Education Loan In Coimbatore

In Coimbatore, there are many places where you can get loans to help you with your higher studies. These loans can be availed from Government banks, Private banks and NBFCs. These places have different plans to give you funding for studying, whether you want to study in your home country or somewhere abroad. They make sure to give you the right amount of money based on your specific requirements from the education loan and other eligibility criteria when deciding to fund your education.

One important thing about these loans is the interest you have to pay back. It's usually between 8.5% and 13%. This depends on the course you're pursuing and your country of choice.   

For Studies in India

For Foreign Studies

For Studies in India

NOTE- To check the latest interest rate of all the banks click here

For Foreign studies

NOTE- To check the latest interest rate of all the banks click here

For Studies In India

NOTE- To check the latest interest rate of all the banks click here

For Foreign Studies

NOTE- To check the latest interest rate of all the banks click here

• Principal Sum and Interest Rates: The starting amount you borrow is called the principal sum, and lenders establish the interest rates, which can remain steady or change in the future. Repaying the loan involves returning both the principal and interest within a specified timeframe as per the loan terms.
• Grace Time or Moratorium Period: After finishing your education, a grace time, typically spanning 6 months to a year, lets you delay loan repayment. Be aware that interest might accumulate during this phase, potentially increasing the total owed debt due to missed payments.
• Secured Loan and Co-applicants: Lenders might request assets like property, fixed deposits, or government bonds as loan collateral. These assets protect lenders if you're unable to repay. Additionally, you can involve a co-applicant, often a parent or guardian, who shares loan repayment responsibility, boosting loan approval chances.
• EMI and Processing Charge: Each payment cycle requires an Equated Monthly Installment (EMI), covering the main loan amount and a part of the interest. Also, when applying for a loan, lenders may charge a processing fee, a one-time payment for handling your application.
• Credit Score/CIBIL Score: Loan approval may rely on your credit score, a numeric representation of your financial history. Higher scores, typically ranging from 300 to 900, signal responsible past loan payments, possibly leading to lower interest rates and higher loan approval odds.
• Initial Contribution and Collateral Fraction: Lenders might ask for your funds (usually 0% to 20% of the total course cost) as an initial contribution, showing your commitment. In some cases, a collateral fraction could also be there, securing a portion of the loan with your pledged collateral (ranging from 0% to 25%).

• Eligibility Based on Age: To qualify for an education loan in Coimbatore, your age must be between 18 and 35 years. Falling within this specified range makes you eligible to seek an education loan.
• Academic Achievements: When seeking an education loan, it's vital to highlight a good academic background. This involves meeting the minimum educational eligibility criteria established by the university or program you aim to join. By fulfilling these requirements, you are considered eligible to avail an education loan 
• Confirming Enrollment: A crucial step in securing loan approval involves confirming your admission to a recognized educational institution.
• Nationality and residence: Education loans in Coimbatore are exclusively accessible to Indian citizens or individuals who have valid Indian residency proof. This criteria ensures that loans are provided solely to those who meet the qualifications and possess appropriate authorization for pursuing studies within the country or abroad.
• Financial History of Co-Applicant/Applicants: Your co-applicant, who can be a parent, sibling or legal guardian, their financial history holds importance. A favorable credit score underscores their financial reliability, which in turn positively impacts the outcome of your loan application.
• Approved Courses and Universities: Selecting courses and universities with official recognition and accreditation is necessary. This assurance ensures that the education you receive adheres to established standards, guaranteeing a top-notch learning experience.
• Submission of Required Documents: Much like any loan application, the submission of necessary documents is essential. WeMakeScholars will provide you with a comprehensive list of the obligatory documents. This helps you meet the lender's prerequisites, streamlining the process of applying for an education loan for your convenience.

• Your Home: If you have a house or apartment, you can use it as a guarantee to get a loan for your education. Just make sure you have clear ownership papers and no legal problems with it. This makes the process easier.
• Business Property: If you own a store or an office, you can use it as collateral just like homes. You just need to prove it's yours and follow all the legal rules.
• Fixed Deposits: If you put your money in a bank's fixed deposit, you can also use that as security for a loan. The bank can lend you some money based on what you've deposited, or even the whole amount if they agree. This gives you more financial options.
• Insurance: If you have insurance policies, the money you can get from  it can be used to secure your education loan. Usually, the lender decides how much you can borrow based on a part of the policy's worth.
• Government Bonds: There are special certificates you can buy from the government, like National Savings Bonds, that you can use as collateral for your education loan. Using these bonds can make you more confident about pursuing your education goals.
• Land or Farm Property: If you own land or a farm, you can also use them to get a loan for education, as long as they meet the lender's requirements and don't have any legal problems. These options give you more ways to make sure you have the money you need for your education.

1. IIM Coimbatore Indian Institute of Management, Coimbatore
2. Khalsa College, Coimbatore
3. BBK DAV College for Women, Coimbatore
4. Sri Guru Ram Das University of Health Sciences - [sgrduhs], Coimbatore
5. Coimbatore College of Engineering and Technology - [ACET], Coimbatore
6. Coimbatore Group of Colleges - [AGC], Coimbatore
7. CIPET: Centre for Skilling and Technical Support - [CSTS], Coimbatore
8. Baba Kuma Singh Ji Engineering College, Coimbatore
9. Swami Satyanand College of Management and Technology - [SSCMT], Coimbatore
10. Shiv Shankar Institute of Engineering & Technology - [SSIET], Coimbatore

• Filling out the application: To start your journey towards getting an education loan, begin by filling out a form provided by the WeMakeScholars of financial officer.
• Evaluation of your profile by our financial officers: After you submit your application, our financial officer will get in touch with you. They'll ask you some important questions to see if you qualify for the education loan.
• Connecting with Lenders: If you're eligible, our financial officer will help you connect with the right loan providers. They'll give you a secure link to make it easy to upload all the necessary documents.
• Easy Document Submission: You can use the secure link to easily send in all the required documents. This makes the process smooth and reduces any unnecessary complications.
• Quick Approval Letter: Expect to receive an approval letter within the time frame promised by our financial officer.

• Expertise in education loans: Our financial officers are really good at guiding students with education loans. They know a lot about different places to study and the programs there, which helps them figure out how much funding you would need to pursue your higher education.
• Lots of options of lenders: We work with more than 14 different banks, some private and some owned by the government. This means you have a wide range of choices when it comes to getting an education loan. You can compare things like interest rates and how you pay the money back to find the best option for you.
• Easy application process: We want to make applying for an education loan as easy as possible. Our online platform is easy to use and saves you time and effort.
• Transparency: We're always clear about important things like interest rates, fees, and when you have to pay the money back. If you ever have questions, our financial officers are here to help.
• No hidden costs: We don't charge extra fees for our services. We are funded by The Ministry of IT, Government of India, so we can offer a free and    effortless loan process.
• Tax advice: Taxes can be confusing, but our financial officers can explain how education loans can actually help you save money on taxes, especially under sections 80E and 80C.

Special bonus: When you get an education loan through WeMakeScholars, you can get a cashback of Rs 3000.