Education and Career Forum

I am a btech stdnt(eee) of vry poor family. 60000 is my rank in JEE and 64% in hs. Am i eligible to get any loan? How to do?

Dear Aspirant,
We understand your condition and value your spirit of fighting inspite of financial instability in your family. But you need not worry as you can surely get the education loan which will help you in pursuing B.Tech course. You can take loan from any of the bank of your choice. But you should keep in mind that incase you take a loan of more than 4.5 lakhs you need a third party guarantor who can be anyone- your neighbour, your uncle,etc and if you are taking a loan of more than 7.5 lakhs then you need to keep some property of your family as mortgage which can be a house,furniture, etc. Hence you can take a loan of 4.5 lakhs easily. Nowadays the norms of education loans have been made much more lenient, so getting education loans sanctioned is easier.

You just need to follow the below steps :-

--> Approach any bank with guardian of yours.

--> Speak to the branch manager of the bank. Have a discussion regarding the education
loan with the branch manager.

--> Get to know all the info regarding the terms and conditions.

--> Get to know what all formalities you have to complete.

--> Do as directed by the branch manager. Complete all the requisite formalities.

--> Furnish all the documents required by the bank.

--> Comply with the norms of education loan and then sign the requisite loan documents.

Your loan will be sanctioned.

Education loan will provide respite in pursuing B.Tech course in IIT. You can take loan from any of the bank and if your course fee is between*Rs*4*lakh to*Rs*7.5*lakh, you need a guarantor who promises to pay the amount in case you fail to pay back the loan. You need documents like passport size photo, income proof/latest income tax return, last 6 months bank account statements during the sanctioning. Bank interest varies between 12 to 13 per cent annually.