To apply for a federal student loan, you must first complete and submit a Free Application for Federal Student Aid (FAFSA®) form. Based on the results of your FAFSA form, your college or career school will send you a financial aid offer, which may include federal student loans.
- 1 Who is eligible for an education loan?
- 2 Can we get education loan easily?
- 3 How can I get approved for education loan?
- 4 Can I get education loan for private college?
- 5 Can I get education loan for IAS coaching?
- 6 Can an unemployed person get a loan?
- 7 How much percentage is required for education loan?
- 8 How does the student loan work?
- 9 Can all students get student loans?
- 10 Is property required for education loan?
- 11 Can I get 20 lakhs education loan without collateral?
- 12 How many days does it take for education loan to be approved?
- 13 Does education loan cover hostel fees?
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 we get education loan easily?
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.
How can I get approved for education loan?
Documents required for Education Loan
- KYC documents.
- Bank Statement / Pass Book of last 6 months.
- Optional – Guarantor Form.
- Copy of admission letter of the Institute along with fees schedule.
- Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses.
Can I get education loan for private college?
There are a number of banks both public and private sector from which a student can avail an education loan. But for post-graduate courses such as those in management, banks offer loans of up to Rs 10-20 lakh. The fees at private colleges are higher than in government colleges.
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.
Can an unemployed person get a loan?
Yes, since the bank may not be willing to offer you a loan if you are unemployed. The bank takes into consideration your occupation and annual income as it helps them determine the rate of interest, they should levy on your loan amount and whether you will be able to repay the loan back in time.
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.
How does the student loan work?
Student loans can include a tuition fee loan and a maintenance loan to help with your living costs. Tuition fee loans, to cover the full cost of your course, are paid directly to the course provider, and you won’t have to pay it back until after your course, when you’re earning above a certain level.
Can all students get student loans?
Almost everyone qualifies for student loans, though students with the greatest financial need can generally borrow under the best terms. The first step in applying for a student loan is figuring out whether you will be considered an independent student or one who is dependent on your parents.
Is property required for education loan?
Generally, education loans are unsecured in nature.It means you do not have to pledge any asset as collateral. However, education loans with loan amount of Rs. 7.5 lakh or higher, may require collateral. Though there is no cap on the disbursed loan amount, the loan amount can range anywhere between Rs 20-50 lakhs.
Can I get 20 lakhs education loan without collateral?
Collateral Required for Education Loan 20 lakhs. Guidelines show that loan taken up to 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.
How many days does it take for education loan to be approved?
It takes around 15 days for an educational loan to be sanctioned. Once it has been sanctioned, you will get a promissory note which you will have to sign. In most cases, banks pay the institution directly and or to you. You should check the repayment clause.
Does education loan cover hostel fees?
Generally, a complete education loan covers all expenses including your tuition fees, hostel stay, library fees, books and courseware, and other miscellaneous expenses. Some banks also provide additional covers such as vehicle purchase for up to a certain amount, insurance protection, free credit cards, etc.