WHAT IS EDUCATION LOAN?

Education loan or student loan is a form of monetary assistance availed by students to meet the expenses associated with their studies. The student loan includes expenses related to school fees, post-secondary education or cost associated to higher education.

Leading Indian banks offer education loans to help students achieve their academic objectives.  Both in-country and out-of-country higher education can benefit from education loans.

The lender will determine which courses are qualified for an education loan. An education loan may be obtained for courses beginning in Nursery. You can acquire a loan for full-time or part-time courses, as well as loans for working professionals, for higher education.

Education Loans has the following features:

  • No collateral or third-party guarantee required up to Rs. 7.5 lakh
  • No margin on loans up to Rs.4 lakh
  • Repayment to be done one year after course completion
  • Moratorium period is course period and 1 year
  • Maximum Loan Tenure: 15 Years 
  • Second loan can be availed for completing higher studies
  • Loan disbursal within 15 business days from the date the bank receives your complete application
  • Unsecured loans up to Rs.20 lakh for working professionals.
  • Minimum processing fees and documentation fees
  • Tax benefit can be availed on education loan
  • Loan amount will be directly disbursed to the institution based on its fee structure

     

    Nationality:

    • Indian citizens
    • Non-Indian Residents (NRIs)
    • Overseas Citizens of India (OCI)
    • Persons of Indian Origin (PIOs)
    • Students born to Indian parents abroad and wish to study in India

    Courses:

    • Undergraduate programs
    • Postgraduate programs
    • Doctoral courses and PhDs
    • Certificate courses of 6 months or longer duration
    • Job-oriented courses
    • Technical/diploma/professional courses

Institutes:

  • Recognized institutions and government colleges
  • Private institutes aided by government
  • Professional institutions
  • International colleges and universities

Collateral:

  • Collateral-free loans up to Rs.7.5 lakh from leading lenders
  • Collateral-free loans up to Rs.40 lakh for select courses / institutions from select lenders
  • Acceptable collateral: Residential or commercial property or plot, fixed deposits, insurance
  • Loan amount: Up to Rs.1 crore

Expenses Covered by Education Loans

Some of the additional expenses covered by education loans are:

  • Hostel fees
  • Exam fees, laboratory and library fees
  • Cost of books, uniforms, projects, etc.
  • Travel expenses for overseas education
  • Deposits required by the educational institute

Tax Benefits on Education Loan

The interest you pay on your student loan can be deducted under Section 80E of the Income Tax Act of 1961. This advantage is only available to individual borrowers and is only offered for the purpose of higher education. The deduction is available to all fields of study, both domestically and internationally. It includes both vocational and academic courses.

It’s important to remember that the tax deduction only applies to the interest portion of the EMI, not the principle. There is, however, no limit to how many times you can claim this benefit. You’ll need a certificate from your bank or financial institution that separates the principal and interest components of your EMIs to qualify for this benefit.

This benefit is accessible for 8 years from the day you started repaying your loan or until the interest component is paid off, whichever comes first.

List of Documents Required for Education Loan

Here is an indicative list of documents that most lenders ask:

  • Admission letter from the educational institution
  • Marksheets (previous education – school/college)
  • Age proof
  • ID proof
  • Address proof
  • Signature proof
  • Salary slips
  • Recent bank statements (12 Months)
  • ITR with income computation (Business Man)
  • Audited balance sheet (Business Man)
  • Proof of turnover (service tax return/sales receipt) (Business Man)
  • Completed application form with signature
  • Latest passport size photographs
  • Appropriate Visa for studies abroad

Why to choose Finbizz for Education Loan?

  • Quick Loan Approval
  • Hassale free Documentation
  • Quick Sanction and Disbursement (With in 15 days from Documentation)
  • Highest Customer Support
  • Consultancy Support 

 

 

 

WHAT IS A PERSONAL LOAN?

Personal loans are any purpose loans which are given without any collateral or guarantor. This is a very unique loan product wherein the borrower is at his/her discretion to do whatever they need. In other words, unlike a car loan or a housing loan, a personal loan can be used by the borrower for any of his/ her personal needs. There is no restriction for the usage of such loans though it should not be used for speculative purposes and investment in tax saving instruments.  The loan can be repaid like all other loans through the equated monthly instalment -EMI (Use EMI Calculator) process where a fixed amount is paid each month.

Personal Loans has the following features:

  • They are provided without any specific purpose and for personal and business use.
  • They are given without a collateral or guarantor.
  • They come at an attractive rate of interest and that will be between 10.50% to 24%.
  • They are relatively short term loans vis a vis other loans(i.e 3 to 5 years)
  • Personal Loan can get disbursed as fast as 24 hrs if the documents are in order.(Depending upon the documents available with the client)

Personal loans are currently offered from Rs 50,000 to Rs 50 Lakhs and are typically repaid in tenures ranging from 1 to 5 years.

Higher Loan Amount + Least Loan Tenure = Low Interest Amount

Who can avail the Personal Finance?

  • Any individual between the age of 21 to 60 Years.
  • Salaried 
  • Business Man

Required Documents for Personal Loan 

  1. Aadhar card & Pan Card of Individual
  2. Form 16 Or Income Tax Returns with Computation and Schedules ( For Past 3 Years)
  3. Bank statement for savings and current account ( If He/she Business man)
  4. GST certificate , GST Returns (GSTR 1& 3B) of past 12Months, MSME Certificate  ( If He/she Business man)

Why to Choose Finbizz for Personal Loan requirements ?

  • Our well experienced Consultants will advise you for entire loan procedure as well as they will provide proper guidence for client’s finance planning which will help the client to determine his financial position. 

 

 

 

VEHICLE LOAN

 

WHAT IS A VEHICLE LOAN?

A Vehicle Loan is a loan that allows you to purchase two and four wheelers for personal use. Typically, the lender loans the money (making a direct payment to the dealer on the buyer’s behalf) while the buyer must repay the loan in Equated Monthly Instalments (EMIs) over a specific tenure at a specific interest rate.

Finbizz provides vehicle loan in the form of Car Loan, Used Car Loan, Loan Against Car, Tractor Loan , Commercial Vehicle Loan etc.

Vehicle Loan has the following Features:

  • Low Intrest rate compare to other loans.
  • The car purchased through financing will be held as collateral until the loan is repaid. No other Collateral is required.
  • The loan tenure can range from one year up to seven years.
  • Flexibility in re-payment
  • The loan amount can be up to three times the annual income of the applicant.
  • The financing can go up to 85%-90% of the on-road price of the car. Some banks offer up to 100% financing on the vehicle’s on-road price to certain conditions.

Documents Required

  • Photo ID and Age Proof 
    • PAN card & Aadhar Card
    • Driving license (mandatory)
  • Signed application form 
  • Three passport size photographs
  • Residence Proof
    • Valid passport/Notarised registered rent agreement
  • Bank statement for the last six months
  • Salaried individual
    • Last three months’ salary slips
    • Form 16 or Income Tax Returns
  • Self-employed individual
    • Balance sheet and profit and loss account, computation of income for last two years.
    • Income Tax Returns – last two years for applicants, 26AS, Traces
    • Business proof : 
      • GST Certificate , MSME Certificate
      • Quotation of the Vehicle (  Car/ Commercial Vehicle)
      • Margin Money Recipt 

Why to Choose Finbizz for Vehicle Loan requirements ?

  • Complete Guidence will be provided by our Team
  • Hassle free documentation
  • Maximum Disburesement 
  • With in a day approval from the date of full documentation
  • Loan from top leading banks

 

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