Education Loan
Don’t let finances hold you back from enrolling yourself in your dream institute. Let us take charge of your finances with a range of student loans. We, at R.K. Mantra OPC Pvt Ltd, understand your ambitions and acknowledge your merit. We are driven to help you with financial aid to make your journey hassle-free. Our competitive student loan interest rates make us a better choice in the industry :-
Features and Benefits
Moratorium Period
Repayment typically starts after the completion of the course, providing students time to secure employment.
Multiple Courses and Institutions
Loans are available for various courses, from school education to higher studies, and for institutions in India and abroad.
Collateral and Non-Collateral Loans
Depending on the loan amount, some may require collateral, while smaller loans might not need any security.
Tax Benefits
Repayment interest might be eligible for tax deductions under Section 80E of the Income Tax Act.
Co-borrower Option
Parents or guardians can be co-borrowers to enhance eligibility..
Eligibility Criteria
Credit History
Student's as well as their co-borrower/guarantor's credit history and credit score can play a significant role in determining your eligibility for an education loan. A good credit history can improve your chances of approval and may lead to more favorable loan terms.
Co-borrower or Guarantor
If you have limited credit history or income, some lenders might require a co-borrower or guarantor (usually a parent or guardian) who will share the responsibility of repaying the loan if you are unable to do so.
Collateral or Security
In some cases, lenders might require collateral or security against the loan, especially for larger loan amounts. This could be in the form of property, investments, or other valuable assets.
Loan Amount
The loan amount you're requesting in relation to the cost of the program might affect your eligibility. Lenders may have specific limits on the loan amount they are willing to offer.
Age
Most lenders have a minimum and maximum age requirement for loan applicants. Typically, you need to be of legal age (18 or older) to apply for a loan.
Course/Program Eligibility
Education loans are often tied to specific educational programs or courses. Lenders may have a list of eligible institutions and programs that qualify for loans.
Academic Performance
Some lenders might consider your academic performance as part of the eligibility criteria. This could include factors like your high school or previous education grades.
Admission Offer
Many lenders require proof of admission to an eligible educational institution before approving a loan application.
Income/Financial Ability
Some lenders may consider your ability to repay the loan based on your income or your co-borrower's income.
Documents Required To Apply
You will likely need to provide various documents as part of your loan application, such as proof of identity, proof of admission, income documents, and more for both Student as well as the Guarantor or co-borrower.
Income Proof for Self-employed Co-Applicant / Guarantor.
Explore in detail by Visiting the Documents Required Page.
Income Proof for Salaried Co-Applicant / Guarantor.
Student-Applicant.
Co-Applicant / Guarantor.
Fees and Charges
The fees and charges of education loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to education loans. Other fees and charges that lenders may levy on your personal loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.
Loan Processing Fees 0.5% to 4% of loan amount.
Penal Charges Usually @ 2% per month; 24% p.a.
EMI/Cheque Bounce Around Rs 400 per bounce.
Loan Cancellation Usually around Rs 3,000.
Stamp Duty Charges As per actuals.
Legal Fees As per actuals.
EMI Calculator
Using an Education Loan EMI (Equated Monthly Installment) calculator can help you estimate your monthly loan repayment amount. Follow these steps to use a Education Loan EMI calculator effectively :
- Enter Loan amount, interest rate, tenure.
- Click Calculate.
- View EMI, total interest, repayment.
- Adjust tenure if needed.
- Consider extra costs.
- Check budget compatibility.
- Confirm with the lender before finalizing.
How is Education Loan EMI Calculated ?
Education Loan EMI (Equated Monthly Installment) is calculated using the following Compound Interest formula :
EMI = [ P * r * ( 1 + r ) ^ n ] / [ ( 1 + r ) ^ n - 1 ]
EMI = Equated Monthly Installment
P = Loan principal amount
r = Monthly interest rate (Annual interest rate divided by 12, expressed as a decimal)
n = Loan tenure in months
How to Calculate the Educational Loans EMI ?
To use an Education Loan EMI Calculator.
Input Loan Details: Enter the loan amount you plan to borrow, the applicable interest rate, and the repayment tenure (in months or years).
Calculate: Click the "Calculate" or "Calculate EMI" button to obtain the estimated monthly EMI amount.
View Results: The calculator will display the monthly EMI, as well as a breakup of the principal and interest components for each payment.
Consider Variations: You can experiment with different loan amounts, interest rates, and repayment tenures to see how they affect your EMI.
Assess Affordability: The calculated EMI can help you determine whether the repayment amount fits within your budget.
Plan Your Finances: Use the EMI calculation to plan your monthly finances and ensure timely repayment of the loan.
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