known as the Directorate Financial Services Organization, is a regulatory entity of RBI within India's financial services industry.
Info@dfs.org.in
DIFSO:
-
01
Avail high value loans
Before applying for the loan, prepare a business plan, know your credit score, decide the loan amount, do some market research on available business loan options, and keep the documents ready.
-
02
Enjoy attractive interest rates
Proof of address & photo identity proof of the promoters, business proof, income proof, partnership deed for partnership firm, articles of association, memorandum of association, board resolution, PAN card, etc.
-
03
Pre Admission Sanction
Applicants should be aged between 21 to 65 years, having business vintage of a minimum of 3 years. The minimum business turnover and a minimum annual turnover as per the ITR will be required. The business should be profit-making for at least the last 1 year.
Features and Benefits of our Education Loan
- • Flexible Financing: Cover tuition fees, living costs, and more.
- • Wide Course Range: Available for various courses and institutions.
- • Affordable Rates: Competitive interest rates for cost-effective borrowing.
- • Moratorium Period: Repayment starts after course completion.
- • Collateral Options: Choose between Collateral and Non-Collateral Loans.
- • Co-borrower Support: Parents can enhance eligibility as co-borrowers.
- • Tax Benefits: Possible tax deductions on interest repayment.
- • Convenient Application: Apply online for a hassle-free experience.
- • Direct Disbursement: Funds disbursed directly to the institution.
- • Tailored Repayment: Flexible repayment options, including EMIs.
- • Inclusive Eligibility: Open to Indian residents, NRIs, and some foreign nationals.
- • Future Studies Covered: Loans might include funding for further courses.
- • Added Value: Some lenders offer insurance and career support.
Eligibility Criteria
Education loan eligibility criteria can vary depending on the country of study, the lender, and the type of loan you’re applying for. However in a general overview the factors that often influence education loan eligibility are:
Age: Most lenders have a minimum and maximum age requirement for loan applicants. Typically, you need to be of legal age (18 or older) to apply for a loan.
Course/Program Eligibility: Education loans are often tied to specific educational programs or courses. Lenders may have a list of eligible institutions and programs that qualify for loans.
Admission Offer: Many lenders require proof of admission to an eligible educational institution before approving a loan application.
Academic Performance: Some lenders might consider your academic performance as part of the eligibility criteria. This could include factors like your high school or previous education grades.
Co-borrower or Guarantor: If you have limited credit history or income, some lenders might require a co-borrower or guarantor (usually a parent or guardian) who will share the responsibility of repaying the loan if you are unable to do so.
Credit History: Student’s as well as their co-borrower/guarantor’s credit history and credit score can play a significant role in determining your eligibility for an education loan. A good credit history can improve your chances of approval and may lead to more favorable loan terms.
Income/Financial Ability: Some lenders may consider your ability to repay the loan based on your income or your co-borrower’s income.
Loan Amount: The loan amount you’re requesting in relation to the cost of the program might affect your eligibility. Lenders may have specific limits on the loan amount they are willing to offer.
Collateral or Security: In some cases, lenders might require collateral or security against the loan, especially for larger loan amounts. This could be in the form of property, investments, or other valuable assets.
Documentation: You will likely need to provide various documents as part of your loan application, such as proof of identity, proof of admission, income documents, and more.
Fees and Charges for Education Loan
The fees and charges of education loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to education loans:
Particulars
Charges
Loan Processing Fees
0.5% to 4% of loan amount
Loan Cancellation
Usually around Rs 3,000
Stamp Duty Charges
As per actuals
Legal Fees
As per actuals
Penal Charges
Usually @ 2% per month; 24% p.a.
EMI/Cheque Bounce
Around Rs 400 per bounce
Documents Required to Apply for Education Loan
You will likely need to provide various documents as part of your loan application, such as proof of identity, proof of admission, income documents, and more for both Student as well as the Guarantor or co-borrower.
Student-Applicant:
Proof of Identity (Any one): Pan/Adhar/Passports etc
Proof of Residence/ Address (Any one): Passport mandatory in case of Studies Abroad
Academic Records: 10th Result & 12th Result, Graduation Result- Semester-wise (if applicable) Entrance Exam Result through which admission is being taken (e.g. CAT, CMAT, JEE, NEET, CET, GMAT, GRE, TOEFL, etc.)
Proof of admission: Offer Letter or Admission Letter from the Institution. Conditional admission letter may be considered in case of studies abroad.
Statement of cost of study/ Schedule of expenses
College / Course prospectus (if available)
2 passport-size photographs
A/C statement for last 1 year in case of any previous loan from other Banks/Lenders
Education Loan Documents for Co-Applicant/ Financial Co-Applicant/ Guarantor
II. Co-applicant/Guarantor:
Proof of Identity (Any one):
Proof of Residence/ Address (Any one):
2 passport-size photographs
A/C statement for last 1 year in case of any previous loan from other Banks/Lenders
III. Income Proof for Salaried Co-applicant/ Guarantor:
Salary Slip or Salary Certificate
Copy of Form 16 and IT Returns acknowledged by IT Dept.
Bank account statement for last 6 months (of Salary Account)
IV. Income Proof for Self-employed Co-applicant/ Guarantor:
Business address proof (If applicable)
IT Returns acknowledged by IT Dept., TDS Certificate (Form 16A, if applicable)
Bank account statement for last 6 months
Send Your Request &
Get Call Back
Fill all the necessary details and Get call from experts.