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Education Loan for MA Students: Eligibility Criteria and Banking Option
A Master of Arts is a two-year postgraduate degree that allows students to specialise in various fields and enhance their careers. Graduates can find opportunities in Media and Communication, Social Services, Government and public policy, etc. An education loan for an MA course helps students cover the costs of their studies, such as tuition, books, and living expenses if studying abroad.
Learn the eligibility requirements, documents, and the banks that provide education loans for MA, along with their interest rates.
Education Loan for MA: Highlights
Here are the common features of an education loan for MA:
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Education Loan for MA Interest Rates
Here are some of the top banks offering education loan for MA degrees, along with their interest rates and processing fees:
Calculate the EMI using the Education Loan EMI Calculator to estimate their EMI based on their college fees and the interest rate of the bank's education loan.
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Education Loan for MA: Loan Repayment
An education loan repayment starts 12 months after finishing the course or 6 months after getting a job. Once the repayment period starts, you can repay the loan amount through:
1. Internet Banking
Pay the EMIs online through the bank’s website or app from where you took an education loan for the MA course.
2. Cheque
Drop off a cheque at the bank.
3. Direct Debit
Make automatic payments from your bank account on the due date.
4. Demand Draft
Make payment using a demand draft issued by the bank.
Essential Terms for Loan Repayment
1. Moratorium Period
You can start repaying the loan 12 months after you finish the course or when you get a job. There is no need to make any payments during this period, though interest may still build up.
2. Part-payment of the Loan
Reduce the loan amount by making partial payments or paying a lump sum to reduce the overall repayment period and the interest.
3. Pre-payment of the Loan
You can do so if you have enough money to pay off the loan early. However, some lenders might charge a fee for early repayment. Check with your lender to confirm any extra costs.
4. Collateral-free Loans
Many education loans don’t require any security or collateral. This means you don’t have to pledge assets, like property, to get the loan, making it easier to access funding for your studies.
5. Flexible Repayment Plans
Some lenders offer flexible repayment options, like gradually increasing EMIs or paying just the interest while you study. This helps make repayment more manageable as you get started in your career.
Explore the guidelines for Education Loan Repayment Rules in India 2024. This resource provides information on the loan repayment process rules and regulations.
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Education Loan for MA: Eligibility Criteria
To qualify for an education loan for MA, students must meet the following eligibility criteria set by a bank or financial institution.
Are you struggling with a low CIBIL score and facing difficulties in applying for an education loan? Explore How to get low education loan with low CIBIL score: Tips, banks and Alternatives.
Documents Required for Education Loan for MA
When applying for an education loan for MA, students must submit the following documents to provide their identity, residence, and academic record. Below is the list of documents required:
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How to Apply for an Education Loan for MA?
Below are the steps to apply for an education loan in India:
STEP 1: Choose a Bank
Various banks provide education loan schemes, including those with low interest rates. Some popular banks are SBI, HDFC Banks, and ICICI Bank.
STEP 2: Check Eligibility Criteria
Each bank has specific eligibility criteria based on which education loan is provided. You must ensure these criteria before applying.
STEP 3: Required Documents
Provide all the necessary documents required to process the education loan.
STEP 4: Fill the Application Form
Complete the application form with the details.
STEP 5: Submit the Application
Submit the completed form along with the required documents. The bank will process your application and may call you for verification.
STEP 6: Loan Approval
After loan approval, the bank will disburse the loan amount directly to the college or university according to their fee structure.
Learn how to Apply for an Instant Student Loan Online by following a few simple steps mentioned in the article.
Factors to Consider Before Applying for an Education Loan for MA
Before applying for an education loan for MA degree, it is important to consider the factors that will make the approval process easy. Here are some of the key factors:
1. Admission Letter
Ensure you have a valid admission letter from a recognized university/college.
2. Good Credit score
A strong credit score (above 700) will increase the chance of getting a secured loan.
3. Age of applicant
The student must be 18 years to 35 years old.
4. Application form
Complete the application form accurately, providing all the necessary information and documents to avoid processing delays.
5. Select Recognized college
Choose a recognized college or university, as banks prefer to provide loans for established institutions only.
6. Appropriate visa for studies abroad
If you plan to study abroad, ensure you have the appropriate student visa.
7. Choose lender carefully
Research and compare different banks to find the best loan options, considering their reputation, loan limit, and repayment options.
8. Interest rate
Choose the bank that provides loans at low interest rates, as this may affect the repayment amount over time.
Benefits of Education Loan for MA
Opting for an education loan will reduce the pressure on family savings and avoid using investments like fixed deposits or mutual funds. Additionally, the interest on education loans qualifies for a tax deduction under Section 80E of the Income Tax Act 1961.
Here are some of the benefits of taking education loan for MA:
1. Flexible Repayment
Candidates don’t have to start paying EMIs immediately. Repayments begin after completing the course, which gives them time to plan and manage their finances effectively.
2. Covers Multiple Expenses
Education loans cover tuition fees, living costs, travel, study materials, and even laptops, reducing financial strain.
3. Flexible Repayment Terms
Banks offer reasonable interest rates on education loans, especially for top-ranked institutes. Flexible terms for collateral and co-borrowers make repayment smoother.
4. Develop Financial Independence
Taking an education loan gives students the chance to finance their own education, helping them build a strong credit history, which will be beneficial for future loans.
Getting a Master of Arts degree is a valuable step for your future; education loans can help cover the costs. By knowing the eligibility criteria and required documents and comparing loan options from different banks, you can make intelligent choices and find the proper financial support for your studies.
Propelld is a leading education loan provider in India. It offers financial assistance to students pursuing higher education and loans for various educational purposes, including MA programs.
Why Propelld?
The following are the primary benefits of Propelld.
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