Education Loans for Students
Candidates who wish to pursue higher education can apply for educational loans. Those who fall in the age group of 18-30 years are eligible to apply for educational loan. Candidates who are applying for courses in Indian Universities can avail loan amount up to Rs. 4 lakhs and that for abroad are Rs. 7.5 lakhs.
Eligibility Criterion for Education Loan
Only Indian citizens are eligible to apply for educational loans from public sector as well as private sector banks. They should have completed a minimum of 18 years of age. Those who are more than 30 years of age are not eligible to apply. Apart from this, candidates who have secured admission to professional as well as technical courses by the means of entrance examination or any other kind of selection procedure are eligible to apply for educational loans. They are supposed to have no liabilities or outstanding educational loan in any other financial institutions.
Eligible Courses for Applying Educational Loan
Candidates who have sought admission to any of the following courses in India can apply for educational loan.
- Bachelor of Arts
- Bachelor of Science
- Bachelor of Commerce
- Post Graduation Programs
- Doctoral Programs
- Professional Courses such as
- Bachelor of Technology/ Engineering
- Veterinary Science
- Dental Science
- Master of Business Administration
- Chartered Accountant
- Chartered Financial Analyst
In addition to these, candidates who wish to join courses carried out by Indian Institute of Management, Indian Institute of Technology, XLRI, NIFT, NID, Indian Institute of Science and other institutes run by State and Central government are also eligible to apply for educational loans. Professional courses which lack AICTE approval are not eligible for educational loan. Candidates who wish to study job oriented courses in abroad are eligible for availing educational loans. It includes MCA, MBA and courses conducted by CIMA – London and CPA in USA.
List of Supporting Documents for Availing Educational Loan
- Certificate and Mark sheet of last qualified examination
- Duly filled in application form
- Proof of admission
- Fee structure issued by the college
- Identity proof
- 2 Passport size photograph
- Proof of residence
- Details regarding the guarantor
- Income certificate
- Guardian’s Co-obligation statement
Candidates can avail maximum of Rs. 4 lakhs for courses in India. They will not be asked for any collateral security. Those who are applying for courses abroad can avail loan amount up to Rs. 7,50000/-. They can apply online for educational loan from the official website of banks concerned. Candidates are required to repay the loan within 1 year after the course or 6 months after getting job, whichever is earlier.
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