Education and Career Forum

Sir,
Please help me to know that how I can apply for Education Loan? I want to do my MS in Abroad and I want to know about Education Loan. Please provide me the procedure in details.

Procedure to apply for education loan -

- Firstly, you need to get admission call from a recognised and reputed institute of abroad.
- Then you need to get the prospectus of the concerned institute.
- You need to approach any bank of your choice which is near your residence along with the prospectus.
- You need to talk with the branch manager concerning the education loan.
- Get to know the details of the education loan and the terms and conditions.
- If satisfied with the talk and if there is positive sign from the manager , act as per bank instructions to complete all norms, comply with the terms and conditions and get your education loan sanctioned.

You can get education loan upto 4 lakh rupees without any collateral security. To get education loan of more than 4 lakh rupees and less than 7.5 lakh ruppes, parents must be joint borrowers and third party guarantee in the form of collateral security should be provided to the bank. For getting education loan of more than 7.5 lakh rupees, you must have to submit tangible property documents as a collateral security to the bank. By completing the application procedure, your education loan will be processed within one or two weeks based on the bank.

You need to obtain the prospectus and the fee structure as well as the letter of intent from the University where you intend to take admission.
Once you do this you need to apply for the Loan to a Bank of your choice.
You must do as you are said by the Bank Officers.
You must also show a guarantor for the Loan that will be taken.
You must also show the Income tax return that is filed by the guarantor
Once you do this your Loan will be sanctioned by the Bank where you are applying for the Loan.