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education loan
It is interesting to see that Education Abroad has been chosen by a growing number of students in the last decades. Additionally, there is a striking increase in the percentage of students who choose loans for abroad education due to an increase in the price of the quality education. Loans to the students can be obtained from plenty of lenders today.Education Loan is also offered for those students who want to pursue studies in colleges of India. On the contrary, there are some variations in the conditions for overseas and Indian education loans.Â
Documents needed for education loan
- Tuition fees
- Charges for examination, library, laboratory, and hostel
- Cost of purchasing books, equipment, instruments, and uniform
- Travel expenses for study abroad
- Caution money, refundable deposit, etc.
- Study tours, exchange programs, and project work
education loan criteria
- A co-applicant should had (could be parents, sibling or a spouse).
- For loans of Rs 4-7.5 lacs a third-party guarantee is required.
- Collateral must be provided for student loans exceeding Rs 7.5 lacs.
- Repayment of the loans starts 6 to 12 months after graduation.
- If a student goes abroad, co-applicant is compelled to pay the rest of the loan.
- Lenders create their own criteria for the maximum amount of loan, the interest rate to be charged and the mode and duration of payment.
- Lenders generally have some pre-approved courses and institutions and usually approve education loans on the basis of quality of the institution, linkage of the course to the career options and its relevance.
- The credibility of the guarantor or co-applicant.
- For the education loans applicants from India, lenders will also consider AICTE and UGC as well as the other body recognition.
education loan for abroad or for India usually cover
- Mark sheet for last qualifying examination for school and graduate studies in India
- Proof of admission to the course
- Schedule of expenses for the course
- Copy of letter confirming scholarship, if any
- Copy of Foreign Exchange permit (if available)
- Two passport size photographs
- Statement of borrower’s bank account for the last six months
- Income Tax assessment order not older than two years
- A brief statement of Borrower’s Assets and Liabilities
- If not a customer of the lending bank provides proof of identity and residence
Study in india
- SSC, HSC or Graduation mark sheets whatever is applicable
- KYC
- Age Proof
- Signature Proof
- Identity Proof
- Residence Proof
- Application Form and Photographs
- Income Documents of parents/guardian
- Collaterals in the form of FDs/Immovable Property