Education Loan in Surat

In the bustling city of Surat, Gujarat, education holds the key to unlocking bright futures.
In this article, we will explore the interest rate of education loans, the repayment plan, the application process, and the best education loan provider. Let's delve into all the education loan products in Surat and discover how they can open doors to endless opportunities for students.

On average, students in Surat usually need around INR 15 lakhs to cover their educational expenses within India. However, if they choose to pursue their studies abroad, the required amount increases to approximately INR 45 lakhs. In Surat, the interest rates for education loans range between 8.5% and 13%, depending on the type of loan and the lending institution selected.

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

Expense Coverage

• Education loans cover not only tuition fees but also various other expenses such as textbooks, study materials, and hostel fees.
• Some lenders extend coverage to include living expenses like accommodation and food, providing an all-encompassing financial solution.

Moratorium Period

• Education loans in Surat come with a generous moratorium period.
• During this period, borrowers are not required to make any loan repayments.
• The moratorium period typically lasts from 6 to 12 months after the completion of the course.
• It allows borrowers to settle into their careers and plan their loan repayment strategy effectively.

Loan Margin

• The loan margin represents the percentage of the total loan amount that the borrower needs to contribute personally.
• For example, if the loan margin is 5%, the borrower is responsible for paying 5% of the loan amount, while the remaining 95% is covered by the lender.
• The loan margin helps lenders mitigate their risk in case of repayment difficulties.

Collateral Margin

• Some education loans in Surat may require collateral as a security measure.
• The collateral margin signifies the percentage of the loan amount that is secured by the borrower's assets.
• It provides reassurance to lenders and reduces their risk exposure. This ensures the protection of both the borrowers' aspirations and the lenders' interests

• Challenges with Low Credit Scores
  Having a low credit score can be a concern for lenders. Most banks typically prefer a CIBIL score of 685 or higher. Additionally, they consider the borrower's credit history, looking for no major issues such as defaulted loans or bounced cheques. To overcome this hurdle, it is advisable to work on building a strong credit profile or consider having a co-applicant with a good credit background.
• Difficulty in Providing Collateral or Guarantor
  Secured education loans often require collateral or a qualified guarantor. Failing to offer suitable collateral or a guarantor who meets the lender's requirements can lead to loan rejection.
• Issues with Incomplete or Inaccurate Documentation
  Incomplete or inaccurate documentation can cause delays or even result in the rejection of your loan application. It is crucial to ensure that all required documents are provided accurately and in the specified format to avoid such issues.
• Non-Compliance with Approved Course or Institution Criteria
  Some lenders have specific criteria for approving education loans, which may include a list of approved courses and institutions. To prevent rejection, it is important to ensure that the course or institution you have chosen aligns with the lender's criteria and is on their approved list.

• Personalized Guidance
  WeMakeScholars understands the importance of personalized guidance when it comes to securing an education loan. That's why we assign a dedicated financial officer to assist you throughout the process, offering expert advice, clarifications, and expediting the proceedings.
• Negotiating Interest Rates
  When it comes to unsecured loans, higher interest rates can be a concern. At WeMakeScholars, we strive to help you secure the best possible interest rate. Our team actively negotiates with lenders on your behalf, aiming to secure a rate that is up to 2% lower than the initial quote provided.
• Government Support
  WeMakeScholars is proud to be a government-funded organization under the Digital India Campaign, with support from the Ministry of IT. This government backing gives us the credibility and resources to provide reliable assistance and support to students seeking education loans.
• Expertise in Complex Cases
  We understand that some loan cases can be complex, especially those involving multiple co-applicants. At WeMakeScholars, we have extensive experience in handling such situations. Our team is well-equipped to navigate through the complexities, ensuring timely processing and approval of education loans in even the most challenging scenarios.
• No Service Charges
  At WeMakeScholars, we believe in providing our services without any additional burden on the students. That's why we do not charge any service fees for our assistance. Our commitment to supporting you continues until your loan is fully repaid.
• Transparent Process
  Transparency is a key aspect of our service. WeMakeScholars maintains clear and open communication throughout the application process. We provide regular updates, ensuring that you are well-informed and have a complete understanding of each step involved in securing your education loan.
• Cashback
  As an added benefit, WeMakeScholars offers a cashback incentive to students who choose our platform to apply for a study loan. Upon successful disbursement of the loan, you may be eligible for a cashback reward of up to INR 3000, providing you with a financial boost during your educational journey.

To alleviate the financial burden on education loans for OBC and EBC students, the Ministry of Social Justice and Empowerment has implemented a program. This initiative aims to reduce the interest burden specifically during the moratorium period, offering valuable financial relief to these students.

Dr. Ambedkar Interest Subsidy Scheme

• Intended Beneficiaries: This program is specifically designed to offer support to students belonging to Other Backward Classes (OBCs) and Economically Backward Classes (EBCs) with an annual gross family income not exceeding Rs. 8 lacs and Rs. 5 lacs, respectively.
• Coverage of Interest Subsidy: The interest subsidy provided under this scheme extends throughout the course and an additional period of 12 months following the completion of the program or 6 months after securing employment, whichever comes earlier. The scheme offers interest subsidies for education loan amounts up to Rs. 20 lacs.
• Eligible Courses: In order to be eligible for the Dr. Ambedkar Central Sector Scheme of Interest Subsidy for Education Loans, students must enroll in professional or technical courses that are recognized by NAAC-accredited institutions, NBA-accredited professional technical programs, Institutions of National Importance, or Central Funded Technical Institutions (CFTIs) upon completion of Class XII.

Padho Pardesh Scheme

• The Padho Pardesh Scheme, initiated by the Ministry of Minority Affairs, aims to support economically weaker individuals pursuing higher education abroad.
• It provides financial assistance and resources to help these students fulfill their educational aspirations.
• Eligibility criteria include obtaining loans from scheduled banks, securing admission into a master's, PhD, or M.Phil program, and having an annual family income below INR 6 lakh.
• Please note that the Padho Pardesh scheme was discontinued on March 31, 2022, but eligible students registered before this date can still avail of its benefits.

Central Scheme for Interest Subsidy (CSIS)

• Intended Beneficiaries: This program aims to assist students from economically disadvantaged backgrounds, specifically those belonging to the Economically Weaker Section (EWS) with parents or families earning an annual gross income of up to Rs. 4.5 lakhs.
• Coverage of Interest Subsidy: Under the Model Education Loan Scheme introduced by the Indian Banks' Association (IBA), eligible students can benefit from complete interest subsidies of up to Rs. 10 lakhs on their education loans during the moratorium period.
• Course Eligibility: The scheme extends support to students pursuing technical and professional courses within India, allowing them to access financial aid for their education.