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Published byNoreen Merritt Modified over 8 years ago
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Conventional finance Conforming finance Secured finance Non-Conforming finance Unsecured finance Open-ended finance Close-ended finance
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Education loan in India can be taken by students who wish to undertake higher studies in India or abroad. It helps you paying high and expensive tuition fees for any course curriculum which you intend to complete. In its purest form, education loan is a kind of loan where you are not required to repay principal amount until the time you are doing your course. Under most circumstances, interest is calculated on your education loans and then added back to your principal amount to calculate EMI which starts after you complete your course and start working. Even, there are some financial institutions and lenders that provide you complete holiday period wherein you are not required to pay interest.
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Quantum of Education Loan The quantum of student loans in India depends and varies with each financial institution but generally to determine quantum of loans, educational loan is divided into two categories- for students taking loan to study in India and for students taking loan to study abroad. As per policy standards and guidelines, the bank offers loan up to INR 4 lakhs without any security for studying in India and to study abroad, banks provide loans up to INR 7 lakhs without any security. The maximum loan offered is INR 10 lakhs for study in India and INR 20 lakhs for studying abroad. Student Loans for Indian Education Education loans can be easily availed by students who wish to study any field in India. Student loans in India can be availed for pursuing courses such as MBA, engineering and medicine easily and any other accredited course. Banks and other financial institution find it very tough to provide loans to those students who pursue courses without any accreditation or course from non-affiliated university
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Income Tax Benefits in Student Loans After a student starts paying their educational loan back to the lender, they can avail income tax benefits under income tax laws. The interest paid on the education loan is fully deductible from taxable income, thus helping you to decrease your tax liability. Education Loan Eligibility and Required Documents Post-graduation in job oriented arenas such as engineering, medical, business and management courses are eligible for the loan. To be eligible for the education loan, student or applicant must be an Indian national and should be selected via proper entrance test. Age limit for an applicant is 12-30 years. To apply for education loan, student has to submit documents such as application form, mark sheets of last qualifying exam, proof of admission, bank statements and income proof of co- borrower plus schedule of estimated expenses. The expenses that are considered for loan includes expenses on books, travelling expenses, purchase of a computer in addition to tuition fees.
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Home loan is main source of finance when it comes to purchasing a self owned home. It is important to make sure that the home loan you are opting for is affordable for you and you are comfortable in repaying it. If you are not, it may lead to poor or bad credit history. Here are some points or factors to consider when getting a home loan. Factors you should keep in mind when you are going for a home loan is the loan amount involved, the tenure of repayment within which you will have to repay the loan with interest, whether you want to go for hybrid loan or fixed interest loan and which insurance would you go for your home loan. Apply For home lone You can compare various options regarding home loans on our website and chose the best option for your requirement. The documents required for home loan are Age proof, Address proof, Income of the applicant.
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Personal Loan is typically a form of unsecured loan with a fixed repayment schedule and equated monthly installments. However, there are secured personal loans as well, whereby the borrower has to keep an asset as collateral, which the lending institution can possess on the former declared as a defaulter. Personal loans are generally used to meet temporary cash requirements such as wedding, children's education, home improvement, luxury holiday, buying a car or an electronic appliance, etc. There are several banks and financial institutions providing attractive deals on personal loan offers with lucrative interest rates. Each personal loan lending institution has different eligibility criteria, rate of interests, and repayment tenure, which should be reviewed and compared to make an informed and smart decision before applying. Compare personal loan offers at PersonalLoanBazaar.com, and fulfill your dreams with us.
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Key Benefits of Personal Loan: Personal Loans come with several benefits as mentioned herewith: Get approved for loans up to INR 15 Lakh, depending on income and repayment capacity. Personal loans ensure quick processing, which is often sanctioned within 72 hours, depending on documents submitted to the lending institution. Personal loans typically don’t require any guarantor or security. It requires only minimal documentation. 12-60 months repayment tenure. Multiple repayment methods such as post dated checks, electronic clearing services, account debit. Attractive interest rates. Personal loans available for salaried and self employed.
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Eligibility Criteria for Personal Loan: For Self Employed: Should be an Indian Minimum age of 23 or 25 years with a maximum age of 65 years Minimum income of INR 2-2.5 Lakh per annum Minimum of 3 years experience in the same business Private limited, partnership firms, and deemed limited companies are eligible for personal loans Residence or office should be either self owned or rented For Salaried: Should be an Indian Should be minimum 21 years of age and maximum 58-60 years Minimum net income of INR 15,000 to 20,000 per month Overall 3 years of work experience with a minimum of one month experience in the current organization Residence either owned, company provided or rented
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Compare and choose best loan offer among various banks to fulfill your dream of buying a Car. Apply online to get fast and easy Car Loan. Get the lowest loan rate after comparing Car Loan offers by various banks. No paper work is required, just fill the form online and get fast loan to suit your requirements. Everybody has a desire to buy a car but due to budget constraints, some people are not able to afford it. Car loan helps you fulfill this desire of buying a car but you have to pay a cost in the form of interest to the loan financing institution. You can buy a car of your own choice with the help of car loan enabling you to move freely wherever you want. Apply for Car Loan As told above, there are several aggregators that provide you various calculators and comparison tools. They also help you to apply for car loan online which is the most convenient and simple mode of getting a car loan. There are other advantages of applying car loan online like you don’t have to bear costs of travelling thus saving your busy time.
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Car Loan Eligibility The car loan eligibility criteria includes an individual’s annual income, age, residence, loan amount, tenure, credit score, current experience, income tax returns, etc. In case of a salaried employee financial institutions also check minimum turnover, stability in business, repayment capacity, past obligations and relationship with a particular financial institution. All these factors are kept in mind by the loan provider while approving a loan. Annual income along with other factors determines your loan amount. Car Loan Interest Rates in India Different banks and financial institutions charge different interest rates on auto or car loans. The rate of interest is dependent on the amount and tenure of the loan mainly but factors like credit score also play an important role in determining interest rate for an individual. An individual with good credit score will get a cheaper deal as compared to individual with relatively bad credit score. Generally, banks charge two types of rates such as fixed and floating rate of interest. Under fixed rate, interest rate is not dependent on external factors while floating rate is dependent on external factors such as prime lending rate. It changes with change in PLR. How to Process Car Loan There are four steps in a normal car loan procedure. You have to get in touch with the car loan provider first of all and make an enquiry for a particular kind of loan determining your requirement. You must compare deals offered by various lenders at this stage. After you finalize your lender, the lenders personnel will collect your documents and credentials required. Your submitted documents will be verified in order to check if you meet eligibility criteria. The final stage is the approval of your loan which is done after the consent of investigating agent
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For More Information Help line No: - 0532-6050077, 07499488800, 07080100113 Email ID: info@jvswindia.cominfo@jvswindia.com, jvswindia@gmail.com Web Site: www.jvswindia.comwww.jvswindia.com, www.ppskindia.com
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