I don’t have a PAN card. Can I still get an education loan at Buddy Loan?

An educational loan can be applied without a PAN card provided the applicant has other
relevant supporting identify/address proofs.
Supporting this is www.buddyloan.in, visit this site for availing better benefits of student education
loan for lower interest rates.
There are three types of educational study loans at Buddy Loan:
 Education in India or overseas
 Education in renowned and venerated Indian institutions
 Vocational education, skill-training camps
These are the general list of documents that may be required.
 Admission letter from the school, college, university or vocational training center
 Filled and signed application form
 Passport size photographs
 Study expenses. The college will provide the list of expenses in a specific format.
Miscellaneous expenses and personal expenses can be included in a separate
section. These will add to the total expense of the study.
 AADHAR card or PAN card of the applicant, parent, guardian.
 A statement with details on the assets and liabilities of the applicant.
 Income proof of the individual, parent or guardian
Eligibility
 Indian nationals who have secured the rights of admission to a recognized
college, institution.
 Scholar schemes require the college or educational establishment to be a
premier institution or tier-one institution.
 Vocational training loans will require the student to have gained admission to a
government recognized training institution.
Is there a government subsidy for educational finance
 The Ministry of Human Resource Development has granted a moratorium period
to economically weaker demographic sections. If the income of a student’s
parents is below Rs. 4.5 lakhs, then a moratorium is granted on the educational
loan interest component.
 A subsidized interest is levied during this period, where the period covers the
duration of the course plus one year or 24 weeks after finding a job.

 To obtain the Instant education loan online interest subsidy, the student has to furnish family
income details in the form of bank statements, salary certificates, etc.
Features of educational study loans
 Student Educational loans are classified as priority sector loans by the Reserve Bank of
India.
 Interest rates average 11.99% p.a.
 There are special schemes for female students, vocational training seekers.
 Students with exceptional academic performance may be classified under special
bank schemes and may be given higher loan amounts without collateral.
 Almost every large bank in India offers educational finance with transparent,
easy, and guided processes.
Conclusion
There is no need to postpone education for the lack of money. Taking an education loan
is a smart way to study and get to that dream job than saving money to study. Time is
the biggest asset. So save time, act fast, and take an education loan to fulfill one’s
ambitions.

How is EMI calculated on my education loan at Buddy Loan?

Education loans from Buddy Loan come at low interest rate and easy repayment
options. You may choose your preferred tenure and amount to ensure the EMI amount
is as per your repayment capacity. EMI is short for equated monthly installments. It is
that amount which paid monthly for entire loan tenure repays the loan. Student loan EMI
starts after you complete your course. Before that, you have to pay simple interest on
loan amount from the date of getting a loan till you clear the program. Some banks may
extend EMI on student education loan by six months after course completion. The six months
extended time is allowed for a student to get placed.
Education loan EMI formula
EMI has two parts, the principal amount repayment part, and the interest payment part.
We can write it as E=p+i.
A simple expression of the education loan repayment can be understood through an
example. Suppose a student takes a loan of Rs 1, 20,000, at 10% annual interest rate
for 5 years. Then what can be simple way of calculating EMI? Just divide 1, 20,000 by
60, and we get 2000 per month. This will be p. Now we have to get i; this can be got
from simple interest formula. What will be per month interest on 1, 20,000 @
10%=1,20,000×(1/12)×10/100=Rs 1000. Thus EMI will be Rs 2000+Rs 1000=Rs 3000
per month. But banks may apply a more complex formula.
Suppose loan amount is P, the rate of interest is R, and tenure is T. With every month,
EMI repayment i decreases as P decreases as part of P gets paid every month and
i=PTR/100. But in EMI calculations, p is increased, such that (p+i) remains the same for
all the months. This way, EMI calculation is complex but truer and total EMI lesser as
the loan amortizes a little earlier than five years.
Student Education loan EMI for unpaid interest
If the simple interest on the loan has been paid on the principal loan amount for the
course duration, EMI is calculated on the principal amountborrowed from Buddy Loan.
The simple interest installments unpaid keep compounding at the rate of interest and
get added to the principal amount. So EMI is calculated in this case on principal loan
amount plus compounded unpaid simple interest installment amount.
Education loan EMI calculator
EMI calculator for student education loan is available online. You need to input the principal
amount, the applicable rate of interest, and tenure, and the calculator will return in
seconds the EMI amount. You may note that if you reduce tenure, EMI increases, and if

you increase tenure, EMI decreases. Education loan tenure can be maximum 5 or 7
years, and interest rates can be 9.1% to 11.99%