Thursday, November 11, 2021

How Can You Get An Education Loan?

Know all about education loan

All parents want their children to study and write to achieve a good position in life, but often due to lack of money, talented students are not able to get what they deserve. In such a situation, an education loan helps you in making your dreams come true. If your child also wants to study further, then decorate his dreams with the help of an Education Loan. 

So let us tell you what is the right process to take an education loan?

Who can get an education loan?

Students going for higher education in India or abroad can get education loans easily.

Eligibility for Education Loan 

– To take an education loan from any Indian bank, you must first be an Indian citizen.

Your age ought to be between 16 to 35 years. 

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- Got admission in any professional, vocational or academic course bypassing merit or entrance test

loan amount

- Loans for higher education in India range from ₹ 10 to 15 lakhs, while the maximum loan amount for studies abroad is ₹ 20 lakhs.

– If your loan amount is more than ₹ 4 lakh, then you will have to submit income proof to return the loan amount.

If the loan amount is more than ₹ 7.5 lakh, then collateral security is also required along with income proof.

For which courses education loan is available?

Before giving any education loan, any bank sees that for which course the loan is being sought, because education loan is not available for all courses in India. Let us know, what are the courses?

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Professional and vocational courses like Chartered Accountant (CA), Company Secretary (CS), Cost and Works Accountancy (CWA), Chartered Financial Analyst (CFA), Medicine, Engineering, etc. related to the field of commerce.

Graduation and Post Graduation courses recognized by Government and University Grant Commission (UGC).

For courses conducted in India by a recognized foreign university.

For courses run by IITs and IIMs.

- For pursuing MBA, FCA, or Medicine course in a recognized foreign university.

What are the required documents?

These documents are required to be submitted along with the loan application.

Admission letter of the course and college in which you are going to take admission and complete information about the college.

- Detailed information on course fees.

A copy of the mark sheet and some important documents related to the same.

Age and ID card. If you do not have an account with that bank, then you have to provide proof of residence along with it.

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- Proof of income of guardian or parents. (If the applicant is earning himself, then the salary slips of the last two months, if the applicant is self-employed, then the bank statements of the last six months and if the applicant is professional and self-employed, such as CA or CS, then these documents) You will also have to show Income Tax Return for the last two years).

– Two latest passport size photographs.

A copy of the scholarship letter, if the applicant has also received any scholarship.

– If going for studies abroad, then 1-1 copy of passport and visa.

Things to remember while taking a credit

If there is any mistake in the application form of the student, he cannot get the loan.

If the student or his parents have not paid the old loan, then he also cannot get the education loan.

Nowadays banks are giving loans to them by taking 1% collateral guarantee. That is, if someone wants to take an education loan of Rs 25 lakh, then the bank gives him a loan by keeping the property or FD of the same value as security.

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