Student Loan Guide.

The moratorium period. Suppose you start paying the installment. Then what happens? There will be holidays for your work. If you have holidays for 2-3 months. Then you can give proof to the bank that I don’t have money. Then the bank will say, don’t pay the installment. But you will have to pay interest.. If for some reason you are not getting income from there. Then you can stop your installment. And its biggest benefit is in tax. Student Loan Guide.

The benefit in tax is under ATE. It is an educational loan. The benefit of tax is whatever interest you are giving on your amount. In India, your parents will get the tax reduction under ATE. Suppose you gave approximately Rs 1.5 lakh interest to the bank in a year. After that, you will get a rebate of up to Rs 1.5 lakh on tax. I told you these points. It will be beneficial for you.

If you use these methods, Then it will be easy for you take a bank loan. If you recommend a bank. Then everyone is my friend. If I take the name of a bank, Then others will feel bad. You take your eligibility and go to any bank. And complete all these things. If you think that you have learned something new in the article. Then increase my and my team’s courage in the comments. And if I get any more information for the loan. Then I will bring a new article for you.