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Education Loan

Why Choose Education Loan?

  • Not only education is expensive, but also it is a matter of availability as well. An education loan that is comprehensive enough for freeing an individual from the strenuous job of arranging wealth for funding your ward’s higher education expenses and other financial burdens.
  • With the onset of inflation, the prices of commodities and services are also rising steadily. If you want to give your child quality assured education, then you know you have to spend more as good education demands a lot of money.

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.

  • Available worldwide
  • Anyone can apply all they need to have is the will to pursue their dreams
  • Education loans are applicable for all types of academic courses be it in India or abroad
  • Education loan is suitable for graduation, post-graduation, vocational as well as other certificate courses
  • Loan amounts vary from as high as INR 15 lakhs to as low as INR 4 lakhs
  • Annual income of the family & course that is to be pursued determines the validity of the applied loan
  • Government designed schemes with enhanced subsidiaries like ‘Central Scheme to provide Interest Subsidy (CSIS)’ is available to the economically backward students
  • Applicant needs to pay the borrowed amount only after the completion of the course
  • The repayment tenure can be as long as 5 – 7 years
  • Loan amount that is below INR 4 Lakhs do not need guarantor or a security mortgage
  • Professional courses in Medicine & Engineering
  • Management courses (part-time & full-time)
  • Courses conducted by IITs, IIMs, XLRI, IISc, NID, NIFT,
  • Com / B.A /M.A/ MCA / M.Com /MCM etc.
  • Agriculture studies, Architecture, Designing & Fine Arts,
  • Hospitality & Hotel
  • SAP, GNIIT, Air Hostess Training programs, ERP, etc.
  • Online certification courses & distance learning programs
  • Diploma / Degree courses in pilot training, aeronautical engineering, shipping, etc.
  • Pre-sea training sessions & Aircraft Maintenance Engineering
  • Para Medical & Nursing courses (including admission via management quota)
  • Courses offered by Govt. certified organizations & reputed universities
  • Courses provided in India by certified & reputed foreign universities

Education Loan Eligibility & Documentation:

  • The applicant must be a resident of India
  • He/she should have secured a seat in a recognized course of study by taking certain qualification procedures & entrance tests.
  • In case the applicant is an NRI they should be the holder of a valid Indian passport
  • Courses eligible for the educational loan from recognized universities in India include – Graduation, Post-Graduation, Technical courses, Diploma & certificate programs, Management courses, etc.
  • Educational courses eligible for loans abroad includes the following – Graduation, Post-Graduation, Certificate/Degree courses from CPA-USA, CIMA- London, etc.

Note-The above clauses fall under the basic eligibility criteria. It may vary from banks to banks and as per the revisions made in the regulations from the governing authority.

  • Fully filled application form
  • Self-attested documentation for proof of age
  • Address proof & ID
  • Passport sized photographs of the guarantor, applicant, etc.
  • Copies of latest educational qualification & related certificates of graduation/post-graduation, etc.
  • Proof of income, IT returns of guarantor/parents
  • Bank statement for the past six months of the account held by the guarantor/parent of the applicant
  • Documents of the collateral security should be attested & verified by a government-approved evaluator
  • Visa / Passport copy, airfare cost, etc. should be in text form (for studying abroad)

Note-The loan will be sanctioned at the discretion of the bank branch where the applicant applied for the loan given that all the eligibility requirements are satisfied.

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