How to Avail a Short-Term Personal Loan for Education for Your Studies in India?

Eligibility and Required Documents to Avail Short-Term Personal Loan for Education

Students and parents should get clarity on the eligibility criteria before applying for an education loan:

1. Citizenship should be compulsorily Indian.
2. Students applying for education loan should have scored 50% at least in HSC and graduation level*.
3. Obtained admission in India or abroad on a merit basis*.
4. Income proofs reflecting a regular income of the student’s parents/guarantor*.
5. KYC documents.
6. Last 6 months of bank statements.
7. Copy of admission letter from the college/institute with fees structure*.
8. Academic certificates – mark sheets and passing certificate*.

Also Read - Need A Little Funding Immediately Say Hello To Short-Term Loans

Required Documents for Short-Term Personal Loan for Education in India

Download the HeroFinCorp loan app from Google Play Store and get started with a quick loan application process for timely academic admissions for the year 2022 - 23. Hero FinCorp, one of the leading names in financial lending in India brings easy short-term loans to fulfil educational objectives just in time. The maximum loan amount ranges between 50,000 to 1.50 lakhs, which can be paid off easily in EMIs.

The in-built EMI calculator within the HeroFinCorp loan app helps to flexibly set affordable EMIs for the borrowers seeking education loans on a short-term basis. The variables within the EMI calculator can be flexibly changed till the EMI amount doesn’t appear to be within the budget.

*Documents/details are not required to avail loans with Hero FinCorp Instant Personal Loan. Salaried and self-employed individuals starting from 21 years of age can apply for a personal loan at Hero FinCorp Instant Personal Loan specifically for education.

How to Apply for Short-Term Personal Loan for Education

HeroFinCorp makes it simple to apply for a short -term Personal Loan for education . Follow these steps for a hassle-free application process:

• Visit the Hero FinCorp website or install the Personal Loan app
• Go to the Personal 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

Expenses Covered by Short -Term Personal Loan for Educations:

A short -term Personal Loan for education can cover a variety of expenses related to your education, including but not limited to:

• Tuition Fees for your course.
• Examination Fees, Library Fees, and Lab Fees.
• Books, Stationery, and Study Materials.
• Travel Expenses (if studying abroad).
• Hostel Accommodation Charges or rent.
• Insurance Premium (if applicable).
• Other Educational Expenses such as uniforms, project work, and internships.

What Are the Benefits of Taking a Short -Term Personal Loan for Education?

1. Competitive Rates:

Short term personal loans offered for education typically have lower rates than traditional loans, making it easier for students to manage their financial debt.

2. Quick Approval & Disbursement:

With more streamlined processes, loans can be approved and disbursed very quickly so students can access the funds in a timely fashion.

3. Flexible Repayment Terms:

Most loans have flexible repayment terms. Most include an option for students to start repayments with a grace period after graduation and only if they secured a job.

4. Tax Benefit:

Any interest paid on instant personal loan for education can be used as a tax deduction under section 80E of the Income Tax Act. This deduction is claimable until the full amount paid back towards the loan or for a maximum of 8 years.

5. Opportunity to Build Credit History:

By making on-time repayment, students can establish a good credit history, which will help them down the road in their financial dealings.

Key Considerations Before Applying for an Education Loan:

A few fundamental factors to note before applying to a loan which will help you in your decision-making:

Interest Rates and Terms of Repayment:

It's a good idea to compare interest rates offered by multiple banks. You should also be mindful of loans that will have more competitive rates and flexible repayment to minimize your financial burden.

Amount of Loan:

It is smart to determine how much you need to pay for educational expenses, apply for an amount that covers everything needed and that fits comfortably into your repayment constraints.

Collateral Requirements:

If the loan amount is larger, there may be collateral requirements. Fully understand any collateral requirements before you apply.

Loan Disbursement:

Understand the disbursement process. Loans may be disbursed in full or in instalments with the progress of your course.

Eligibility Criteria:

Ensure you are eligible based on age limits, qualification, and documentation requirements to help your loan application process go smoothly.

Co-Applicant Requirements:

Some education loans will require a co-applicant, usually a parent or guardian. Ensure that the co-applicant also meets the criteria set by the lender.

Fees for Prepayment and Foreclosure:

Some lenders impose fees for prepayment or foreclosure. Ensure that you fully understand the lender's policies regarding fees.

Documents Required:

Gather all the necessary documents such as KYC details, academic certificates, income proofs, and admission letters to ensure a smooth loan application process.

Tax Benefits on Education Loan:

Education loans offer tax deductions under Section 80E of the Income Tax Act. The interest paid on the education loan can be claimed as a deduction from your taxable income for up to 8 years. This can significantly reduce the overall cost of the loan.

Conclusion

Obtaining a short -term Personal Loan for education can be a strategic solution for funding your higher education needs. With the right planning and understanding of the application process, eligibility, and benefits, you can smoothly secure the loan that helps you achieve your educational goals.

If you're ready to take the next step, download the HeroFinCorp Instant Loan app today and get started on your journey to fund your education

Frequently Asked Questions (FAQs)

1. What is a Short -Term Personal Loan for Education?

A Short-Term Personal Loan in Education aids students with urgent educational expenses, requiring repayment in a minimum time frame.

2. Who is eligible for a Short -Term Personal Loan for Education?

To qualify, individuals must be an Indian Citizen, admitted to an approved institution, while also fulfilling specific academic and financial conditions.

3. How do I apply for a Short -Term Personal Loan for Education?

Simply download the HeroFinCorp Instant Loan App, complete the registration, submit KYC documents needed, and apply for the loan.

4. What documents are required?

Documentation includes your Aadhar, PAN, academic credentials, admission letter and income evidence with the co-applicant.

5. What expenses can be covered?

Expenses include tuition, study materials, lodging, and travelling expenses to study oversees

6. Are there any tax benefits?

Yes, loan interest is tax-deductible under section 80E.

7. Can I get a loan for studying abroad?

Yes, HeroFinCorp offers loans for education oversees, and accept the required the documents for studying in overseas programs.

Disclaimer: The information provided in this blog post is intended for informational purposes only. The content is based on research and opinions available at the time of writing. While we strive to ensure accuracy, we do not claim to be exhaustive or definitive. Readers are advised to independently verify any details mentioned here, such as specifications, features, and availability, before making any decisions. Hero FinCorp does not take responsibility for any discrepancies, inaccuracies, or changes that may occur after the publication of this blog. The choice to rely on the information presented herein is at the reader's discretion, and we recommend consulting official sources and experts for the most up-to-date and accurate information about the featured products.