Education Loan for Higher Studies: A Step-by-Step Guide

Are you aiming for a top university in India or dreaming of a college degree abroad? Either way, we all know higher education comes with its fair share of bills. Be it accommodation, tuition, books, travel, and some unforeseen expenses that suddenly pop-up mid-semester. This is where education loan steps in and can help you take off that mental load.

If you are a first-timer, here’s what you need to know before you apply for student loan.

What is an Education Loan?

For students wanting to pursue undergraduate, postgraduate, or any kind of certifications or courses, an education loan can provide the financial support and help cover a wide range of expenses.

This kind of loan typically comes with a moratorium period and offered by banks, NBFCs, and digital platforms like Kissht . One is required to repay only once the course is complete.

Types of Study Loans

There are different kinds of study loan options depending on where and what you’re planning to study. For example: Domestic for higher studies within the country; International for overseas education; Undergraduate and Postgraduate loans; and Vocational Loans for short-term skill-based courses.

Who Can Apply?

Here’s a standard checklist followed by most lenders.

Firstly, you have to be an Indian citizen and admission into a recognised institution is a must. A co-applicant (parent or guardian) with a stable income will be required. It always helps if you have a decent academic record. Whatever the course you have pursued, it must be approved by UGC, AICTE, or similar bodies.

Documents Required for Education Loan

Here’s what you need to keep in place before applying:

• Admission letter
• Fee structure or cost estimate
• PAN/Aadhaar and address proof
• Academic records
• Income documents of the co-applicant

How to Get Education Loan

First thing first: look into traditional lenders and new-age options like Kissht, which offer student-friendly terms.

Check your eligibility. Review course and co-applicant requirements.

By using an education loan EMI calculator, estimate your future payments. Rates vary between 9% and 15%, depending on the lender, course, and co-applicant’s credit profile.

Get all necessary papers in order before submitting your student loan application.

You can submit online or walk into a branch. With instant loan app options like Kissht, the entire process can happen from your phone.

Once your paperwork is in, lenders verify everything before approving the loan.

The funds are sent either directly to your institution or to you, depending on the terms.

Repayment options:

• Standard EMIs: Fixed monthly payments
• Step-up EMIs: Start low, increase gradually

Benefits of Education Loan

There are several benefits of education loan. You will have zero burden during your course and the tenure options can go up to 15 years. You can make tax savings under Section 80E. The loan will cover everything, from tuition and housing to laptops and flights.

Why Students Choose Kissht

If you’re looking for an education loan with low interest rates, fast approvals, and minimal paperwork, Kissht has built a name for itself. As an instant loan app, it offers digital solutions that are ideal for students who want to avoid long queues and delays.

You can track your student loan application in real time, upload documents digitally, and get the money disbursed quickly. It’s especially helpful if you’re looking for an education loan without collateral or if you need urgent funding for an international course deposit.

With the benefits of education loan and digital platforms like Kissht simplifying the education loan process, securing a student loan today is faster and more flexible than ever.

FAQs

Can I get an education loan without collateral?

Yes, many lenders now offer an education loan without collateral, especially for courses in reputed institutions. Platforms like Kissht specialise in unsecured student loan solutions that are quick and hassle-free.

Is it possible to apply through an instant loan app?

Absolutely. You can apply for student loan support through an instant loan app like Kissht, which allows quick online submissions, real-time tracking, and minimal paperwork. It’s especially useful if you’re short on time or applying from another city or country.

What are the benefits of education loan compared to other loans?

The benefits of education loan include a moratorium period (you start repaying after the course), tax deductions on interest paid, and coverage for tuition, travel, books, and living expenses.