How To Apply For Educational Loan?

Steps to Apply for Education Loan on Property

  1. Step 1 – Apply Online. Go to the Student Loan application page for the online application form.
  2. Step 2 – Respond To Our Representative.
  3. Step 3 – Receive Loan Approval Confirmation.
  4. Step 4 – Furnish The Necessary Documents.

Who is eligible for an education loan?

The age of the candidate must fall within the bracket of 18 to 35 years during loan application. He/she must be undergoing a graduate/postgraduate degree or a PG diploma. The applicant should have a secured admission in a college or university affiliated by UGC/AICTE/Govt.

Can a salaried person apply for education loan?

Both self-employed professionals/non-professionals and salaried applicants can apply for this Education Loan in India.

How much percentage is required for education loan?

The bank filed the present appeal saying candidates who have secured 60% marks and above alone are eligible to get education loan as they alone can be treated as meritorious candidates.

Is it difficult to get education loan?

Easily available: Education loans are widely and easily available. In fact, they are a priority product in all banks as per the RBI’s guidelines. Varied loan amounts: Banks can offer loans anywhere between Rs. 2 lakhs and Rs.

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What is the maximum student loan amount in India?

In general, you can get up to 4 lakhs of educational loan for higher studies without any collateral. Under education loan scheme, you can get a maximum of 15 lakhs for studies in India and more 25 lakhs for abroad studies.

Can I get education loan for IAS coaching?

The plain and simple answer is, yes you can get loan for education received from coaching institutes. Nationalized banks like State Bank of India, Central Bank of India, and Corporation Bank have introduced a whole new product of loans catering just to the coaching needs and expenses of students.

What happens if education loan is not paid?

If you are unable to make repayment on your education loan, then you will receive notices and warnings from the lender. If you fail to comply with the same, then the lender is legally entitled to the assets you mortgaged. Your property or asset can be auctioned or used by the lender.

Is student loan a good idea in India?

In either case, an education loan is a good idea and a commonly sought after resort. Pursuing higher studies usually involves high fees and an education loan comes in handy at this point. Such loan is offered to students who want to study in India or pursue higher education overseas.

Does 12th marks matter for education loan?

There is no percentage ban in the case of 10th & 12th. As per education loan is concern the admission in the course is required. There is no percentage ban in the case of 10th & 12th. As per education loan is concern the admission in the course is required.

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What are benefits of study loan?

Opting for an education loan reduces the strain on your family savings and eliminates the need to liquidate your investments in fixed deposits, mutual funds or bonds. Besides, the interest on an education loan is eligible for a tax rebate under Section 80 E of the Income Tax Act 1961.

Is any security required for education loan?

Collateral Required for Education Loan According to RBI, the maximum amount eligible for a study loan for courses in India is Rs. 4 lakhs does not require collateral security. It is only when the loan exceeds a specified amount as set by the bank that collateral will be required as well as third-party guarantee.

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