The article on the student loan process at Buddy4Loan discusses the eligibility, application steps, and financial considerations for securing an education loan. Here’s a brief summary:
Key Points:
Eligibility: Applicants aged 18–35, with admission to a recognized institution in India or abroad, and a strong academic record, are typically eligible. A co-borrower, such as a parent or guardian, with stable income, is often required.
Loan Types: Loans can be secured or unsecured. Unsecured loans (up to ₹7.5 lakh) don’t require collateral, while higher amounts often require security like property or fixed deposits.
Application Steps:
Research lenders and schemes (e.g., government subsidies).
Gather required documents (admission proof, co-borrower’s income details, etc.).
Fill out and submit the loan application online or offline.
Await processing, which includes credit checks.
Once approved, funds are disbursed directly to the institution.
Repayment and Tax Benefits:
A grace period (6–12 months after the course or securing a job) is typically provided.
Repayment terms range from 5–15 years, with EMIs starting post-grace period.
Interest paid on loans qualifies for tax deductions under Section 80E.