How To Get an Education Loan Easily From Banks for Higher Studies

How to get Education Loan easily from banks

Loan is  a sum of money that is borrowed with the  expectation to be paid back with  interest. A student loan is a type of loan designed to help students pay for their higher studies and the associated fees, such as tuition, books,  supplies, and living expenses.

Now a days most of the students are depending on student loans for their further studies, because education in India is expensive. There are some criteria to follow when you are planning to get a loan from a bank. If you are eligible, fill the bank loan application form, attach all needed documents and submit to the bank.



Eligibility criteria for getting student loan

  • Applicant should be an Indian citizen
  • Age limit between 16-26
  • Only provided for those who have obtained admission to career-oriented courses like medicine, engineering, management etc., either at the graduate or post-graduate level.
  • Parents/Guardians income should be stable
  • Applicant should have at least 50% marks during Higher School Secondary Certificate(HSSC) and Graduation
  • University to be applied should be recognized by Indian/ Abroad Government. Reputed professional and technical courses are also considered.

Documents to be submitted

  • Proof of Residence
  • Proof of Identity
  • Copy of admission letter along with fees structure
  • Bank Statement
  • PAN card
  • Photograph
  • Age proof
  • Income and tax proofs
  • Certificates of 10th, HSC and degree
  • Guarantor Form (optional)
  • IT return/ IT assessment order of Parent/ Guardian

Educational loans are also available for Students they are studying abroad.

Eligibility criteria for getting educational loans for overseas students

  • Repayment commence is  6 to 12 months after course completion
  • A co- applicant is must
  • A third party guarantor is required for loan amount above 4-7.5 lacs
  • For Loan amount above 7.5 lac needs to be provide a Collateral

Additional Documents required to study abroad

  • Copy of Foreign Exchange permit
  • Copy of letter confirming scholarship, if any
  • Two passport size photographs

Interest Rate

Interest rate for student loan depends upon the banks. Interest rate may vary from 12.00-16.00%.

Key Features

  • Easily available
  • Applicable for all courses
  • Tax benefits
  • Loans below Rs.4 lakhs do not require a security or guarantor
  • Repayment tenure for education loan is 5-7 years.
  • Applicable for all courses
  • Female students will get discounts or lower interest rates
  • Government sponsored subsidy schemes will be available for students from the economically backward sections of society

1 Comment

  1. Thanks your information – University to be applied should be recognized by Indain/ Abroad Government. Reputed professional and technical courses are also considered.

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