Education is one of the most important aspects of a person’s life. If you are a parent, you would certainly want to give the best opportunities for studies to your children. However, today the cost of studies has increased more than it was years before.
Apart from financial planning to meet cash requirements for college or school, you can also take a school fee loan from loanbaba.com to get instant money up to INR 50K on the same day of the loan application to complete the study requirements of that for your children.
Why is a Coaching Class Loan Important Today?
A tuition fee loan becomes instantly available for any educational needs of your child. As education is expensive and grossing one of the highest inflation rates today, a good student loan can sort out unexpected expenses in the study sector.
You can borrow a minimum of INR 10K for your child’s studies. The coaching class loans can be repaid in a short time thus do not stress you economically. You can pay in flexible EMIs as per your income and repayment capacity in a comfortable tenure ranging from 60 to 120 days.
An immediate student loan can help in many ways:
- Works if you require money for your child’s urgent projects, pending college fees, registration charges for examinations, or enrolment for a new course.
- There is never a risk of running out of money for something as important as meeting urgent school fees. There are several banks with comprehensive student loan schemes that give timely monetary assistance.
- A tuition fee loan is offered within 24 hours and ensures that your child’s study plans are not disrupted due to a lack of finance.
School Fee Loan Interest Rates
Many factors come into play when determining the interest rate for a coaching class loan. At loanbaba.com, you can get rates as low as 0.1% to 0.15% per day. However, the calculation of interest rates for any loan product may differ on a case-to-case basis.
Documents You Need:
To be eligible to apply for a school fee loan, you must possess certain documents mentioned below:
- Address Proof: The documents which provide address (temporary or permanent) proof. These may include copies of voter ID cards, ration cards, Aaadhaar cards, passport, electricity bills, and others.
- Identity Proof: Furnish documents, which provide proof of your identity such as Aadhar card, PAN card, passport, ration card, voter ID card, and similar docs.
- Financial Profile: It is essential to submit your CIBIL report while applying for a student loan, with help of which the bank can understand your creditworthiness. The documents may include income proof, bank statements and more.
- Income and Employment Proof: The bank will need documents, which are proof of your employment so as to confirm your service to an individual or a company. The documents can include bank statements, salary slips for last 6 months, appointment letters etc.
Calculating your Tuition Fee Loan Eligibility:
- School fee loans can be taken by any of the parents of the child.
- You must be salaried with a minimum monthly income of INR 20,000.
- If you have any current EMIs to be paid, they will be taken into the account along with your repayment capacity before considering the loan eligibility.
- Your credit score must be at least 600 to get the student loan.