Education Loan: Online Courses, Process, EMI, Interest 2026
- Did you know that education loans are also available for online programs? Here we explained education loans that includes process, emis, interest rat
Did you know that education loans are also available for online programs? Here we explained education loans that includes process, emis, interest rate, etc……
Why Opt for Education Loan?
As we know almost every student wants to pursue a quality education from the best institutions. But for getting quality things in life comes one has to also spend a great amount of money also. And there is no easy money nowadays, so maintaining this quality in our life gets difficult. So for resolving this problem, educational institutes and financing bodies have come up with a solution for funding one’s education which is providing an education loan. But what are the benefits that an education loan provides to students? Let's discuss some of the benefits in detail: Financial Advantages: When one enrolls for an education loan the major benefit that one gets is they get relieved of the burden of paying the fee in one go. That is kind of very hectic for a student and their parents. And, also even if they cannot afford an expensive course fee then they get an alternative option to pursue the same course for the same fee only the process of fee payment is kind of different. No Hustle in Fee Payment: In the case of an education loan, there is no hustle or deadline that we have to pay the whole fee instantly. Students can easily pay their education loan amount after completing their whole course or during the course session with the help of the easy EMIs option. These EMI options can be made as per the student's budget and criteria one can make a 12-month EMI plan or a 24-month EMI plan depending on their capabilities and criteria. An Array of Expenses Covered: It is not fixed that an education loan that a student has taken will only cover the tuition fee of the student. The education loan amount also covers their additional education expenses like living and travel expenses, study materials, laptop allowances, and much more. All these expenses that are covered in the loan amount ease the additional burden on the student. Repayment of Loan is Easy: The financial authorities through which a student pursues an education loan offer reasonable interest rates and loan schemes. They also offer various easy repayment policies that help the student to pay the education loan amount quite easily with no stress and confusion. A Sense of Self-Pride: The most important thing that a student gets after pursuing an education loan is the sense of pride that we have freed our family of the major responsibility of financing our education. An education loan provides the student with a great opportunity of financing their own education. And repaying the loan amount with their own caliber and skills generates a sense of self-pride in the students.
Top Universities Regular Programs Fees in India
As said above, that quality comes up with a certain amount of quantity which is money. Nowadays, it is kind of every student’s wish to pursue a course from a top university. This is because it is a thought process that at the top institutes the quality of education and the benefits provided are better. But the problem of affordability of course fees persists at these top institutes. So let’s take a look at this problem by taking into consideration at the top universities' course fees: Top Universities/Colleges Popular Course Average Fee (in total) IIM Bangalore MBA/PGDM 24.5 Lakhs IIT Madras B.E./B.Tech 3-4 Lakhs IIT Delhi B.E./B.Tech 8-9 Lakhs IIFT Delhi MBA 16-18 Lakhs Symbiosis Institute Of Business Management, Pune MBA 16-17 Lakhs IMT Ghaziabad PGDM 17-18 Lakhs BIMTECH, Greater Noida PGDM 10-12 Lakhs So we can see the high course fee ranges that are the problem that we students face while wishing to pursue a course from top universities. So the education loan option is quite a good solution in this regard. As discussed above the several benefits of opting for an education loan, we should explore this funding your own education option in detail. So let’s move forward and find out more about this complex education loan process.
Is Education Loan Also Available for Online Programs
It is kind of an important doubt that come across various student mind that there are various education loan options available for regular degree programs but does the same apply to online programs also? Let’s find out about the same. Education loan options are also available for the online programs also. Currently, various online programs are provided along with such educational loan benefits to enable students to easily pay their online program fees. But are the online program education loan options the same as the regular program education loan? Actually, the education loan options might differ in the case of online programs. It strictly depends on the bank you are availing of the loan from. The options that might differ in the case of online programs are that: No moratorium period available in case of Online Programs. As per some banks the minimum qualification to apply for online programs education loan is to be a graduate in any field. Along with education in the case of online programs some banks also require eligibility that the applicant must be a working professional.
