Marksheet Loan: Eligibility, Documents Required & How To Apply

In today’s world, quality education is essential for personal and professional growth. However, the cost of education, especially in prestigious institutions in India and abroad, can be a significant financial burden. For instance, engineering education costs between Rs 5 Lakh to 12 Lakh, while medical courses can rise to Rs 50 Lakh. Unfortunately, not every student has the financial resources to pursue their desired education.

This is where Marksheet Loans come into play. Designed to help meritorious students with financial constraints, marksheet loans provide an opportunity for students and their parents to fund education through easy-to-access loans, without worrying about collateral. With a 10th or 12th marksheet loan, applicants can gain admission to top institutions and pursue their dreams without the financial stress.

Let’s dive deeper into what a marksheet loan is, its benefits, eligibility criteria, required documents, and how to apply.

What is a Marksheet Loan?

A Marksheet Loan, also known as a Personal Loan for Education, is an unsecured loan offered to students or their parents to help fund higher education. Since no collateral is required, it’s a convenient option for those who prefer not to pledge assets.

This loan can cover tuition fees, books, accommodation, and other related expenses, easing the financial burden of upfront costs. Hero FinCorp’s Marksheet Loans are designed for students pursuing education in India or abroad, offering flexible terms and a fast, hassle-free application process.

Features & Benefits of a Marksheet Loan from Hero FinCorp

Here are the key features and benefits of a Personal Loan for Education.

1. Loan Amount: You canborrow up to Rs 5 Lakh for higher education expenses.
2. Interest Rate: These loans come withattractive interest rates starting from 1.58%* per month based on eligibility.
3. Flexible Repayment Terms: You can choose arepayment tenure of 12 to 36 months, offering convenience in EMI payments.
4. No Collateral Requirement: There’s no need for collateral or a guarantor, making the process quick and easy.
5. Digital Application Process: With 100% digital application process, you get instant approval and quick disbursement.
6. No Usage Restrictions: You can use the funds for any education-related expenses like tuition fees, books, accommodation, etc.

Eligibility Criteria for a Marksheet Loan

To be eligible for a Hero FinCorp marksheet loan, applicants must meet the following criteria:

• Age: Between 21 to 58 years.
• Occupation: Salaried employees or self-employed individuals.
• Income: Minimum monthly income of Rs 15,000.
• Credit Score: A credit score of 750+ is preferred.
• Work Experience: 6 months for salaried employees and 2 years for self-employed individuals.
• DTI Ratio: A Debt-To-Income (DTI) ratio of 30-40% to ensure repayment capacity.

Documents Required for a Marksheet Loan

Hero FinCorp aims to make the loan process as easy and quick as possible. Here are the key documents needed:

1. Personal Details:
   • Duly filled loan application form.
   • Passport-sized photograph.
2. Identity Proof:
   • Aadhaar card, PAN card, passport, or driving license.
3. Address Proof:
   • Utility bills, ration card, or rental agreement.
4. Income Proof:

For salaried individuals: 

• Last 3 months' salary slips and 6 months’ bank statements.
• Job Continuity Proof: Appointment letter from the current employer or experience certificate from the previous employer

For self-employed individuals: 

• ITR for the last 2 years and 6 months’ bank statements.
• Business Existence Proof: Copy of tax registration, shop establishment proof, or company registration certificate

How to Apply for a Marksheet Loan from Hero FinCorp?

Applying for a marksheet loan is simple with HeroFinCorp. Follow these steps:

• Visit the Hero FinCorp website or install the loan app
• Go to the instant loan page and click ‘Apply Now’
• Enter your mobile number and verify with the OTP received
• Choose the loan amount you need
• Verify your KYC details to check income eligibility
• Click ‘Submit’ to complete your application

Before applying, you can use a Personal Loan EMI Calculator online to calculate your EMIs based on your loan amount, interest rate and repayment tenure. 

Conclusion

A Marksheet Loan is an excellent way to finance your higher education aspirations without financial constraints holding you back. If you’re wondering does loan for education cover living expenses, Hero FinCorp follows a quick, easy, and digital process to approve an instant loan of up to Rs 5 Lakh with flexible repayment tenure and competitive interest rates. 

Apply today and take the first step toward securing your education.

Frequently Asked Questions (FAQs)

1. What Can Marksheet Loans Be Used For?

Marksheet loans can be used to cover various education expenses, including tuition fees, exam fees, accommodation charges, books, and travel.

2. Are Marksheet Loans Available for Courses Outside Traditional Education?

Yes, marksheet loans are available for graduation, post-graduation, diploma courses, and even vocational or technical training.

3. Do I Need a Good Credit Score for a Marksheet Loan?

Yes, a good credit score (750+) is often required, but some flexibility may be allowed depending on other factors such as income and repayment capacity.

4. Can I Get a Loan on My Degree Certificate?

Yes, you can secure a loan against your degree certificate, provided you meet the loan eligibility criteria.

5. How Long Does It Take to Process a Marksheet Loan Application?

With Hero FinCorp’s 100% digital process, you can get instant approval on your Marksheet Loan application, followed by quick disbursal directly to your account.