Education Loans : Education Loans Eligibility | Documents and Fees (1)

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Education Loans
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Education Loans Eligibility Documents and Fees
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Education Loans Eligibility Check your
Eligibility for Education loans in India

• Getting 90 marks for admission in post graduate
  courses is the one big task but then it can get
  difficult to buy a computer with the college fees
  and other expenditure of higher education. But
  today, help is near at hand. Education loans are
  easily available from many banks and financial
  institution facilitating many students to pay for
  their higher education.
• Students can seek education loans for pay
  graduation, post-graduation and professional
  courses from government approved institutes. The
  educational loan not only covers college, school
  fees, hostel fee, books charges, library charges,
  purchase of computers but also covers travels
  expenses for international education.

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Determining a loan amount

• The maximum amount of educational loan provided
  for studying in India is around 10lacs to 15lacs
  and for education through foreign universities,
  banks provide up to Rs 20lakh.
• The loan amount is decided according to the
  students course type and the familys annual
  income. Many banks provide loans with lower
  interest rate to female students.

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Eligibility

• The eligibility criteria include Indian
  nationality, age, course period etc. The age
  limit for students is between 16 to 35 years.

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Repayment

• Repayment of the loan does not have to be made
  immediately. Students can begin repaying their
  loan after course completion. The repayment
  period could be anywhere between 5 7 years post
  completion of course. In case of failure to
  complete the course, he can seek a 2 years
  extension to complete the course.

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Interest Fees

• Interest rates vary based on the loan amount and
  the type of course. It is generally somewhere
  between 8 and 15 . Banks and financial
  institutes charge a processing fee which can be
  0.5 to 2.5 for processing the loan.

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Guarantor or Security

• A third party guarantor or security amount is
  required depending on the loan amount. A
  co-applicant is the third party guarantor such as
  parent, spouse, siblings, in-laws or any other
  close relative.
• Loans below Rs 4 lakh do not require a security
  token, but for a loan amount more than Rs. 4lakh,
  a bank would require a security token to the
  effect of the house property, deposits etc.

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Documents required

• Student will be required to provide identity
  proof, age proof and address proof. He/she is
  also required to submit co applicants document
  which includes relationship proof, address proof,
  income document. He/she is also required to
  submit an admission letter with a fee structure.
  In case of foreign bound student, they need to
  submit Visa approval papers, Travel papers, GMAT
  / GRE Score etc.

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Also

• When you plan for education loans try not to
  base your loan on just lower interest rates.
  Traditional banks may provide low interest loan
  but processing period could be long. But private
  institutes can make the loan available very
  quickly. Hence, look for the banks which give you
  loan sanction letter before your visa approval.
  Otherwise the whole purpose of taking a loan is
  lost.
• To quote Innovation in education loan
  services is the need of the hour. Many talented
  Indian students ( their parents) find it
  challenging to meet the standard requirements of
  education loan. Understanding changing needs and
  customizing products is the only way forward for
  improving services in Education loan sector.
• Source http//www.deal4loans.com/loans/education
  -loan/tips-for-an-education-loans-eligiblity-repay
  ment-documents-interest-rates-and-fees/

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