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.)

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.

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.

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

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.

The co-applicants for the Buddy4Study education loan can be your parents, brother, sister, spouse, parents-in-law and grandparents, etc.

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.

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

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.

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. 
 

Yes, you can pre-pay your loan. In most of the cases, there are no extra charges for pre-payment of your loan.

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.
 

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).