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Education Loan in Jharkhand
Investing in education can be one of your most significant financial decisions as a student. Investing in your education is a wise financial decision to help you have a better future.
Plan your education loan in Jharkhand early to ensure you make the best choice.
Learn more about the education loan interest rate in Jharkhand, the SBI Education loan in Jharkhand, payback schedules, and how to get an education loan in Jharkhand.
Education Loan in Jharkhand: An Overview
More details are covered in the blog. Keep Reading!
Best Bank for Education Loan in Jharkhand
In this section, you will get to know more about famous commercial banks such as SBI education loan in Jharkhand:
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Education Loan Interest Rate in Jharkhand
Banks charge a specific education loan interest rate in Jharkhand. Before investing, be aware of the interest rate on SBI education loans in Jharkhand and other student loan schemes.
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Documents Required for Availing an Education Loan in Jharkhand
If you are wondering how to get education loan in Jharkhand, start by collecting the documents required. Here’s a list of documents you will need:
Minimal Documentation. Higher Chances of Approval. Easy Online Processes. Check Your Eligibility.
Education Loan in Jharkhand: Key Features
Lets discuss the various features of this loan in more detail. Knowing these things would help you make better decisions and handle the loan situation more effectively.
1. Costs Covered
Banks and non-banking financial organisations in Jharkhand offer education loans to meet a range of fees, including:
- Tuition or course fees
- Accommodation or hostel costs
- Costs of books and stationery
- Travel costs (if studying overseas, including airfare)
- Mess and food costs
- Expenses for projects, thesis work, clothing, and laptops or computers
- These loans might also be used to pay for additional costs associated with the educational program
2. Moratorium Period
The period after the loan is disbursed is known as the moratorium period. It usually lasts for the length of the course plus, depending on the bank's ongoing policy, a further six months or a year after completion.
3. Loan Margin
The amount of the loan that the applicant needs to arrange on their own is referred to as loan margin. It measures the applicant's ability to repay the loan and is expressed as a percentage of the requested loan amount.
The loan margin is typically 5% of the total loan amount when studying in India; when studying overseas, it is 15% of the total loan amount. However, the actual loan margin may change based on the loan type and plan.
4. Collateral Margin
The percentage of the collateral value that banks take into account when calculating the loan amount is known as the collateral margin. Depending on the kind of collateral, banks may accept up to 100% of the value of movable property or liquid assets.
Accepted Assets As Collaterals for Education Loan in Jharkhand
In Jharkhand, acceptable collateral for school loans consists of:
Properties
Residential homes and apartments are accepted as security for student loans.
Non-Agricultural Lands
Non-agricultural land is admissible as collateral if its boundaries are clearly marked.
Liquid Assets
Government bonds, LIC policies, and fixed deposits are examples of liquid assets that can be used to secure student loans in Jharkhand.
Note: Banks will not accept tribal properties as collaterals.
Common Reasons for Rejection of Education Loan in Jharkhand
In Jharkhand, common grounds for rejecting an education loan could be as follows:
1. Insufficient work or income:
If a borrower does not have a steady source of income or is jobless, the lender may refuse their application for an education loan.
2. Bad credit history:
An application for an education loan may be denied if the applicant has a low credit score or a history of loan defaults.
3. Absence of collateral:
To secure the loan, specific lenders may require collateral in the form of real estate or other assets. The applicant's application can only be allowed if they have enough collateral.
4. Inadequate documentation:
Erroneous or incomplete documentation may also cause a loan to be denied. For the loan to be processed, the applicant must provide all required documentation to the lender.
5. The applicant's academic history:
Lenders may also consider their educational history and chances of success in their chosen field of study.
It is crucial to remember that various lenders may have varied standards and regulations regarding school loan acceptance, and even if one lender rejects an application, another doesn't need to follow suit.
Suggested read: Top 8 Education Loan Rejection Resons in India
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Repayment Plan for Education Loan in Jharkhand
If you want to calculate your monthly and yearly EMI, check out this EMI calculator by Propelld.
Higher Education Institutes in Jharkhand
Following are some higher education institutes in Jharkhand that students aim for:
Students opt for an SBI Education loan in Jharkhand to enter these prestigious institutes. But we understand if Jharkhand's education loan interest rate is too overwhelming for you. You have some other resources at your disposal, too!
Government Schemes for Education Loan in Jharkhand
Through government schemes, you can get concessions if you want a low education loan interest rate in Jharkhand. Here are some of them:
Why Choose Propelld for an Education Loan in Jharkhand?
It can be very challenging for a student under academic pressure to figure out how to get an education loan in Jharkhand.
Propelld offers student-specific education finance choices. Whether you're searching for an education loan in Jharkhand for medical or engineering students, we have the solution.
The following are some advantages of utilising Propelld for your student loan.
