To be able to lead a meaningful life, education is important. The education process starts with going to playgroup, reputed schools and then joining a college or a university. All this while, students also feel the importance of going to coaching classes that help them score high marks and gain better insight of the subject. Students from all across India opt for a loan for private coaching and tuitions as it helps them get personal attention and better advantage of learning.
For people who can’t afford paying tuition fee or coaching class fee, they can opt to get an education loan for the said purpose. However, there are several legalities involved in getting this type of loan. Read below to understand.
Technicalities to keep in mind
The maximum loan amount offered varies from lender to lender. Credit Fair offers you a loan upto Rs. 10 lakhs for coaching classes. The loan is offered for tenure upto 24 months.
The loan amount is recovered from parents, as most students are minors. The documents of the parent has to be submitted. The loan amount is offered based on the parent’s income, credit score, employment type and other factors.
The loan is offered for competitive exams like GATE, UPSC, AIJEE, AIEEE, NEET, PMT, CFA, CPA, CMA, JEE and others. One can also avail the loan for professional courses like MBA, CA, CS and others.
The institute you apply with should be a reputed one running successfully for at least 3 years.
Just like other types of loans, this loan requires you to do a down payment of the marginal tuition or coaching fee from your end and upto 90% of the total amount is financed by the lender.
The interest rate offered on this type of loan depends on the credit score, income, age, residence type and other factors.
If you keep a collateral, then you can get the loan amount at a low interest rate. However, usually these loans are unsecured and are offered based on your eligibility and credit score.
Eligibility criteria to get education loan for coaching classes
The below eligibility criteria has to be complied with to be able to secure an education loan for coaching classes
Should be an Indian citizen
Applicant i.e. the parent should be aged between 18-65 years
Documents required to get education loan for coaching classes
The below list of documents has to be submitted to get an education loan:
KYC documents i.e. identity and address proof
University or college admission letter
KYC and income proof of the co-applicant
Any other additional documents required
Class 10th and 12th mark sheets
The student does not have to provide any document and only the applicant i.e. the parent has to submit the above documents.
Get quick loan for coaching classes
You surely deserve the best education for whatever competitive exam you are preparing. At Credit Fair, we make it easy for you to get a loan without having to look anywhere else. We offer loans upto Rs. 10 lakhs at ZERO COST EMIs and minimal processing fee that makes it easy for you to take care of your expenses related to coaching classes. The entire approval process is simple and hardly takes a few minutes. You also get the benefit of instant disbursal that makes it easy for you to handle all the expenses in a simple and easy way. Also, we provide you assistance to choose the best coaching classes depending on your requirements.