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Finance Peer Education Loan
| Mode | The most applicable and suitable mode of payment is considered to be online payment as it is hassle-free and quick in nature. |
|---|---|
| ROI Reducing and Fixed |
|
| Processing Fee | Nil |
| Foreclosure Charge | Zero |
| Hidden Charges | No |
| Insurance Charges | No |
| Location | It is a PAN India service, I.e., it is available across the whole of India. |
| Mainly Focus on Funding to | Finance Peer funds for everything from the cost of books to the tuition fees. But its primary focus is domestic education. |
| Turn around time (TAT) & Min CIBIL | Turn Around Time also known as TAT is 2 days and Minimum CIBIL score is 645. |
| Moratorium | Not Applicable |
| USP | Nursery and above including part time course excluding donation. |
An education loan is a kind of Borrowings meant for pursuing higher education. It is intended for those who do not have sufficient finances for their studies. It basically covers the cost of tuition, living expenses, books, and other necessary supplies required till the persuasion period.
Finance Peer helps in the payment of student’s entire fees and repayment of the requested amount in easy and quick installment method. With the help of Finance Peer, the burden on parents is reduced by a greater extent, and right to education to given to every individual. Indeed getting an education loan is the best way to move forward towards your dream career and for that Finance Peer is the best option.
Let’s have a look at this table for a detailed overview :
| Mode | The most applicable and suitable mode of payment is considered to be online payment as it is hassle-free and quick in nature. |
|---|---|
| ROI Reducing and Fixed |
|
| Processing Fee | Nil |
| Foreclosure Charge | Zero |
| Hidden Charges | No |
| Insurance Charges | No |
| Location | It is a PAN India service, I.e., it is available across the whole of India. |
| Mainly Focus on Funding to | Finance Peer funds for everything from the cost of books to the tuition fees. But its primary focus is domestic education. |
| Turn around time (TAT) & Min CIBIL | Turn Around Time also known as TAT is 2 days and Minimum CIBIL score is 645. |
| Moratorium | Not Applicable |
| USP | Nursery and above including part time course excluding donation. |
Eligibility
- Age of student (Year) - There is No Age Limit.
- Age of co-borrower (Year) - Age must be 21-58.
- Who can be the co-borrower - Anyone.
- Who will pay the EMI - Co-Borrower is responsible to pay EMI.
Documents Required to Apply for a Finance Peer Education Loan
Basic Documents:
- Co-Borrower KYC
- Offer Letter/Admission Letter
- Fee Structure of School with Account Detail
- Month Banking
- Student KYC
- Live Selfie of Student & Co-Borrower
Additional Documents:
- For Salaried: 3-Month Salary Slip
- 2-year ITR with Computation of Income.
Thus, to conclude in one line, Finance Peer provides quick, easy and hassle-free education loans for higher studies. Indeed Finance Peer help the students to achieve their dreams and accomplish their goals.
Let us take an example, How EMI is being calculated
For instance, if "Himanshu" applies for a Finance Peer Education Loan of INR 1 Lacs and get the loan sanctioned at the rate of 11.25 % with a tenure range of 12 Months , in such a case his EMI would be INR 9,271 and complete repayment amount till the end of 12 Months tenure would be INR ₹ 111,250(i.e 9,270 EMI * 12 Months), wherein the total interest amount is INR ₹ 11,250 along with principal repayment of INR ₹ 111,250 .
| Year | Total Payment | Interest | Principal |
|---|---|---|---|
| ₹ 1,11,250 | ₹ 11,250 | ₹ 1,00,000 | |
| December-2022 | 9,271 | 938 | 8,333 |
| January-2023 | 9,271 | 938 | 8,333 |
| February-2023 | 9,271 | 938 | 8,333 |
| March-2023 | 9,271 | 938 | 8,333 |
| April-2023 | 9,271 | 938 | 8,333 |
| May-2023 | 9,271 | 938 | 8,333 |
| June-2023 | 9,271 | 938 | 8,333 |
| July-2023 | 9,271 | 938 | 8,333 |
| August-2023 | 9,271 | 938 | 8,333 |
| September-2023 | 9,271 | 938 | 8,333 |
| October-2023 | 9,271 | 938 | 8,333 |
| November-2023 | 9,271 | 938 | 8,333 |
FREQUENTLY ASKED QUESTIONS
Have a question? We've got answers!
It is quite easy to pay fees with Financepeer. You need to create a straightforward, three-step application. Without any manual assistance, every process is entirely digital. The application typically takes less than 10 minutes to complete.
On Finance Peer, applying an education loan is quite easy. All you have to do is submit an application using their site. The entire procedure can be finished in about ten minutes and is entirely digital. They require between 24 and 48 hours to deposit the funds in your institute's account after the application is complete.
Compared to typical education loans, Finance Peer offers four key advantages: zero or low interest rates, a fully digital process, no processing costs, and no prepayment penalties. Along with many exciting offers and discounts, they also provide 10% cashback.
Finance peer converts the entire student fees into zero-cost EMIs. And the students are allowed to pay those loans back in just 3 to 36 EMIs.
Once you pay all the outstanding EMIs of your Education Loan, you can terminate your account from Finance peer by sending an email to “support@financepeer.com.”
