Education Loan for B. Tech at the Lowest interest rates
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Introduction
A large number of Indian students today are pursuing engineering as a career due to its high demand not just in their home country but also countries all over the world. The educational and infrastructural facilities present for engineering students abroad are exceptional and some of the top universities offer the highest quality of education for this course. Most students look out for funding options that can help them pursue their dream of studying in nations like the USA, the UK, Canada, Australia, and all over Europe. Therefore students have the option to get an education loan for B.Tech that will help them finance their studies abroad. There are many national banks and non-banking financial institutions (NBFCs) that provide education loans for B Tech students. This enables students to look ahead and afar from these financial constraints and study their chosen field.
B.Tech Education Loan Eligibility
There are specific B Tech education loan eligibility criteria that every financial institution will have. However; every lender has a general set of prerequisites that we have mentioned below.
- Candidate must be an Indian citizen or resident
- Candidate must have obtained a place in a B.Tech programme at one of the participating universities
- Some banks have age limitations of 35 years, so it is best to double-check with the financial institution
- Additionally, criteria influencing the bank's choice to provide a study loan for B.Tech might include academic merit, B.Tech university repute, the collateral given, and the applicant's financial background
Expenses covered under Education Loan
The best aspect of taking out an education loan for B.Tech students with UniCreds is that students may obtain up to 100% financing, which means that the loan will cover all or most of their expenditures. The following are the expenses that students might anticipate a B.Tech education loan to cover -
- Tuition Costs
- Travel & Transport including the tickets
- Accommodation & Rental expenses
- University fees & additional course costs
- Food expenditures
- Living expenses
- Laptop
- Other research, thesis, and project-work-related expenses
- Any other expense required for a B.Tech
Top Education Loan Providers in India for B.Tech Admission
Following are the top education loan providers offering loans for B.Tech students wishing to study abroad-
- Avanse
- IDBI Bank
- InCred
- Axis Bank
- ICICI Bank
- HDFC Credila
- Bank of Baroda
B.Tech Education Loan financing and collateral requirement
The applicant must have been accepted by a reputable college or university. If the loan amount is greater than Rs. 4 lakhs, collateral security is required. A co-applicant is required when applying for a loan by the applicant. For loans between INR 4 lakh and INR 7.5 lakh, a third-party guarantee is necessary even though collateral is not. If the applicant is married, the co-applicant may be the applicant's spouse or else parent, or legal guardian.
Steps to Apply for a B.Tech Education Loan
As opposed to the traditional tedious procedure of applying for an education loan for B.Tech, UniCreds helps applicants streamline the process and makes it easier for students at every stage - from application to disbursement. Following are the steps to apply for an education loan for B.Tech-
- After reviewing the B.Tech loan eligibility requirements, students must choose the bank they want to proceed with for their loan application or contact one of our specialist loan consultants
- Following that, candidates can complete their B.Tech loan application form online
- The UniCreds counsellors also recommend a personalized list of documents/paperwork necessary for the applicant so that he/she may attach the same to the application
- Following the attachment of the documents and submission of the application form, the banks will analyse and assess it and then approve and disburse the loan amount
Repayment of B.Tech Education Loan
Ideally, students should start paying back their B.Tech education loan one year after receiving their degree, or six months after finding employment, whichever comes first. The moratorium period is the name given to this period of relaxation. The normal payback period is 5 to 7 years, however, depending on the terms and circumstances of the bank, it may be prolonged.
Frequently Asked Questions
