{"id":4808,"date":"2023-06-12T15:23:40","date_gmt":"2023-06-12T09:53:40","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=4808"},"modified":"2023-06-12T15:23:40","modified_gmt":"2023-06-12T09:53:40","slug":"terms-and-conditions-for-education-loan-for-students","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/education-loan\/terms-and-conditions-for-education-loan-for-students\/","title":{"rendered":"Terms and Conditions for Education Loan for Students"},"content":{"rendered":"\n<p><a href=\"https:\/\/leverageedu.com\/\"><strong>Studying Abroad<\/strong><\/a> is like a dream come true for many aspiring students. Even though this can be very gloomy and mesmerizing at the beginning. Sometimes studying abroad requires a hefty amount of money and students usually opt for <strong><a href=\"https:\/\/leverageedu.com\/blog\/category\/education-loan\/\">education loans<\/a><\/strong> which different banks provide. It\u2019s extremely necessary to be aware of the education loan terms and conditions as if you don\u2019t know them properly you may get trapped in the never-ending cycle of debt trap. So, continue reading this blog to get a detailed insight into education loan terms and conditions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-benefits-of-taking-an-education-loans\"><span id=\"benefits-of-taking-an-education-loans\">Benefits of Taking an Education Loans<\/span><\/h2>\n\n\n\n<p>As mentioned earlier, an education loan acts as financial aid for students who want to pursue their higher education. They can pay their study abroad-related expenses like tuition fees, accommodation costs, etc by borrowing money from the bank, here are the key reasons why students opt for education loans:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Banks pay their total cost of study abroad in full, this is extremely beneficial for students who don&#8217;t have that much of liquid funds available<\/li>\n\n\n\n<li>Banks offer flexible repayments as easy monthly instalments (<a href=\"https:\/\/leverageedu.com\/blog\/what-is-emi\/\"><strong>EMI)<\/strong><\/a> where students can pay their EMI due monthly or they can even start paying after their study program ends (These options vary depending on individuals and are completely decided by the banks)<\/li>\n<\/ul>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also, Read- <a href=\"https:\/\/leverageedu.com\/blog\/types-of-education-loan\/\">Types of Education Loan for Indian Students<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-education-loan-terms-and-conditions\"><span id=\"education-loan-terms-and-conditions\">Education Loan Terms and Conditions<\/span><\/h2>\n\n\n\n<p>The education loan terms and conditions may vary from bank to bank, even different banks offer different <strong><a href=\"https:\/\/leverageedu.com\/learn\/abroad-study-loan-interest-rate-news-2023-02\/\">interest rates<\/a><\/strong> on education loans so this can be extremely confusing for the end user, but here are some of the basic terms and conditions of an education loan so that you have a fair idea about the Do\u2019s and Don\u2019ts while taking or after taking an education loan:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-loan-amounts-and-disbursement\"><span id=\"loan-amounts-and-disbursement\">Loan Amounts and Disbursement<\/span><\/h3>\n\n\n\n<p>The maximum loan amount per academic year is the most amount you can borrow from your lender ie bank for one academic year. The amount varies depending on the banks but usually ranges from USD 5,000 to USD 50,000 (INR 4 Lakh to 41 Lakh) or more depending on your program of study and whether you are an undergraduate or graduate student. The loan amount covers only the essential expenses<\/p>\n\n\n\n<p>Also Note, Banks usually send the funds directly to your school in two or more payments throughout the academic year and the loan amount won\u2019t be handed over to you directly.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-interest-rates-and-fees\"><span id=\"interest-rates-and-fees\">Interest Rates and Fees<\/span><\/h3>\n\n\n\n<p>This is the most important factor to look out for in an education loan terms and conditions. Interest rates on education loans can be either fixed or variable. Fixed interest rates remain constant throughout the life of the loan while variable interest rates change based on market conditions over time. As education loans can be long-term, it\u2019s always advisable to stay away from high-interest-rate loans. Variable interest rates may start off lower than fixed interest rates but could increase over time resulting in higher monthly payments later down the line. In addition to interest rates, there may also be fees associated with taking out an education loan such as processing fees.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also, Read- <a href=\"https:\/\/leverageedu.com\/blog\/what-is-a-cibil-score\/\">What is a CIBIL Score?<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-repayment-options\"><span id=\"repayment-options\">Repayment Options<\/span><\/h3>\n\n\n\n<p>The repayment of education loans can begin after graduation or after the study program ends and has a grace period before regular payments are due. The grace period varies between banks, but it generally lasts for six months from the time you end your course. During this period no payments are due however interest will continue to accrue on your loan. It completely depends on the bank that wants repayment option they will provide you with, but you will be able to decide the tenure according to your liking.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-default-consequences\"><span id=\"default-consequences\">Default Consequences<\/span><\/h3>\n\n\n\n<p>If you fail to make payments on an education loan, it is considered defaulting on the loan payments. The consequences of defaulting can be significant and long-lasting including legal action against you, damage to your credit score, and loss of eligibility for future student aid programs. The penalties for defaulting on a payment can be extremely high, and charges will get accumulated from the day of late payment which can eventually lead to a debt trap.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-moratorium-period\"><span id=\"moratorium-period\">Moratorium Period<\/span><\/h3>\n\n\n\n<p>The <strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/what-is-moratorium-period-and-how-does-it-work\/\">moratorium period<\/a><\/strong> is a grace period during which you do not have to pay any interest or principal amount on your loan. The moratorium period depends on the type of course or institution you choose and the lender or bank you borrow from. Generally, the moratorium period can be equal to the course duration plus one year or six months after getting a job, whichever is earlier. During this period, you only have to pay simple interest on your loan amount.