How to get an Education Loan in India

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EDUCATIONAL LOAN
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(No Transcript)
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How to get an Education Loan in India

• Many of us are used to the idea that our parents
  are going to pay for our education.
• However, this may be difficult in many cases if
  you are opting for super expensive professional
  studies.
• A model has emerged now under which students go
  to expensive colleges that lead to good
  recruitment, making it easy to pay for the
  educational loan when the student is finally
  employed.

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Understanding Education Loan

• An education loan is a form of credit advanced to
  scholars and students it is designed to help
  students pay for college tuition, books, laptops,
  hostel fees and other living expenses.
• It differs from other types of loans in that the
  interest rate is often substantially lower than
  most other loans and the repayment schedule is
  deferred while the student is still in school.
• It is priority sector lending for bank and also
  often relatively profitable so most banks offer
  educational loans in large numbers.

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Where does it come from?

• Good question indeed.
• Not everyone can offer a credit which you are
  going to return after n number of years. Here in
  India almost all the Public Sector banks offer
  Educational Loan.
• Some of the nationalised banks such as SBI group
  have special programmes, some of them are
• Lower interest rates for girls, SC, ST, disabled.
• Lower interest rates for toppers, etc.
• Taking education loans from government bans like
  SBI, Corporation Bank or UCO Bank is advisable
  because private banks impose stricter and more
  difficult conditions for educational loans

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Requirements

• Mark sheets of your last qualifying exam
• Proof of admission into the college
• Schedule of expenses for the course
• Photographs (Usually passport size)
• Bank Account Statement of the Borrower for the
  last six months (If Applicable)
• Income tax Assessment statement of the guardian
  (Parents or Guardians)
• Proof of Income of the Guardian
• Identity Proof like Driving License, Passport or
  Voters ID for both the student and the Guardian
• Address Proof like Ration Card or Electricity
  Bill etc.
• Source (http//blog.ipleaders.in/how-to-get-an-e
  ducation-loan-in-india/)

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Read more on Education Loan
http//www.avanse.com/avanse-education-loans/
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