Pune Education Loan

Quality education goes a long way in shaping a person’s future, especially the one concerning his/her career. With the cost of education increasing at an exponential rate, many people find it difficult to pursue higher studies or pursue education in reputed colleges due to the shortage of money. Many parents understand this and save up or make investments to grow their money so that they can use it towards their children's education. Despite this, one may still face funds shortage which is where education loans can come to rescue.

An education loan helps to bridge the gap between the insufficiency of funds and the amount required to pursue a course or program. Students can avail this loan which will cover their basic course fees and other expenses related to the course such as college/hostel accommodation, exam fees, etc. Education loans are offered to students who want to pursue higher education either in India or overseas. These loans are preferred by students who wish to fund their own education instead of using the savings of their parents. Education loans also offer income tax benefits under Section 80E of the Income Tax Act.

Education Loans in Pune

In a survey conducted in 2010, it was revealed that Pune has the most number of educational institutes in the world. Referred to as the ‘Oxford of the East’ since the pre-independence era, Pune is home to many reputed colleges such as Symbiosis Institute of Management Studies, Fergusson College, ILS Law College, Amity Global Business School, Ajeenkya DY Patil University, Deccan Education Society, ICFAI Business School, The Film and Television Institute of India, etc., which is why many students flock to this city for education.

However, studying in these reputed colleges comes at a considerable cost and this is where education loans can come in handy. These loans will cover the cost of education and its associated expenses to empower students to pursue their dream careers without having to worry about the finances.

Banks Offering Education Loans in Pune

Types of Expenses Covered Under Education Loan

Education loans cover almost all expenses related to a course/program a student enrolls for. Some of the expenses that are covered are listed below:

• Fees payable towards hostel/college/university
• Library/examination/laboratory fees
• Purchase of uniforms/books/instruments/equipment/computer/laptops required for the completion of the program
• Caution deposit/refundable deposit/building fund
• Travel expenses for studies overseas

How to Apply for an Education Loan in Pune

Availing education loans is a simple, quick, and hassle-free procedure. There are two ways through which you can apply for an education loan – online and offline. To apply for an education loan online, all you need to do is visit the official website of the bank/lender and click on the ‘Apply Online’ button. You will be asked to enter some basic details about yourself/borrower after which you will be guided to the further process.

The offline way to avail an education loan involves the applicants to visit the nearest branch of the lender, fill up the application form, and submit the necessary documents. Once the documents are verified, the loan will be disbursed to the applicant’s bank account.

Fees and Charges Associated with Education Loans in Pune