Education Loan in India

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Education Loan in India
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• Due to the cost of education in higher education
  in India, student loans in India, has became a
  very popular method for funding education. Due to
  the increase of higher education colleges in
  fields of engineering, management, medicine etc
  there was the increase in the fees. Some years
  back quality higher education was not affordable
  to all the students. The boom in the banking
  sectors, made release of big funds and education
  loans. These loans are very easy to get from
  various banks in India.

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• Many nationalized banks have come up with various
  educational loan schemes that students can
  benefit from. Even private banks are not lagging
  far behind. This scenario is certainly helping
  the illustrious students to pursue higher
  education and realize their dreams.

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• An edu. loan covers cost of the college fee,
  hostel fee, examination fee, laboratory fee,
  library fee, and cost of books and stationery.
  Apart from this, any other expense required to
  complete the course can also be considered. The
  maximum amount of loan is up to Rs. 7.50 lakh in
  case of studies in India and Rs 15 lakhs for
  studying abroad. The sum of money offered is
  against a third-party guarantee

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• The courses elgigble for loan are School
  education including plus 2 stage, Graduation
  courses, Post Graduation courses, Professional
  courses, Certificate courses, Courses like ICWA,
  CA, CFA etc, Courses conducted by IIM,
  IIT,IISc,XLRI,NIFT ETC, Courses offered in India
  by reputed foreign universities, Other courses
  leading to diploma /degree etc. conducted by
  colleges/universities approved by UGC /Govt.
  /AICTE /AIBMS /ICMR etc

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• Normally there is no need for security upto Rs 2
  Lakh, But above that, Collateral security equal
  to 100 of the loan Amount is needed.

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• The applicant should be with Indian nationality.
• The applicant should have scored minimum 60 (50
  for SC/STs) in the qualifying Examination for
  admission to graduation courses.
• The applicant must have secured admission to a
  course, through entrance test/selection process
• The applicant should be around 16-26 years of age
  or range specified by the bank.
• The applicant should not be a minor.
• The applicant should have a good academic
  background.
• The applicant should have parents or guardians
  with stable income.
• The applicant should have got admission in a
  recognized university/college in India or abroad.

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• Documents Require
• Copy of mark sheets/degree certificates of
  previous academic qualifications.
• Proof of admission to the course
• Schedule of expenses for the course
• Copies of foreign exchange permit, if applicable
• 2 passport size photographs
• Details/statements of Bank accounts held by the
  student applicant/co-obligant(s)/guarantors (if
  any) for the last six months.
• Copy of Passport/Visa, cost of air fare in case
  of studies abroad.
• Statement of Bank account for the last six months
  of borrower/parents
• Income proof/latest income tax return of
  parents/co-obligants, guarantors.
• Passport size photo of the applicant and
  guarantors.
• Attested copies of documents for proof of
  age/date of birth and proof of residential
  address.

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