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Education Loan

Why Choose Education Loan?

  • Education is Expensive-It’s a matter of instant availability. A comprehensive education loan frees you from the task of accumulating sufficient money to fund your son/daughter’s higher education. And, with inflation and shifting prices, can you ever be 100% certain? A good education is expensive and the expenses aren’t changing in a predictable curve. A good education loan scales accordingly and helps you be safe from unexpected surprises.
  • Specialised Help-The expenses incurred through a standard study course are many, caution deposits, library fees, building deposits, laboratory fees, etc. With a comprehensive education loan, individual facets of the course can be better addressed without the risk of running out of money. It’s more organized and seamless with an education loan.
  • Widely and Easily Available- Comprehensive education loans are a priority product in most banks’ arsenal of products and the RBI lists them as part of the priority sector lending of banks. Conforming to some basic requirements and confirming your ability to repay the borrowed amount is all it takes to get on-board.
  • Timely Assistance- Often, good intent isn’t backed by good monies. A good education loan offers timely help when it comes to a crucial pillar that promises a successful life- education. Nullifying the worry that accompanies the need to gather up the requisite amount, a full- fledged education loan puts you at ease.

Customized assistance – All of the expenses sustained during a standard educational course comprises of various deposits that include a standard study fee, library fees, caution deposit, laboratory fees, etc. An education loan covers all the areas of expenses in detail, addresses all the individual sectors with diligence thereby making sure that you and your ward don’t face issues like shortage of money. The whole process of arranging financial support for your ward is more convenient and seamless with the help of an educational loan.

Ease of availability – Education loans and related schemes are regarded as top priority products in most of the banks worldwide, and Indian banks are no exceptions! As per the guidelines set by the Reserve Bank of India, education loans are regarded as an integral part of the lending department of the whole banking process.

Expedient Assistance – It is often seen that good intentions are not backed up with appropriate financial support. A well planned educational loan offers timely support and acts as a crucial pillar that assures a successful life in education.

It also works towards the nullification of worries associated with the need to accumulate wealth for the fulfillment of the purpose of providing financial support to your ward.

  • Universally available. Anyone with a will to study can apply.
  • Education loans are provided to pursue all types of academic courses, in India and abroad. The courses include graduation, post-graduation, vocational courses and other certificate courses.
  • Loan amounts can vary from a minimum of Rs.4 lakhs to a maximum of Rs.15 lakhs.
  • The applicant’s annual family income and the course pursued are primary determinants for the applicable loan amount.
  • Government sponsored subsidy schemes, such as ‘Central Scheme to provide Interest subsidy (CSIS)’ help students from the economically backward sections of society avail the benefits of a robust loan for education.
  • The applicant need not repay the borrowed amount immediately. Post the completion of the course, the repayment tenure can stretch upto 5-7 years.
  • Generally, loans below Rs.4 lakhs do not require a security or guarantor.
  • Professional courses including Engineering and Medicine
  • Management courses (both full time and part time)
  • Courses conducted by IIMs, IITs, IISc, XLRI. NIFT,NID etc.
  • B.A/B.Com/M.A/M.Com/MCA/MCM etc.
  • Architecture, Agriculture studies, Fine Arts and Designing etc.
  • Hotel and Hospitality.
  • Courses such as SAP , ERP , GNIIT , Air Hostess Training programmes etc.
  • Distance learning programs and online certifications.
  • Degree/Diploma courses like Aeronautical, pilot training, shipping, etc.,
  • Aircraft Maintenance Engg, Pre-Sea Training courses and the like.
  • Nursing and Para Medical courses (includes admission via management quota).
  • Courses offered by reputed Organisation that assure employment and are Govt. certified.
  • Courses offered in India by reputed and certified foreign universities.

Education Loan Eligibility & Documentation:

  • The applicant must be a resident Indian.
  • He/she must have secured admission into a recognized course of study, in India or abroad, through an entrance test or other such qualification procedure.
  • If the applicant is a Non-Resident Indian (NRI), he/she must hold a valid Indian Passport.
  • Courses applicable in India- Graduation, Post-Graduation, Diploma programs, Technical courses, Management courses and other professional courses. All from recognized universities.
  • Courses applicable Abroad- Graduation, Post-Graduation, Certificate Degree courses from CIMA- London, CPA-USA and other such well known educational entities.
  • The applicant must provide a collateral/security that is enforceable in India.

Note- This above listing is a basic eligibility requirement. Banks, in their own capacity, may request for more documentation and proof.

  • Completed loan application form.
  • Documents for proof of age (self-attested).
  • ID and Address proof.
  • Passport sized photographs of the applicant, guarantor, etc.
  • Copies of highest educational qualification (degree/post-graduation, etc.)
  • Proof of income (IT returns of parents/guarantor).
  • Six months bank statement for account held by applicant/parent/guarantor.
  • Details of collateral security marked by a Government approved valuer (if applicable).
  • Passport/Visa copy, airfare cost as established in documents (for studies abroad).

Note- As noted, banks in their individual capacity can request for additional documents. Submission of the same, in their required format, is crucial for the smooth sailing of your application form

The sanctioning of loan will be at the sole discretion of the branch where the loan is applied and if the candidate satisfies the eligibility requirements.

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