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-penalty-for-early-repayment\"><span id=\"penalty-for-early-repayment\">Penalty for Early Repayment<\/span><\/h3>\n\n\n\n<p>A penalty for early repayment is a charge that you have to pay if you repay your loan before the end of the repayment period. A penalty for early repayment is imposed by some banks to discourage prepayment as they will lose their passive income. You should check with your bank if they have any penalty for early repayment and how much it is. You should also consider the pros and cons of prepayment and decide accordingly.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-sanction-letter-or-loan-confirmation-letter\"><span id=\"sanction-letter-or-loan-confirmation-letter\">Sanction Letter or Loan Confirmation Letter<\/span><\/h3>\n\n\n\n<p>A sanction letter or loan confirmation letter is a document that states the details of your loan approval such as the loan amount, interest rate, repayment period, etc. A sanction letter or loan confirmation letter is issued by the bank after verifying your eligibility and documents. You should read the sanction letter or loan confirmation letter carefully and understand all the terms and conditions before signing it.&nbsp;<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Must Read: <a href=\"https:\/\/fly.finance\/blog\/education-loan\/education-loan-rejection-reasons\/\">WHAT ARE THE REASONS FOR EDUCATION LOAN REJECTION? READ TO KNOW THEM ALL!<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-eligibility-for-education-loan\"><span id=\"eligibility-for-education-loan\">Eligibility for Education Loan<\/span><\/h2>\n\n\n\n<p>Here are the basic eligibility criteria that you need to fulfil to opt for an education loan:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You need to be creditworthy, which means you must have a credit history&nbsp;<\/li>\n\n\n\n<li>If you don\u2019t have a credit history, you will need a <strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/collateral-security\/\">collateral asset<\/a><\/strong> or a co-signer to support your loan application. (some banks may require both)<\/li>\n\n\n\n<li>You need to maintain a good academic record&nbsp;<\/li>\n\n\n\n<li>You must be enrolled in a full-time undergraduate or graduate program at an accredited institution<\/li>\n\n\n\n<li>You need to have proper residential proof like Adhaar Card or Driving Licence<\/li>\n\n\n\n<li>You must have a valid passport<\/li>\n\n\n\n<li>You need to provide a valid document that proves the ownership of the collateral (if provided)<\/li>\n\n\n\n<li>An active bank account in the name of the borrower is also necessary<\/li>\n<\/ul>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Relevant Read- <a href=\"https:\/\/leverageedu.com\/blog\/student-loan-eligibility\/\">What are the Student Loan Eligibility Criteria for Studying Abroad?<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span id=\"faqs\">FAQs<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1685691258518\"><strong class=\"schema-faq-question\">Q1. <strong>What are the essential documents while taking an education loan?<\/strong><\/strong> <p class=\"schema-faq-answer\">Ans. You need to have these while opting for an education loan:<br\/>Identity proof such as passport, Aadhaar card, PAN card, etc<br\/>Address proof like utility bills or rent agreement<br\/>Academic records such as mark sheets, certificates, transcripts<br\/><a href=\"https:\/\/leverageedu.com\/blog\/type-of-offer-letters\/\"><strong>Offer Letter <\/strong><\/a>of the Foreign University\u00a0<br\/>Bank statements for the last six months<br\/>Income tax returns of the last two years (if applicable)<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1685691277594\"><strong class=\"schema-faq-question\">Q2. <strong>What is the usual interest rate for an education loan?<\/strong><\/strong> <p class=\"schema-faq-answer\">Ans. The interest rate depends on various facts such as the bank, your creditworthiness, and the loan amount but the usual rate can vary between 8% to 16%.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1685691295144\"><strong class=\"schema-faq-question\"><strong>Q3. Is a co-applicant required while taking an education loan?<\/strong><\/strong> <p class=\"schema-faq-answer\">Ans. Co-signer and Co-applicant are basically the same. A co-applicant can be your parent, sibling, or anyone.<\/p> <\/div> <\/div>\n\n\n\n<p>This was everything related to education loan terms and conditions. Reach out to <a href=\"https:\/\/fly.finance\/\"><strong>Fly Finance<\/strong><\/a> for all finance-related concerns to simplify your study abroad experience with zero hindrances.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Studying Abroad is like a dream come true for many aspiring students. Even though this can be very gloomy and mesmerizing at the beginning. Sometimes studying abroad requires a hefty amount of money and students usually opt for education loans which different banks provide. It\u2019s extremely necessary to be aware of the education loan terms &#8230; <a title=\"Terms and Conditions for Education Loan for Students\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/education-loan\/terms-and-conditions-for-education-loan-for-students\/\" aria-label=\"Read more about Terms and Conditions for Education Loan for Students\">Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":4810,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-4808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Terms and Conditions for Education Loan for Students | Fly Finance<\/title>\n<meta name=\"description\" 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What is the usual interest rate for an education loan?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Ans. The interest rate depends on various facts such as the bank, your creditworthiness, and the loan amount but the usual rate can vary between 8% to 16%.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/terms-and-conditions-for-education-loan-for-students\/#faq-question-1685691295144","position":3,"url":"https:\/\/fly.finance\/blog\/education-loan\/terms-and-conditions-for-education-loan-for-students\/#faq-question-1685691295144","name":"Q3. Is a co-applicant required while taking an education loan?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Ans. Co-signer and Co-applicant are basically the same. A co-applicant can be your parent, sibling, or anyone.","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/4808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/comments?post=4808"}],"version-history":[{"count":1,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/4808\/revisions"}],"predecessor-version":[{"id":4812,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/4808\/revisions\/4812"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media\/4810"}],"wp:attachment":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media?parent=4808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/categories?post=4808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/tags?post=4808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}