we have prepared the list of 10 most Important points for keeping in mind before applying for Education loans in India. Also, a guide of instructions for “How to apply for Education Loan in India?”
Every student’s dream is to get higher education. But the cost of education has risen too much in comparison to last years. Lack of finances is the biggest hurdle for achieving their goal of higher education.
Now, most of the students and their parents are seeing education loans as the best option to achieve their dream of higher education.
Education loans are the investment for building a bright future for students. So we should do proper research and invest some time before choosing a bank for an education loan.
1.What does education loans cover?
Education loan covers not only the basic course fee, it covers other expenses such as hostel fee, examination fee, and other miscellaneous expenses.
2. Who can apply for the loan?
A student is of age 18 to 35 is the main applicant for applying for the loan. A parent, spouse, or sibling can be the co-applicant.
3. What is the amount of loan?
The amount of loans offered by the bank to the students applying for studying in India and overseas varies from one bank to another.
Whom is the loan offered to?
Education loan is offered to the students for studying in India or overseas for higher education.
5. Which types of courses are covered under the education loan?Full time courses
a) Education loan is also available for part-time or vocational courses.
b) For doing graduation and post-graduation in various fields like medical, engineering, management, designing, and hotel management, etc.
6. Eligibility for applying the loan
- One must be an Indian citizen and age of student must be 18-35 years during applying for loan.
- Having secured admission into a college/University recognized by a competent authority in India or abroad.
- The applicant must have completed his higher secondary level schooling.
- Admission letter of the Institution
7.Required Documents for education loan
- Completely filled and signed application form with affixed photographs.
- 2 photographs of passport size
- KYC document for age, address and identity proof. Aadhar card and pan card of the student and co applicants.
- Photocopy of mark sheet of Class x, xii and graduation(if going for post graduation)
- Fee structure or statement of expenses of chosen course/cost of study.
- Income proof documents of parents or guardians like salary slips and last 2 years Income tax returns of the parents or guardians.
- Bank account statement last six months of borrower and parents or guardians.
- If collateral is required, then document of immovable property and fixed deposits
- Signature proof
- If you have received any scholarship, copy of scholarship letter is needed.
8. Following documents, you have to submit for age proof and identity proof.
Copy of aadhaar card/voter ID/passport/driving license
9. For residence proof :-
Rental agreement/copy of ration card/gas book/electricity bill/telephone bill/bank statement of the student or co-borrower
10. For Income Proof of Parents or Co applicant
Salary slips and last 2 years Income tax returns of the parents or guardians.
Filed Under : – Education Loans in India
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