Education Loan in Faridabad

Faridabad has many educational opportunities for students, and there are several options for education loans to help make these opportunities a reality. These loans cater to students aspiring to study within India or abroad. Each loan is tailored to individual needs, considering various factors during the application process.

A significant aspect of these loans is the interest rates, which typically fall between 8.5% and 13%. The specific rate depends on factors like the chosen course of study and the intended study destination. This range provides flexibility for selecting an option that aligns with your financial circumstances.

Education loans in Faridabad are extended by diverse types of banks, encompassing both public and private institutions. Additionally, there are non-banking financial corporations (NBFCs) that also offer these loans. This variety of choices empowers you to identify the option that best suits your requirements, granting you increased confidence as you embark on your educational journey.

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 Amount: The main money you borrow is known as the principal amount. This money, along with added interest, needs to be repaid within a specific time set by the loan terms.
• Interest Rates: Lenders decide on interest rates, which can either remain fixed or change over time. These rates represent the cost of borrowing the loan. They are calculated based on the amount of money you still owe, and they impact the total repayment amount.
• Moratorium Period: Once your studies are complete, there's usually a waiting period (usually 6 months to a year). During this time, you're not required to start repaying the loan. However, it's important to note that depending on the loan terms, interest might accrue during this period.
• Secured Loan: At times, lenders might ask for something like a property, FD or government bond as security. This serves as a backup plan in case you're unable to repay the loan. If repayment becomes an issue, they might claim this valuable asset.
• Co-applicants: When applying for a loan, someone like a parent or guardian can join as a co-applicant. They share the responsibility of loan repayment. Having a co-applicant often makes lenders more comfortable with approving the loan.
• Equated Monthly Installment (EMI): During each payment cycle, you provide a fixed amount. This payment covers both the main loan amount and a portion of the additional money called interest. This simplifies the repayment process.
• Processing Fee: When requesting a loan, lenders might ask for a processing fee. This fee is a one-time payment and varies among different lenders. It's meant to cover the costs of processing your loan application.
• Credit Rating/CIBIL Score: Your loan approval sometimes hinges on your financial behavior, indicated by a numerical value (ranging from 300 to 900). Higher numbers reflect responsible loan repayment behavior, which might lead to lower interest rates and better chances of loan approval.
• Margin Money: Occasionally, lenders may require you to contribute some of your own money (typically 0% to 20% of the total course cost). The remaining amount is covered by the loan. This contribution serves as your commitment and helps ensure the lender's security.
• Collateral Margin: In specific situations, a collateral margin might be imposed, ranging from 0% to 25%. This percentage signifies the portion of the loan amount that is backed by the collateral you've pledged.

• Age Range: To be eligible for an education loan in Faridabad, you should fall within the age range of 18 to 35 years. This means individuals between these ages can apply for the loan to support their education expenses.
• Academic Performance: When applying for an education loan, it's important to have a good academic record. This means meeting the minimum educational requirements set by the course or university you're planning to attend. This requirement ensures that you're well-prepared for your studies.
• Admission Confirmation: One of the key factors for getting a loan approved is providing proof that you have been accepted into a recognized educational institution. This serves as proof that you are genuinely pursuing higher education and strengthens your case for financial assistance.
• Citizenship Criteria: Education loans in Faridabad are only available to Indian citizens or individuals who can provide valid proof of residency. This ensures that the loan opportunities are offered to those who are eligible and have the right to study in India or abroad.
• Co-Applicant's Credit History: If you have a co-applicant for the loan, like a parent or guardian, their credit history matters. A good credit score shows that they are financially trustworthy, which can positively impact the overall success of the loan application.
• Course and University Recognition: It's important to choose courses and universities that are recognized and accredited by relevant authorities. This step ensures that the education you're seeking is of high quality and meets certain standards.
• Document Submission: Like with any loan application, providing the necessary documents is very important. WeMakeScholars will guide you through the process by giving you a clear list of required documents. This helps make sure that you're meeting the lender's requirements and makes the education loan application process smoother for you.

1. Manav Rachna University - [MRU], Faridabad
2. Institute of Management and Technology - [IMT], Faridabad
3. J.C. Bose University Of Science And Technology, YMCA, Faridabad
4. Arun Jaitley National Institute of Financial Management - [AJNIFM], Faridabad
5. DAV Institute of Management - [DAVIM], Faridabad
6. Lingaya's Vidyapeeth, Faridabad
7. DGIM Law College, Faridabad

• Getting Started: To start your journey of securing an education loan, begin by filling out the Common Education Loan application form provided by the financial officers at WeMakeScholars.
• Assessment by Financial Expert: After you submit your application, one of our financial officers will get in touch with you. They will assess whether you meet the criteria for the education loan by asking you relevant questions.
• Connecting with Lenders: Once your eligibility is confirmed, the financial Officers will assist you in connecting with suitable lenders. You'll receive a secure link that makes it easy to upload all the required documents, making the whole process smooth.
• Easy Document Submission: You can effortlessly submit all the necessary documents using the secure link, making everything simpler and avoiding unnecessary complications.
• Guidance from Lenders: The lender you are connected with will guide you through the application procedure. Throughout this phase, your assigned financial expert will be available to answer any questions or concerns you may have.
• Prompt Sanction Letter: You can anticipate receiving your sanction letter within the promised timeframe communicated by your financial officers. This ensures that the process keeps moving ahead without any delays.

• Our Expertise: We have a team of experienced Financial Officers who specialize in providing the best education loan solutions. We are knowledgeable about various study destinations, and courses, and can help you figure out your financial needs.
• Wide Range of Lenders: We have partnerships with more than 14 banks, including both private and government banks. This wide network gives you plenty of options for education loans. You can compare different loans based on factors like interest rates and repayment terms to choose the one that suits you best.
• Easy Application Process: Our main goal is to make applying for an education loan simple. Our online platform is user-friendly, ensuring a smooth application process that saves you time and effort.
• Clear and Honest Support: We believe in being clear and transparent throughout your education loan journey. We make sure you understand everything about interest rates, fees, and how repayments work. If you have any questions, our Financial Officers are always ready to help.
• No Hidden Charges: WeMakeScholars doesn't add any extra fees for our services. With support from the Ministry of IT, Government of India, we can offer a more accessible and affordable loan process.
• Help with Tax Benefits: We understand that taxes can be complicated and affect your finances. Our financial experts will explain how education loans can provide tax benefits, like under sections 80E and 80C.
• Special Cashback: As a special offer, you'll receive Rs 3000 cashback when you take an education loan through WeMakeScholars. This extra incentive makes your loan experience even more rewarding.