Education is expensive, when students aim to have reputed institution or a foreign degree. Education loan brings light on to build skills and career. Education loan has provided a hope for many students to learn the subject of their interest and Education loan has become a good support for students. In this era, organization and industries looking for technically and professionally skilled students in large numbers. Education loan assists the students to grab this opportunity and go for learning by utilizing this loan. Education loans playing a priority in the loan lending category. Governments also supports by offering facility that education loan should not be denied, if students meets the parameters.
Why should we go for Education loan?
In order to get the quality education, at a higher level of studies. Especially for the professional courses like medicine, engineering, management, etc. either at graduation or post-graduation level. Education loan offers repayment flexibility to the students and ease in getting a loan for eligible students. Education loan provides the right support at the right time. No students have to waste their talent because of lack of money. Education loan was aimed at providing assistance to students in getting a quality education and no students should will suffer or waste their talent because of money issue.
Education loan Eligibility
- Indian nationality students, who are aged between 16-35 years want to pursue graduate/post-graduation in professional fields such as – Engineering, medicine, MCA, Management, MBA, MS, etc.
- If students wants to borrow a loan more than Rs. 7.5 Lakh, an ancillary security will be needed.
- Guarantee admission in a Universities/College affiliated to Govt. /UGC/AICTE etc., such as Engineering, Medicine, Management, Hotels and Hospitality, Agriculture, Pure science, Fine arts and design, Diploma or vocational technical courses such as air hostesses, aviation or something like that.
- Co-applicant is compulsory for every full time programs. Co-applicant includes- Parent, Guardian, Spouse, and Parent in law (if married).
Benefits of Education Loan:
- Makes education accessible
- Easily available
- Specialized loan schemes
- Repayment moratorium
- Interest rate benefits
- Independence of student
- Tax exemptions
- Parent rescued from recurring burden
- People of different classes can get a loan
- Best way to pursue higher education
Education loan covers:
- Accommodation charges
- Books and equipment’s including computer system or Laptop
- Exam and library fees
- 100% College Tuition Fees payable
- Travelling expenses abroad
- Additional reasonable expenses needed to complete the course
Documents required for education loan
- KYC documents
- Letter of admission
- Complete break up costs of the course
- Academic certificate from schooling till your higher studies
- Every Loan application form and photographs
- PAN and Aadhar card of students and Parents /Guardian
- Proof of identity (Passport/ Driving Licence/ Any photo identity/ Aadhar)
- Proof of residence (Passport/ Driving License/ Telephone bill, Electricity bill)
- Proof of income (Salary Slips/ Form 16) Co borrower/ Parent/Guardian)
- Guarantee bank account statement for the last 6 months of students/ Co- borrower
- Detailed statement of assets & liabilities of parent/ Guardian/ Co –borrower
- IT return/IT assessment order of 2 years of Co-borrower/ Parent/Guardian. In case of IT payee.
Documents for Salaried
Latest gas bill
Mobile or Land line bill
H.R letter issued by present working company
gazetted officer attested form.
Permanent address proof
Latest 3 months payslips
Latest 4 months bank statement
Latest year form-16
3 Years of Job experience letters.
Documents for Professionals
Two color Photos
Address proof with present residence
Permanent address proof
3 years I.T.R/3 months payslips
Latest 6 months bank statement
Qualification certificat/registration certificate
Documents for Self Employees
Two color photos
Adrdress proof with present residence
Permanent Address proof (Own House proof)
3 years I.T.R
6 months bank statement