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Graduates need funding for setting up business, pursuing post-graduate or other studies, or simply for getting a start in life. Banks and NBFCs fulfill this need with carefully crafted loans for graduates. These loans are offered at low interest rates to ease the burden on the youth.
About Loans for Graduates
Loans for graduates are beneficial in many ways –
Many banks, financial institutions, and government institutions provide loans for graduates. You can visit the websites of various banks, NBFCs, and government institutions that provide loans for graduates. Here is what you should look for when you visit the various websites –
The Indian culture is different from that in the west. Indian graduates therefore have different needs and loans for graduates in India, are tailored to meet those needs. Let us take a look at the various types of loans available to Indian Graduates and the features of each -
Loan for Higher Education
Higher Education Loans are loans that are offered specifically for pursuing academics beyond graduation. The general features of education loans for Graduates include –
Loans for starting business
Many students prefer to set up their own business after having graduated. This may be a fresh start or a branch of an existing family business. Banks, NBFCs, and other institutions offer business start-up loans to graduates for setting up their new business. Here are the key features of most business startup loans –
Loans for Graduates who are awaiting Employment
Fresh graduates who are awaiting employment may avail of personal loan in the interim to tide them over for personal needs. This is a type of personal loan that may be utilized for any personal purpose such as paying rent for residence, purchasing a home, or simply day-to-day sustenance. The key features if loans for graduates who are unemployed are -
Loans for graduates are available only to Indian citizens who have completed their graduation and are looking to pursue further studies, set up a business, or get a start in life. The general eligibility criteria for graduates wanting to take loans are -
The following are some of the documents that would be required at the time of applying for loan for graduates –
While this list is comprehensive and covers most of the required documents, it is not exhaustive. Please visit the website or office of the concerned institution where you are applying for loan for a more complete list and details.
Rate of interest varies form one institution to another. It is advisable to compare the interest rates and other terms before applying.
In general, interest rates on loans for graduates range between 12 to 17 percent per annum for loan amounts of approximately 4 lakh for education. If the purpose of loan is to start up a business – start up loan – the rates may be slightly higher – 11 – 19%.
For graduates awaiting employment, rates range between 11 to 16%.
Interest rates may be fixed or floating depending on the policy of the institution from where you are taking the loan.
It is advisable to understand the interest computation of various institutions offering loans to graduates before applying for loan.
The EMI calculator tool available on the websites of most institutions can help compute the amount of EMI you will pay for varying loan amounts and terms based on the interest rate applied by the respective institutions.
Most banks and NBFCs do not ask for collateral against loans for graduates. However, this does not necessarily mean that no security will be demanded. Various banks and institutions may ask for hypothecation of assets – particularly in case of loan for equipment or start up loans – or a guarantor in case of education loans.
Institutions may also demand collateral in the form of pre-owned assets such as gold or property as security against repayment.
They may also require the asset to be of a certain minimum value.
The actual amount of loan offered may also vary depending on the collateral supplied – expressed in terms of percentage of value of collateral.
There are many different types of loan products available in the market. The features, interest rates, and other terms of loan vary from institution to institution and from one type of loan to another.
There are many other loans that can be taken by graduates for their requirements. You can compare the benefits of various loans and choose the ideal one that is suited to your current financial condition.
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