If you are a student, and planning for higher education but your financial condition is not allowing that. Don't worry here is the solution. This article attempts to answer all your queries regarding getting education loan in India. There are so many government and foreign banks are ready to provide education loans. Your duty is to know how to reach them and knock at their doors.
1.What is the Eligibility Criteria to get Education Loan in India ?
It will be better to take a loan from a bank located at your place of study than one located where you reside. So that you can Easily access the bank during your studies.
3.When will be the Repayment of money ?
You should confirm this question with the bank you are getting education loan that the repayment of loan should begin after once you start working.
4.What courses to get Study Loan ?
Banks usually offers loans to professional courses like management and technical education students. Students who are pursuing MBA, BE, BTech, ME, MTech can easily get loans from the banks.
5.Whether Education Loan is available for Arts Students ?
Students who are studing in BA, MA, BSc, MSc are usually not first option of the banks to provide education loans. But it may be possible based on the parents income. Still they can apply for various government and private scholarships.
6.Is there any Security or Margin to get Student Loan ?
There are two catagorizes for Security. There is no security or margin up to Rs. 4 Lakh. Loan amount of Rs.4 Lakhs to Rs. 7.5 lakhs should have a third partee guarentee.
7.When will the Repayment period start for an education loan ?
Repayment period usually starts 6 month or 1 year after completing the course.
8.Necessary Documents to apply Education Loans ?
Yes there is interest for student loans. Some banks like SBI gives choices of fixed or floating interest rate. But most of the private banks have fixed interest rates. Interest rates also vary accoding to the banks.
Dear students ask any questions regards education loans by posting your question below this post.
1.What is the Eligibility Criteria to get Education Loan in India ?
- You should be an India National
- You must have admission to professional/ technical courses through Entrance Test/ Selection process
It will be better to take a loan from a bank located at your place of study than one located where you reside. So that you can Easily access the bank during your studies.
3.When will be the Repayment of money ?
You should confirm this question with the bank you are getting education loan that the repayment of loan should begin after once you start working.
4.What courses to get Study Loan ?
Banks usually offers loans to professional courses like management and technical education students. Students who are pursuing MBA, BE, BTech, ME, MTech can easily get loans from the banks.
5.Whether Education Loan is available for Arts Students ?
Students who are studing in BA, MA, BSc, MSc are usually not first option of the banks to provide education loans. But it may be possible based on the parents income. Still they can apply for various government and private scholarships.
6.Is there any Security or Margin to get Student Loan ?
There are two catagorizes for Security. There is no security or margin up to Rs. 4 Lakh. Loan amount of Rs.4 Lakhs to Rs. 7.5 lakhs should have a third partee guarentee.
7.When will the Repayment period start for an education loan ?
Repayment period usually starts 6 month or 1 year after completing the course.
8.Necessary Documents to apply Education Loans ?
- Address or Residencial Proof
- 2 passport size photographs
- Previous qualification mark sheets
- Proof of Admission
- Certified schedule of Course Expenditure
- Bank account statement of last six months
- Income Tax assesment order for last two or three years
- Assets Statement of Parents or guardian
- Income proof of the parent or guardian
Yes there is interest for student loans. Some banks like SBI gives choices of fixed or floating interest rate. But most of the private banks have fixed interest rates. Interest rates also vary accoding to the banks.
Dear students ask any questions regards education loans by posting your question below this post.
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