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About the Program
Frequently Asked Questions
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
What are the expenses covered under Buddy4Study Education Loan Programme?
The loan amount would include the following expenses towards the course:
- Tuition and fees payable to the institute
- Examination/library/laboratory fees
- Purchase of books/equipment/uniform
- Living expenses (including hostel fees)
- 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.)
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.
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.
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
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.
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.
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.
What are the documents required to apply for this study/education/academic loan?
Basic documents required to apply for this study/education/academic loan are:
- 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
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.
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.
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.
How will my EMI be calculated?
Your EMI consists of two components, the principal amount and the interest rate charged on the principal. The factors that determine the EMI are:
- amount you borrow
- rate of interest applied
- loan tenure
The EMI is to be paid on a monthly basis over the tenure of the loan.
Is there any verification carried out to assess my education loan eligibility?
Yes, we carry out certain verifications to ascertain your eligibility for the education loan. The verification process is case-specific and might involve telephonic or in-person discussions to gather more information required for processing your application. There also might be verification for your residence or office address and any additional checks as per the Know Your Customer (KYC) guidelines of the education loan providers (Banks & NBFCs).
All the information provided here is for reference purpose only. While we strive to list all scholarships for benefit of students, Buddy4Study does not guarantee the accuracy of the data published here. For official information, please refer to the official website. read more