In today’s society, education is the path to a decent job or a good career. Many of you may want to study abroad to attain a graduate or postgraduate degree. However, education has grown increasingly expensive. One alternative is to take out a personal loan for schooling. There is another alternative present now for you: the YES Bank education loan. In this article, we bring to you everything you need to know about the YES Bank education loan. Read below to know more!

Highlights

The YES Bank education loan is intended to assist students who have been admitted to a higher education course at a recognised institution via an entrance exam or a merit-based selection process. The loan can be used to cover any expenditures directly linked to the course, such as tuition, book purchases, laptop purchases, dormitory fees, lab fees, examination fees, and so on.

Loan Amount

The loan is need-based. The amount to be offered is determined by your academic record. You can get funding for your international education from YES Bank. Only once the university has approved your education loan will the bank be able to give you money. As a result, payments will begin a year after the course is completed. If you got a job after finishing the course. After finishing the course, you have a one-year payback period during which you must find work to return the debt. 

Eligibility to Get a Loan

To qualify for an education loan, here are the requirements:

• Admission must have been obtained
• Must have a co-applicant
• Expenses incurred throughout the course, including costs of books
• Passport and visa required for international study
• Letter of acceptance from the institution 

Interest Rate

Education loan interest rates begin at 12% and are determined by the student’s career prospects after completing the course and the repayment ability of the co-borrower.

YES Bank Education Loan Repayment 

The education loan can be repaid in equivalent monthly instalments (EMIs) for a maximum of 15 years.

Insurance Cover for YES Bank Education Loan

YES Bank Limited is an insurance agent for Max Life Insurance Company Limited and Reliance General Insurance Company Limited, through which it secures your school loan. YES Bank offers security with the education loan so that the student is protected in the event of an accident in the future. And is able to pay the insurance payment in addition to the loan EMI. 

Document Required for the YES Bank Education Loan

To confirm the identification and income information of the co-applicant, students must provide a list of papers to YES BANK. Here is a list of documents required:

• Aadhaar Card
• PAN Card
• Driving Licence
• Educational Certificates
• Admission Letter
• Passport

Income Proof Documents for the Co-borrowers

• Salary Slip
• ITR report
• Salary certificate
• Form 16

Charges

How to Apply for the YES Bank Education Loan?

Here are the steps to apply for the YES Bank loan:

• To apply for the loan, go to your local bank branch and ask for the education loan form from a bank representative; 
• Fill out the form and send it together with the papers listed above;
• Pay the processing charge and then wait for it to be approved;
• When your loan is authorised, the funds will be sent to your bank account.

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That was all about the YES Bank Education Loan. We hope this article was helpful. Get in touch with Leverage Edu experts and fly high towards your dream career. For the latest updates, you can follow us on Instagram, Twitter, Facebook and also subscribe to our newsletter.