At 24x7 Education Loan Service, we are dedicated to supporting your academic aspirations with quick, reliable, and accessible financial solutions. Our mission is to make education affordable for everyone, offering flexible student loan options available anytime, anywhere. With our round-the-clock service, advanced security measures, and transparent terms, we aim to be your trusted partner in achieving your educational goals.
Empowering Your Academic Journey Anytime, Anywhere
At 24x7 Education Loan Service, we provide quick, reliable, and flexible financial solutions to support your educational aspirations. Our student loans are designed to cover tuition fees, books, living expenses, and more, ensuring that you can focus on your studies without financial worries.
24/7 Availability: Apply for a loan at any time, day or night.
Quick Approval: Get approved within minutes with minimal documentation.
Flexible Repayment: Choose repayment plans that fit your financial situation.
Secure and Transparent: Your data is protected, and our terms are clear with no hidden fees.
Apply Online: Complete a simple application form on our website.
Get Approved: Receive instant approval with quick processing.
Receive Funds: Funds are directly disbursed to your account immediately after approval.
Repay Easily: Select a convenient repayment plan tailored to your needs.
Invest in your future with 24x7 Education Loan Service. We’re here to support your educational journey every step of the way.
Autopay, in the context of education loans, refers to a convenient payment method where the borrower authorizes the lender to deduct the monthly loan instalment automatically from their bank account on a specified date. This automated payment ensures timely repayment and reduces the chances of missing deadlines, helping students manage their loan obligations efficiently.
An "education loan top-up" allows borrowers who have an existing education loan to obtain additional funds over and above the original loan amount. This option is beneficial when students require extra financial assistance due to increased educational expenses or unforeseen circumstances. The top-up amount is added to the existing loan, and the borrower continues to repay the combined loan amount as per the agreed terms.
The interest rate on an education loan is determined by various factors, including the applicant's creditworthiness, co-applicant's financial profile, loan amount, loan tenure, type of interest rate (fixed or floating), and the lender's internal policies. Students with a strong credit history and co-applicants with stable financial backgrounds are more likely to secure a lower interest rate.
Margin money, in the context of student loans for studying abroad, refers to the portion of the total educational expenses that the borrower needs to finance from their own funds. It is the percentage of the course cost that is not covered by the loan and needs to be borne by the student or their co-applicant. The remaining amount, after deducting the margin money, is financed through the education loan.
The moratorium period for education loans is the time during which the borrower is not required to make any loan repayments. It typically starts from the course completion date and extends for a certain period afterward, allowing the student to focus on finding employment and settling into their new career. The duration of the moratorium period varies among lenders but is usually around 6 to 12 months.
Education loan insurance provides financial protection to the borrower and their family in case of unforeseen events, such as the borrower's untimely demise or permanent disability. This insurance coverage ensures that the loan does not become a burden on the family, as the insurance company settles the outstanding loan amount, allowing the borrower's educational aspirations to be fulfilled even in their absence.
Education loans typically offer two types of interest rates - fixed and floating. In a fixed interest rate, the rate remains constant throughout the loan tenure, providing stability in repayment amounts. On the other hand, in a floating interest rate, the rate fluctuates based on market conditions, potentially leading to varying monthly installments.
A co-applicant for an education loan is generally a close family member, such as parents, guardians, or spouse, who agrees to take joint responsibility for repaying the loan along with the primary borrower (the student). Co-applicants should meet the lender's eligibility criteria, which may include having a stable income and a good credit history.
In India, under Section 80E of the Income Tax Act, individuals can avail tax benefits on the interest paid on education loans. The entire interest amount paid during the financial year is eligible for deduction without any upper limit. However, the principal amount repayment does not qualify for tax benefits.
In secured student loans for studying abroad, one can get up to INR 1.5 cr. In overseas education loans without collateral, students can apply for study loans of up to INR 75 Lakh. This loan amount limit can increase or decrease depending on the applicants and co-applicants profile, country, course, etc.
Collateral refers to any movable or immovable property offered to a bank as security for a loan. Most Indian banks require collateral to minimize the risk involved in extending credit. It can be in the form of liquid assets like bonds, fixed deposits, shares, or immovable properties like houses, commercial properties, or land. Agricultural land is generally not accepted as collateral.
A guarantor plays a significant role in an education loan. If the borrower defaults on payment, the guarantor has a legal obligation to repay the loan amount. If the loan amount exceeds INR 4 lakh, the bank may ask for a guarantee from a third party. In such cases, the guarantor holds the liability to repay the entire loan amount to the bank in case the borrower is unable to do so.