Education Loan in Rajkot

Rajkot has lots of financial institutions that help students to motivate for higher studies, and there are many ways to borrow money for education. These loans help students who want to study in India or in other countries. Each loan is made to fit what a student needs, and they look at different things when you ask for the loan.

One big thing about these loans is how much you have to pay back on top of the money you borrowed i.e., the interest rate. This can be between 8.5% and 13%. The exact number depends on what you're studying and where you want to study. 

Different banks in Rajkot give out education loans. Some are owned by the government, and some are not. Other than banks, there are also Non-Banking Financial Corporations (NBFCs) that give out these loans. Having many options helps you find the best one for what you need, so you can feel better about starting your studies.

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 and Interest Rates: The main portion of money you borrow is the principal amount. Alongside this, lenders set interest rates that can stay fixed or change over time. These rates determine the cost of borrowing the loan. Your repayment includes both the principal and the interest, which must be paid within a specific time frame according to the loan terms.
• Moratorium Period and Interest: After completing your studies, there's a waiting period, usually 6 months to a year, during which you're not obligated to begin repaying the loan. However, remember that depending on the loan terms, interest might accumulate during this period. This means that while you're not making payments, the total amount you owe could still grow.
• Secured Loan and Co-applicants: Sometimes, lenders may ask for assets like property, fixed deposits, or government bonds as security against the loan. These serve as a backup plan for the banks in case you're unable to repay. Additionally, you can involve a co-applicant, often a parent or guardian, when applying for the loan. Their participation shares the responsibility of repayment, making lenders more comfortable with approving the loan.
• EMI and Processing Fee: Each payment cycle involves an Equated Monthly Installment (EMI), which includes a fixed amount covering both the principal loan and a part of the interest. Alongside this, when you request a loan, lenders might require a processing fee. This one-time payment caters to the costs of handling your loan application.
• Credit Rating/CIBIL Score: Your loan approval can depend on your credit rating, a numerical representation of your financial behaviour. Higher scores, usually ranging from 300 to 900, indicate responsible loan repayment habits, which can lead to lower interest rates and higher chances of loan approval. 
• Margin Money and Collateral Margin: Occasionally, lenders might require you to contribute some of your own money (usually 0% to 20% of the total course cost) towards the loan. This commitment is your margin money, ensuring your involvement. In specific cases, a collateral margin might apply, indicating the portion of the loan amount backed by the collateral you've pledged (ranging from 0% to 25%).

• Eligibility Based on Age: To apply for an education loan in Rajkot, you need to be between 18 and 35 years old. This means that if your age falls within this range, you're eligible to seek financial support for your education expenses.
• Academic Performance Requirement: When seeking an education loan, it's important to demonstrate a strong academic track record. This involves meeting the minimum educational standards specified by the university or course you plan to enroll in. By fulfilling these requirements, you showcase your preparedness for academic success.
• Importance of Admission Confirmation: An essential step in obtaining loan approval is confirming your admission to a recognized educational institution. This confirmation serves as proof of your commitment to pursuing higher education and bolsters your application for financial assistance.
• Citizenship and Residency Criteria: Education loans in Rajkot are exclusively available to Indian citizens and those who can provide valid proof of residency. This ensures that loan opportunities are extended to individuals who are eligible and have the necessary authorization to study within the country or abroad.
• Co-Applicant's/Applicants' Financial Background: If you opt for a co-applicant, such as a parent or guardian, their financial history plays a role in the loan application. A favorable credit score indicates their financial reliability, positively impacting the overall success of your loan request.
• Recognized Courses and Universities: Choosing courses and universities that hold official recognition and accreditation is paramount. This ensures the education you receive meets established standards and guarantees a high-quality learning experience.
• Submission of Required Documents: Similar to any loan application, providing the essential documents is crucial. WeMakeScholars will provide you with a clear list of the documents you need to submit. This ensures you meet the lender's criteria, streamlining the education loan application process and making it more convenient for you.

1. Christ College, Rajkot
2. Marwadi University - [MU], Rajkot
3. Atmiya University, Rajkot
4. RK University - [RKU], Rajkot
5. Atmiya University, Rajkot
6. Sunshine Group of Institutions - [SGI], Rajkot
7. Indubhai Parekh School of Architecture - [IPSA], Rajkot

• Fill in the application form: To kickstart your education loan journey, start by filling out the Common Education Loan application form provided by WeMakeScholars' financial officers.
• Assessment by Financial Specialist: Once you've submitted your application, our financial officers will reach out to you. They'll evaluate your eligibility for the education loan by asking you relevant questions.
• Connecting with Loan Providers: When your eligibility is confirmed, our financial officers will help you connect with suitable loan providers. You'll receive a secure link, which simplifies the process of uploading all required documents.
• Effortless Document Submission: You can easily submit all necessary documents using the secure link, streamlining the entire process and avoiding unnecessary complications.
• Lender Guidance: The connected lender will assist you throughout the application procedure. Your financial officer will also be available to address any queries or concerns you might have.
• Timely Sanction Letter: You can expect to receive your sanction letter within the promised timeframe communicated by our financial officers. This ensures a smooth process without delays.

• Our Expertise: Our team comprises skilled Financial Officers who specialize in offering top-notch solutions for education loans. We possess in-depth knowledge about various study destinations and courses, enabling us to assist you in determining your financial requirements.
• Wide Range of Lenders: Through collaborations with over 14 banks, both private and government, we provide you with an extensive selection of education loan options. This diverse network allows you to compare loans based on factors like interest rates and repayment terms, empowering you to select the most suitable option.
• Easy Application Process: Our primary aim is to simplify the education loan application process. Our user-friendly online platform ensures a seamless application experience, saving you time and energy.
• Clear and Honest Support: Our commitment to transparency is unwavering throughout your education loan journey. We ensure your complete comprehension of aspects such as interest rates, fees, and repayment mechanisms. Should you have any inquiries, our Financial Officers are readily available to assist you.
• No Hidden Charges: At WeMakeScholars, we do not impose any additional fees for our services. With the support of the Ministry of IT, Government of India, we are able to provide a more accessible and economical loan procedure.
• Help with Tax Benefits: Recognizing the complexity of taxes and their impact on your finances, our financial experts elucidate how education loans can yield tax benefits, particularly under sections 80E and 80C.
• Special Cashback: As a special incentive, when you secure an education loan through WeMakeScholars, you will receive a cashback of Rs 3000.