Future Scholars Bank
Invest in your future with our comprehensive education loans for studies in India and abroad.
9.5% p.a. onwards
15 years
Nil
Key Features
- Provider: Future Scholars Bank
- Loan Amount: Up to ₹1.5 Cr
- Moratorium Period: Course duration + 1 year
- Co-applicant: Required
Eligibility Summary
The Scholar-Plus Education Loan typically requires applicants to be enrolled in an eligible educational program at a recognized institution. Age limits may apply, generally requiring applicants to be at least 18 years old. While a specific credit score might not always be mandatory, a favorable credit history can significantly improve approval chances and interest rates. Some lenders may also consider the co-signer's creditworthiness and income.
Ideal Borrower Profile
The Scholar-Plus Education Loan is ideally suited for students pursuing higher education who may lack a substantial credit history or income. It's particularly beneficial for those attending reputable institutions and studying in fields with strong career prospects, increasing their ability to repay the loan after graduation. Students who have a creditworthy co-signer, such as a parent or guardian, can also benefit significantly from this loan, securing better terms and interest rates.
Repayment Tips
To effectively manage your Scholar-Plus Education Loan repayment, start by creating a budget to track your income and expenses. Explore all available repayment options, such as income-driven repayment plans or extended repayment periods, to find the best fit for your financial situation. Make more than the minimum payment whenever possible to reduce the principal faster and save on interest. Consider setting up automatic payments to avoid late fees and potentially qualify for interest rate discounts. Finally, stay in communication with your lender if you experience financial difficulties; they may offer temporary solutions like forbearance or deferment.
