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| Home » How to Get Education Loans in India |
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How to Get Education Loans in India |
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Students perusing Higher Education don't have to struggle hard anymore to finance their Studies as now many Banks in India are providing student loans.
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Most students expect to land high salaries at the end of their professional training and are likely to be in a position to repay these loans over a period of time.
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Not only loans, private foreign banks also seem to be interested in funding students, enthusiastic enough to announce scholarships for deserving and bright students. With exclusive professional education becoming mandatory for people across the country, a student loan seems the most effective way to tide over these expenses.
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Not only loans, private foreign banks also seem to be interested in funding students, enthusiastic enough to announce scholarships for bright and deserving students. With exclusive professional education becoming mandatory for people across the country, a student loan seems the most effective way to tide over these expenses. Most students expect to land high salaries at the end of their professional training and are likely to be in a position to repay these loans over a period of time.
How much Loan you can get?
Loan for Studies in India Most of the Public Sector Banks in India have categorized Student Loans in two categories. For Studies in India , Students can borrow up to Rs 4 lakh without providing any security or margin. A loan amount of Rs 4 lakhs to Rs 7.5 lakhs can be availed against a third-party guarantee.
Overseas study loans: Amounts worth Rs 7 lakhs and above are usually sanctioned against fixed deposits, NSC certificates, property worth the loan amount and a margin amount of 15 %.
The documents required for applying a student loan:
All students are needed to submit mark sheets of last qualifying examination, poof of admission scholarship, schedule of expenses for the specified course, his/her bank account statement for the last six months, an income tax assessment order for the previous two years, a brief statement of assets and liabilities, of the co-borrower, which is usually the parent or guardian and proof of income.
What is the Interest rate charged for Student/education loan ?
Most banks are competing with each other to aggressively market personal loans. Citibank and ICICI Bank is offering equally competitive schemes. Almost every prominent bank in the country has a student loan scheme in some form. What matters the most to an individual is observably the cost of credit the terms and conditions for education loans. These, like any other loan, vary among banks. Besides pricing of the product, the most important thing is documentation requirement and the quality of service offered by the bank and the speed at which the loan is approved.
Eligibility for getting a loan:
The applicant should be an India National. The applicant should have secured admission to professional/ technical courses through Entrance Test/ Selection process. Secured admission to foreign university/ Institution.
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