Buddy4Study Education Loan Programme
Buddy4Study Education Loan Programme is an initiative of Buddy4Study along with multiple education loan providers (Banks & NBFCs) to provide financial backing to aspiring students who have secured admission into higher educational institutions in India or abroad.
Under this programme, the students will be offered collateral-free* education loan of up to ₹ 40 Lakh to pursue their higher studies at an institution of their choice. The rate of interest applicable under this programme starts from 8.1% depending on the institute category and courses.
As part of this education loan programme, students can avail customized repayment plans, flexible tenures and income tax benefits that will help them in financing their academic dreams without worries.
Study in India (Domestic) Education Loan – UG & PG
Last Date: 31-Oct-2023
Eligibility
- Open for Indian students who received admission confirmation for pursuing UG/PG programme in India
- Should be 18 years old or above on the date of application
- Must be admitted to the desired institution after completion of the pre-requisite qualifications
- Family income should be more than ₹ 3 Lakh per annum (not necessary for loan requirement below ₹ 7.5 Lakh)
- The loan amount required should be more than ₹1 Lakh
Benefits:
The candidates applying for Education Loan will receive the following benefits –
- Collateral-free* loan amount of up to ₹ 40 Lakh (minimum loan amount of ₹ 1 Lakh)
- Education loan interest rates starting at 8.1% p.a.*
- Provision for easy and fast loan sanction via seamless application process
- Loan of upto ₹ 2 Cr available with collateral*
- 100% income tax benefit for interest paid under Section 80E of IT Act
- The education loan amount would include the following expenses towards the course:
1. College-related expenses:
- Tuition and fees payable to the institute
- Examination/library/laboratory fees
- Purchase of books/equipment/uniform
- Living expenses (including hostel fees)
2. Additional expenses:
- Travel expenses
- Purchase of computers/laptops
- Overseas Insurance
- Cost of health insurance
Note: Special consideration for students pursuing professional courses from NIRF/top educational institutions (lesser interest rate depending on course and institution, quick loan disbursal, etc.)
Documents
The following documents must be uploaded by the applicant at the time of application –
- Recent passport-size photograph
- Address proof (Aadhaar Card/Driving License/Passport/Voter ID Card/NREGA Job Card of parent/s, etc.)
- Admission proof (College ID card/admission letter/ bonafide letter from institute)
- Fee structure document
How can you apply?
- Click the ‘Apply Now’ button below.
Study Abroad (International) Education Loan – UG & PG
Last Date: 31-Oct-2023
Eligibility
- Open for Indian students who received admission confirmation for study abroad
- Should be 18 years old or above on the date of application
- Must be admitted to the desired institution after completion of the pre-requisite qualifications
- Family income should be more than ₹ 3 Lakh per annum
Benefits:
The candidates applying for Education Loan will get the following benefits –
- Collateral-free* loan amount of up to ₹ 40 Lakh (minimum loan amount of ₹ 1 Lakh)
- Education loan interest rates starting at 8.1% p.a.*
- Provision for easy and fast loan sanction via seamless application process
- Loan of upto ₹ 2 Cr available with collateral*
- 100% income tax benefit for interest paid under Section 80E of IT Act
- The education loan amount would include the following expenses towards the course:
1. College-related expenses:
- Tuition and fees payable to the institute
- Examination/library/laboratory fees
- Purchase of books/equipment/uniform
- Living expenses (including hostel fees)
2. Additional expenses:
- Travel expenses
- Purchase of computers/laptops
- Overseas Insurance
- Cost of health insurance
Note: Special consideration for students pursuing professional courses from NIRF/top educational institutions (lesser interest rate depending on course and institution, quick loan disbursal, etc.)
Documents
The following documents must be uploaded by the applicant at the time of application –
- Recent passport-size photograph
- Address proof (Aadhaar Card/Driving License/Passport/Voter ID Card/NREGA Job Card of parent/s, etc.)
- Admission proof (College ID card/admission letter/ bonafide letter from institute)
- Fee structure document
How can you apply?
- Click the ‘Apply Now’ button below.
Contact
In case of any queries, please reach out to:
011-430-92248 (Ext: 123) (Monday to Friday – 10:00AM to 6PM)[email protected]
Frequently Asked Questions
Q1. Who is eligible for Buddy4Study Education Loan Programme?
Buddy4Study’s eligibility criteria for education loan include:
- You should be Indian students
- You should be 18 years old or above on the date of application
- You should have received admission confirmation or are pursuing postgraduation in India or abroad
- The family income should be more than INR 3 lakh per annum
- The loan amount required should be more than INR 1 lakh
Q2. What are the expenses covered under Buddy4Study Education Loan Programme?
The loan amount would include the following expenses towards the course:
College-related expenses:
- Tuition and fees payable to the institute
- Examination/library/laboratory fees
- Purchase of books/equipment/uniform
- Living expenses (including hostel fees)
Additional expenses:
- Travel expenses
- Purchase of computers/laptops
- Overseas Insurance
- Cost of health insurance
Note: Special consideration for students pursuing professional courses from NIRF/top educational institutions (lesser interest rate depending on course and institution, quick loan disbursal, etc.)
Q3. What is the applicable rate of interest for this education loan scholarship?
The applicable interest rate for this education loan scholarship starts at 8.1% per annum. However, this interest rate depends on the institute category and courses.
Q4. Do I need to provide collateral to get the education loan?
Collateral is not mandatory to avail Buddy4Study Education Loan Programme if the loan amount is up to INR 40 lakh. Collateral will only be required if the loan amount exceeds INR 40 lakh.
Q5. Do I need a co-applicant?
Yes, a co-applicant is required to avail Buddy4Study Education Loan Programme except in a few cases, which are decided on the basis of Buddy4Study’s education loan providers’ (Banks & NBFCs) policy criteria
Q6. Can I apply for a loan if I do not have an earning co-applicant?
At Buddy4Study, we believe in your potential and provide loans on the basis of your future income. However, the co-applicants income is required for assessment on a case-to-case basis as per the Buddy4Study and education loan providers’ (Banks & NBFCs) policy.
Q7. Who can be my co-applicant?
The co-applicants for the Buddy4Study education loan can be your parents, brother, sister, spouse, parents-in-law and grandparents, etc.
Q8. What is the loan repayment period for Buddy4Study Education Loan Programme?
Buddy4Study along with its education loan partners offer customized repayment plans and flexible tenures, thus ensuring easy repayment of education loans. However, it depends on the policies of Banks & NBFCs.
Q9. If I take an education loan, can I avail tax exemption under Section 80E?
According to Section 80E:
- Only an individual applying for a loan for further studies or higher education can claim this deduction. It is not available to HUF (Hindu Undivided Family) or any other kind of taxpayer.
- The loan can be taken for self, spouse or children or for a student for whom the individual is a legal guardian.
- Parents can easily claim this deduction for the loan taken for the higher studies of their children.
Q10. How much time does it take for education loan approval?
Generally, it takes between 2 to 7 working days to get the loan sanctioned from education loan providers (Banks & NBFCs), provided all the required documents are submitted by the applicants.
Q11. Can I pre-pay my education loan? What will be the charges for pre-payment?
Yes, you can pre-pay your loan. In most of the cases, there are no extra charges for pre-payment of your loan
