Educational Loans in India and How to Get Educational Loans from Notified Banks:-
Educational loan needs-
The concept of educational loans arise When the people have struggles to get funds for their higher studies then people will go to the funding in the pattern of banking loans which is possible for the people who are eligible.
Even if no. of banks are there to provide educational loan in India there will be some different conditions to be fulfilled
Eligibility Criteria for educational loans:-
The following will be the conditions to make accept your loan-
- The applicant must be an Indian citizen
- The applicant must possess the admission through entrance test and in any other acceptable manner.
- If the applicant is going for studies at abroad he must produce the certificate of admission in a recognized university.
How to Get Education Loan:-
1) Identify the Loan Amount need
Just decide the loan amount you required for the total of the course including the tuition fees , hostel expenditures and the others.
Try to take the loan in a minimum amount so that you have to repay it. If the loan amount is higher, then generally the amount of interest will be high and a surety is required by the third person.
2) Approach a Bank to get the educational loan:-
Once if you have known the amount require then just start to compare the bank interest rates of different banks and start liaisons with the banks so that you can reduce the interest t rate than as normal.
first approach the bank closest to your home because they feel more comfortable lending to people whose details are very easy to get and reliable.
3) Submit all important documents
Banks ask for the following documents-
Mark list and the certificate of Last Qualifying Examination-
Just produce the required certificates such that you have to produce your +2 certificates for the degree course and you need to produce your UG certificates for PG.
Schedule of Expense –
Generally this certificate will be granted to by the college itself.
Other Documents –
This can vary from bank to bank.
Follow up is the most important thing because things can’t be done in a single sitting.
If your application got rejected then you have the rights to know the reasons for the rejection.
Other Details of Education Loan in India:-
- The following details will be common for all the banks-
- Up to 4 lakhs no need of security after that amount you need a person for the security as a third party. No bank can deny you loan based on your parents income.
- Generally the banks will give loans to the students have good track record.
- Loan will not give to the applicant directly it will be paid to the college itself.
- You need to submit the mark list for year to year (Varies from bank to bank.