Apply for - Education Loan

Dialabank.com helps you find the most suitable offer for Education  Loan 

1. Personalised Service: Our trained Relationship Managers will understand your requirements and your profile and help you find the most suitable Education Loan offer.

2.  Rate Comparison : We help you understand the details of all costs involved in taking a Education Loan and help you find the Cheapest Offer.

3.  Research : Benefit from our detailed research on all the products from the leading Educaiton Loan players in the market and make the right choice.

4.  Zero Charges : Dialabank offers personalised service to its customers at zero fees. Use our services to find the right Educaiton Loan deal at no extra cost.

   5. Unbiased and Transparent Search :Our objective is to simplify your Education Loan search and we provide information in an unbiased and transparent manner

Find the right Education Loan Offer with help from www.dialabank.com

Online :Fill in your Education Loan requirements in the online application form and our trained Relationship Manager will contact you with the best Education Loan offer basis your profile.

Dial “60011600”and get the personalised service of a trained Relationship Manager who will help you with your Education Loan requirements

Take benefit of our EMI calculator to check affordability of your Education Loan EMI

Education Loan – An Introduction

Any parent would worry about their child’s educational needs. Most of the parents by now know the heavy education expenses; whether it is a private high school, college, university, or overseas education, the costs just keep on adding up.

An education loan is just like a debt. The money that you borrow from the bank and repay it with interest.

The importance and value of education is known to all of us. It is the actual wealth of a person. However, at times, we encounter the situation where there is willingness to study more and get higher degrees, but due to our limited financial sources it gets bit difficult. It is under this situation education loans prove as a boon.

Tips for Education Loan

1. Understand the loan: The first and the foremost thing to keep in mind before applying for the education loan is that one needs to understand the student/course eligibility criteria and the aspects , which the loan covers to complete the education.Besides tuition fee of the course the education loan covers all the expenses payable to college viz. examination/hostel/library fee, purchase of books/equipments, caution/refundable deposits, insurance cover, travel expenses/passage money for studies abroad and other expenses required to complete the course.
2. Be confident of the targeted college: You must check out the history of performance regarding placements of the concerned college, in case, it is not a very renowned institute, and you have to be very realistic in approach while joining because if you don’t achieve good financial standing after completion of the course, the debt will convert to an unsustainable burden.
3. Exhaust all your resources first: Do not apply for the full amount in haste. The loan amount should be as much as you actually need. First try to collect all of your possible resources then find out how much more is required. This will help you to keep your principal and interest amount lower and you will gain the benefit of this exercise while repayment process. 
4. Study the available options:Do not hurry, do your homework, compare all the details, go in depth of the scheme then choose for the best suitable option. Some bank may be offering you better interest rate but on the other hand the same bank may be charging additional processing fee, whereas bank offering higher interest rate may not be charging any processing fee and ultimately you will be supposed to pay back nearly same amount to both the banks.
5. Know about the grace period:Make yourself aware with the grace period very clearly because you must start repayment as scheduled or else bank will start imposing delayed payment charges and in worst cases education loan can go for default also.
6. Choose the right repayment option available:Few of the banks provide the facility to choose options for repayment. Consider all the possible factors that can affect payment schedule and then decide on the scheme as well as repayment option. 

Apply for Education Loan

Education Loan Tax Benefit

If you have taken an education loan, you can claim a deduction under section 80 E of the Income-Tax Act for the interest paid on the loan. The amount of interest paid is eligible for deduction and moreover there is no cap on the amount to be deducted. You can deduct the entire interest amount from your taxable income. However there is no benefit available on the repayment of principal amount of the loan.

Earlier there was a restriction on the tax benefit to be deducted from the income. Only Rs 40,000 per year or total amount that included both the principal and interest paid during the year, whichever is lower, was allowed as a tax benefit.

Education Loan Documentation

To furnish the following documents along with the completed application form. Relevant information would relate to the guardian and the student both, when the education loan is jointly taken.

1) Mark sheet of last qualifying examination for school and graduate studies in India 

2) Proof of admission to the course 

 
3) Schedule of expenses for the course

4) Copies of letter confirming scholarship, etc.

5) Copies of foreign exchange permit, if applicable.

6) 2 passport size photographs

7) Statement of Bank account for the last six months of borrower.

8) Income tax assessment order not more than 2 years old 

9) Brief statement of assets and liabilities of borrower.

10) If you are not an existing bank customer you would also need to establish your identity and give proof of residence.

Various types of Student Loans in the market are:

• Undergraduate student loans
• Graduate/ professional students – Graduate/ professional student loans are suitable for students going for higher or advanced degrees at countrywide colleges.
• Career education loans – Career education loans are for students attending the undergraduate career oriented programs at countrywide colleges and technical and trading schools.

Uses/Eligibility/Repayments:

• Unsecured loan are used for education-related expenses (like Tuition, previous school fee, living expenses, books and other expenses like transportation costs).
• In case you are not currently earning while studying then you may need a suitable co-signer, like a parent, friend or any relative or eligible adult.
• Some loans offer the option of repayment post graduation and other flexible repayment terms.

Apply for Education Loan