Online Universities and Their EMI Plans
There are various online universities that are present out there offering education loan options for various online programs. These education loans can be easily paid through easy EMI installments monthly. Let’s check out some online universities and EMI plans. Online Manipal: Online Manipal University offers various programs in online mode. And the fee of these programs can be easily paid through easy installments. Here are some of the online programs of this university and their EMI plans. Course Full Fees (INR) Application Fees Loan Amount (INR) EMI as Per Tenure (INR) 6 Months 12 Months 18 Months 24 Months 30 Months 36 Months B Com 80000 500 79500 13250 6625 4417 3313 2650 2208 BCA 120000 500 119500 19917 9958 6639 4979 3983 3319 BBA 120000 500 119500 19917 9958 6639 4979 3983 3319 M Com 100000 500 99500 16583 8292 5528 4146 NA NA MCA 150000 500 149500 24917 12458 8306 6229 NA NA MBA 150000 500 149500 24917 12458 8306 6229 NA NA MAJMC 130000 500 129500 21583 10792 7194 5396 NA NA Lovely Professional University (LPU) Online: LPU online university also offers various online programs through the mode of education loans. But there are some respective criteria and requirements for availing of this education loan. Let’s check it out. Some specific requirements and features of the LPU Online education loan: Minimum age of the applicant should be at least 21 years. CIBIL Score is not necessary. Admission confirmation in the university is necessary before going for an education loan. The rate of interest (ROI) depends upon the time period of the loan. The maximum time in which the loan gets approved is around 10-15 days. 24-month EMI options are available with 18% ROI. Students can also get a loan on the basis of their co-applicant that is father, mother, siblings, etc. Some Documentation is also needed while applying for the education loan. These are- 6 months Bank statement Aadhar Card Pan Card Passport Size Photo Address Proof The LPU Online Education Loan Scheme and their EMI Plans Tenure Interest on Students Interest Amount EMI Amount (INR) 6 Months 4.60% 4600 17,433 8 Months 5.95% 5950 13,244 10 Months 7.50% 7500 10,750 12 Months 8.95% 8950 9,079 Education Loan Eligibility Criteria To be eligible to apply for an education loan, you must meet some requirements. A student or loan application will not be given the chance to apply for an education loan if they do not meet these requirements. Here are some prerequisites that must be met in order to be eligible for an education loan: Indian Resident: The minimum eligibility criteria or the basic eligibility is that the candidate applying for the loan must be a resident of India. If one is a resident of India then they need to submit any Indian government IDs as proof of their citizenship. Admission Confirmation: For getting an education loan, one must have confirmed admission to an education institute that is recognized around the globe. An admission confirmation letter will be needed while applying for the education loan so, it is kind of an important eligibility criterion. Age Bracket: For becoming eligible for an education loan, the applicant must fall into the following age bracket of 18-35 years. If not belonging to this age range then it might lead to the cancellation of the education loan. Approved College/University: The educational institute to which the student has gotten the admission must be approved by the University Grants Commission (UGC)/All India Council of Technical Education (AICTE)/ Government approved, etc. In short, the institute must be well-accredited and has got all the necessary approvals. Academic Records: It is not an important eligibility criterion but it also plays a major role in education loan clearance. If the candidate’s academic records are good in their previous classes then it helps in the easy clearance of an education loan. No ruckus or barriers occur then in the process of education loan. Co-Applicant/Guarantor: If the applicant is pursuing a full-time course then they will need a co-applicant with them while applying for the loan. The co-applicant can be anyone like parents/guardians/spouses or in-laws in the case of a married candidate. And there is one more condition that the co-applicant applying must be a working professional. This is required to compensate the loan amount if the applicant fails to pay for it due to any condition. All these above-mentioned criteria must be fulfilled for the successful clearance of an education loan. Sometimes there is an additional requirement depending upon the bank or financing authority, where one must be applying for the loan.
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