Monday, 11 March 2019

Education loans in India

Education loans in India

An education/ student loan means that the financial support is provided by the bank/financial institute for helping the student, meeting all the expenses required for the higher education. Numerous colleges and universities have merged with nationalized/private to assist the students in achieving their dreams. The banks usually provide loans to engineering, management studies, and medical degrees. The banks usually do not offer loans to the students, pursuing general Bachelor's/Master's degree in commerce/ arts, and for the courses where the prospect of moneymaking employment is less.

Eligibility Criteria

• The applicant must be an Indian national.
• The applicant must have an admission offer letter (for whichever overseas university or college).
• For Indian colleges or universities, the applicant must have secured the admission via a proper selection process or entrance test.

Which Banks provide education loans?

Most of the nationalized banks, foreign banks, private banks, and private lending institutes offer students loans. Some of the popular banks are given below:

• Allahabad Bank Loan
• Axis Bank Loan
• Bank of Maharashtra Loan
• Bank of India Loan
• Bank of Rajasthan Loan
• Bank of Baroda Loan
• Federal Bank Vidya Loan
• Canara Bank Student Loans
• HDFC Education Loan
• IDBI Bank Education Loans
• ICICI Bank Education Loan
• Indian Overseas Bank Loan
• Punjab National Bank Loan
• Oriental Bank of Commerce
• Syndicate Bank Loans
• State Bank of India Loan
• United Bank of India Loans
• UCO Bank Education Loan

Documents needed for availing loan include:

• Bank account statement of last 6 months of Borrower
• Copies of the letter, which confirms the scholarships
• List of borrower's assets & liabilities
• Mark sheet of the last qualifying examination
• Offer letter/any other admission proof to the course
• Schedule of expenses of the course

How much Loan Will You Get?

For studying within India, any student may borrow up to INR 4 lakh without giving any security or margin. Loan amount over this with up to INR 7.5 lakh is accessible against the third-party guarantee that comes with 5% margin. To study outside country, the loan amounts above INR 7 lakh is given against the fixed deposits, property, NSC certificates, and so on against 15% loan margin.

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