Question: How To Get Educational Loan?

Documents required for Education Loan

  1. KYC documents.
  2. Bank Statement / Pass Book of last 6 months.
  3. Optional – Guarantor Form.
  4. Copy of admission letter of the Institute along with fees schedule.
  5. Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses.

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.

Is it easy 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.

How much loan can I get for education?

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.

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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.

What is the age limit for education loan?

Age Eligibility There is no specific restriction regarding the age of a student in order to be eligible for an education loan. Age of joint applicant / co-borrower / guarantor should be minimum 21 years at the time of loan origination and maximum age at the time of loan maturity can be 70 years.

Is any property required for education loan?

Brief about the types of education loan Collateral education loan- For a collateral education loan, the borrower pledges collateral to take a loan against it. Collateral could be a house, non-agricultural land, flat, fixed deposits, insurance policies, and government bonds.

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.

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.

What is the EMI for education loan?

Ans: EMI is the acronym for Equated Monthly Installment, an EMI amount is the agreed upon fixed amount for monthly repayments that the borrower of the education loan must pay to the lender in order to pay out the money borrowed. The EMI consists of two parts – the applicable interest and the principle amount.

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Can I get 20 lakhs education loan?

Collateral Required for Education Loan According to RBI, the maximum amount eligible for a study loan for courses in India is Rs. 10 lakhs while for studying abroad, it is Rs. 20 lakhs.

Can a student take loan from bank?

The answer to the question, ‘can students get Personal Loan’ is yes, you can. You can apply for a personal loan and use the money to finance your education.

Which student loans are interest free?

Subsidized Loans: No Interest Until After Graduation There are two types of federal Direct loans available to undergraduate students: subsidized and unsubsidized. Subsidized loans are available to undergraduates who demonstrate financial need.

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 education loan include 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.

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