Education Loan in Ludhiana

In the vibrant city of Ludhiana, a world of educational opportunities awaits students. A wide array of education loan providers can now turn students aspirations into reality, whether they aim to pursue higher education within India or venture abroad. The loan amounts on offer, which can go up to 2 Crore, are tailored to individual needs and determined by various factors examined during the loan application process.

Interest rates, a critical aspect of any loan, fluctuate between 8.5% to 13%, contingent upon the specific course of study and the exciting destination country chosen by the students. Such variability ensures that borrowers can opt for a plan that aligns perfectly with their financial capabilities.

Both public and private banks, alongside Non-Banking Financial Companies (NBFCs), generously extend their financial support. So, let's explore the enticing offerings presented by various lenders.

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

• Indian Citizenship:- If you are a student applying for an education loan in Ludhiana to study either abroad or in India, you must possess a valid passport or other valid identity documents that verifies you are an Indian resident or a resident of India.
• Age Criteria:- Age Criteria typically lie between 18 and 35 years of age, for any candidate applying for an education loan in Ludhiana.
• Academic Eligibility:- It is always an advantage for applicants if they have excellent academic records during the loan process. They may get higher loan amounts, lower interest rates, and many more benefits. In addition to this, if you have scorecards of competitive exams like the GRE, GMAT, IELTS, TOEFL, etc. that will add to your benefits. 
• Enrollment proof:- While processing the loan or during the disbursement process lenders take into account that students have secured admission into recognized and accredited universities/colleges either in India or abroad. 

• Expenses covered: Education loans typically cover important expenses like tuition fees, exam charges, hostel fees, costs for study materials and books, and sometimes even living expenses including accommodation and meals.
• Grace/Moratorium Period: A significant advantage of education loans is the grace period. This period, usually ranging from 6 to 12 months after the student finishes their studies, lets borrowers delay loan repayments. After the grace period ends, borrowers start repaying the loan, often with manageable monthly payments.
• Loan Margin: Lenders often ask borrowers to contribute a certain percentage, generally between 0% to 20%, of the total loan amount from their own money. This is called the loan margin. By having a loan margin, lenders decrease their risk and make sure borrowers are invested in repaying the loan.
• Collateral Margin: In some instances, education loans might need collateral as loan security. The collateral margin is usually a percentage (usually ranging from 0% to 25%) of the loan amount secured by the pledged asset. By offering collateral, such as property or valuable assets, borrowers offer extra assurance to the lender.

• Course Fees: The education loan includes the fundamental course or tuition fees. This comprises payments made upfront, in installments, or even admission fees to secure enrollment in the chosen educational program, which may differ across institutions.
• Hostel or Accommodation Charge: Financial assistance from the loan extends to cover hostel or accommodation charges. This ensures students have a suitable place to stay while pursuing their studies.
• Stationery and Book Funding: The loan provides for essential stationery and books required for the academic curriculum, ensuring students have the necessary tools for learning.
• Travel Expenses (Including Airfare for International Studies): For those studying abroad, the loan takes care of travel costs, including airfare, making the pursuit of education in foreign countries more accessible.
• Mess and Food Coverage: The loan encompasses mess and food expenses, ensuring students have proper nutrition throughout their educational journey.
• Uniform, Projects, and Thesis Assistance: Financial support from the loan covers expenses related to uniforms, academic projects, and thesis work, enabling students to complete their studies smoothly.
• Laptop or Computer Provision: The Education Loan supports the acquisition of laptops or computers, facilitating effective learning and research endeavors.
• Other Course-Associated Expenses: The Education Loan extends further assistance to cover other essential expenses directly linked to the chosen course of study. This ensures a comprehensive financial support system for students' educational needs.

• Residential Property: If you own an apartment, house, or plot in Ludhiana, you can utilize it as collateral for your education loan. Ensuring that the property has clear titles and is free from any legal disputes is crucial to facilitate a smooth collateral process.
• Commercial Property: Similar to residential properties, commercial properties also serve as viable collateral options. To leverage a commercial property, you must establish undisputed ownership and adhere to all legal requirements.
• Fixed Deposits (FDs): If you have invested in fixed deposits with banks, you can pledge them as collateral for your education loan. Generally, the loan amount sanctioned is a certain percentage or the full value of the fixed deposit, granting you financial flexibility.
• Life Insurance Policies: The surrender value of life insurance policies can be a valuable asset to secure an education loan. Lenders typically offer a loan amount based on a percentage of the policy's value, ensuring you receive the necessary financial support.
• Government Bonds: Government bonds, including National Savings Bonds or other government-backed securities, are also acceptable as collateral for education loans. Utilizing these bonds provides you with the confidence to pursue your academic aspirations.
• Land or Agricultural Property: If you own land or agricultural property, you can use them as collateral for education loans, subject to meeting the lender's requirements and ensuring they are free from any legal encumbrances. These assets offer additional avenues to secure your educational funding in Ludhiana.

1. Christian Medical College - [CMC], Ludhiana
2. The Institution of Civil Engineers - [ICE], Ludhiana
3. GHG Khalsa College, Ludhiana
4. Government College for Girls - [GCG], Ludhiana
5. Punjab Agricultural University - [PAU], Ludhiana
6. Guru Angad Dev Veterinary and Animal Sciences University - [GADVASU], Ludhiana
7. Dayanand Medical College and Hospital - [DMCH], Ludhiana
8. Ludhiana College of Engineering and Technology, Ludhiana

• Expertise and Experience: At WeMakeScholars, we specialize in education loans, and our team has extensive experience in assisting students with their financial needs. Our in-depth understanding of various study destinations, courses, and financial requirements allows us to provide personalized guidance throughout the loan application process.
• Wide Network of Lenders: Our vast network comprises more than 14 partnered banks and financial institutions, both public and private. This wide range of lenders gives students the advantage of exploring multiple loan options. They can compare interest rates, repayment terms, and other features to find the best-suited loan for their unique needs.
• Simplified Application Process: WeMakeScholars is committed to making the education loan application process as seamless as possible. Through our user-friendly online platform, students can conveniently complete their applications, saving time and effort.
• Transparency and Timely Support: Transparency is at the core of our services. We provide clear and comprehensive information on interest rates, fees, and other loan-related details. Our dedicated support team is readily available to promptly address any queries or concerns, ensuring a smooth and hassle-free experience for our borrowers.
• No-Service Charges: We prioritize the welfare of our students and do not charge any service fees. Our commitment to affordability and accessibility is reinforced by being funded and supported by the Ministry of IT, Government of India.
• Tax Benefits Guidance: Understanding the importance of tax benefits associated with education loans (e.g., sections 80E and 80C), we provide valuable guidance to students and their families. This assistance can help alleviate the financial burden and make loan repayments more manageable.
• Cashback Incentives: As an additional financial benefit, WeMakeScholars offers Rs 3000 cashback incentives on education loans. This incentive further enhances the overall value and attractiveness of our loan offering