Cholamandalam Investment and Finance Company Limited (Chola) is a leading non-banking financial company in India that provides a range of financial services, including education loans. Chola's education loan is designed to provide financial assistance to students who wish to pursue higher education in India or abroad.
The education loan offered by Chola covers various expenses related to education, such as tuition fees, living expenses, travel expenses, purchase of books and equipment, and other related expenses. The loan can be availed by Indian nationals who have secured admission to a recognized institution for pursuing undergraduate, postgraduate, or professional courses.
1.Who is eligible for Chola's education loan?
Indian nationals who have secured admission to a recognized university/institution in India or abroad are eligible for Chola's education loan. The applicant should be between 18 and 35 years of age and have a co-applicant/guarantor who can provide collateral security.
2.What is the maximum loan amount offered by Chola?
Chola offers education loans starting from Rs. 1 lakh up to Rs. 20 lakhs, depending on the course, institution, and other factors.
3.What expenses are covered by Chola's education loan?
Chola's education loan covers tuition fees, hostel/mess charges, books, equipment, and other related expenses.
4.What is the repayment tenure for Chola's education loan?
Chola offers a repayment tenure of up to 7 years, with flexible repayment options through EMIs.
5.What is the interest rate offered by Chola for education loans?
Chola offers education loans at competitive interest rates, with the option to choose between fixed or floating rates.
6.Do I need to provide collateral security for Chola's education loan?
Yes, Chola requires collateral security in the form of property or other assets, along with a co-applicant/guarantor.
7.What is the application process for Chola's education loan?
The application process for Chola's education loan involves submitting the necessary documents and filling out the application form online or at a Chola branch. After verification, the loan is disbursed directly to the institution or student's account.