Most public banks and private banks offer low-interest rates on your loan while they look for a strong profile with collateral whereas NBFCs usually offers unsecured loan without security at a higher rate of interest.
With Credenc, getting into your dream school is easy. You can apply for an education loan with online documentation and quick approvals and enjoy low-interest rates and accessible credit funding so that you don’t have to compromise with your dreams. Unlike the traditional lenders, we invest in your future rather than assessing you on your past.
For a detailed list of documents,
Geographical Effect
Most of the regions are serviceable for education loans excluding some of the rural areas for their inaccessibility and other conditions. Although some of the banks may limit their service to a certain radius of their headquarters, in which case, we will make sure your application is passed through other major banks and NBFCs and help you get the best rates for your loan.
Coverage & Eligibility
Service
With downstream servicing like employability services, repayment planning, and customer tracking, Credenc offers end to end free servicing that transforms and enhances your entire financial experience. We have partnered with 150+ universities across the country to catalyse finance to students in a more accessible and convenient way.
Coverage
Expenses covered under education loan are –
Fees payable to school/college/hostel.
Examination/Library/Laboratory fees.
Purchase of Equipment/Books/Instruments/Uniforms.
Purchase of Computer/Laptop if essential for the completion of course.
Travel Expenses/ Passage money for studies abroad.
Eligibility Criteria
The borrower ought to be an Indian citizen.
He/She must have secured admission in the college before disbursement.
An education loan can also be availed before securing admission in a university. NBFCs also provide pre-admission loans on the basis of scorecards of competitive exams like GRE, GMAT, IELTS, TOEFL etc.
Margin
It is important to note that public banks have a strict margin policy where they provide financing upto 80-90% of the loan amount. The rest amount has to be paid from your pocket. Whereas NBFCs and private banks offer 100% financing that covers your tuition fees, travel expenses and much more.
