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 education loan. Read below to know more!
|Interest Rate||12 – 14%|
This Blog Includes:
About YES Bank Education Loan
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.
YES Bank Education Loan for Study Abroad Purposes
The details of this bank’s education loan for study abroad purposes are tabulated below.
|Expenses Covered||Academic Expenses, including examination etc
Books, Equipment expenses
|Limit of Loan Amount||Up to INR 40 lakhs|
|Co-applicant||Parents or Siblings or Parents-in-Law|
|Interest Rate||From 10.99%|
|Repayment Duration||Up to 5 years|
The eligibility criteria for education loan for study abroad purposes are as follows.
- Admission must have been obtained in higher educational institutions
- Should have completed education at 10+2 level
- 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
YES Bank Education 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.
Education loan interest rates begin at 10.99% 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.
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.
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
Income Proof Documents for the Co-borrowers
- Salary Slip
- ITR report
- Salary certificate
- Form 16
Shared below are the main charges
|Pre-payment fee||6% of the balance if foreclosed during the moratorium, otherwise none|
|Late Payment charge||24% per year|
|Swapping fee||INR 500+GST|
|Repayment schedule||INR 200+GST|
|Rescheduling fee||INR 1,00+GST|
|EMI return charges||INR 550+GST|
How to Apply?
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.
YES Bank is one of the best for education loan.
Bank of Baroda provides a range of education loans easily.
Central Bank of India has less interest rate for education loan starting from 6.85%.
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. You can also refer to Fly Finance for all your banking questions. For the latest updates, you can follow us on Instagram, Twitter, Facebook and also subscribe to our newsletter.