Education and Career Forum

sir i want to education loan for B.tech from a private engineering college. what proceses for edu loan and what documents for loan submit?

The main aim of the educational loan is to provide financial support from the banking system for all eligible and deserving meritorious candidates to pursue their higher education in India or abroad. The educational loan you have to take would depend on the course fees. The loan repayment period is between 5 and 7 years. The loan repayment will start after the completion of your course or six months after securing the job.

PROCEDURE :

1. Approach the nearest bank branch, in which you have an existing account.

2. Contact the institute that it has any tie up with banks for educational loan.

3. Obtain the checklist from the bank and keep yourself all required documents with you.

4. Compare the interest rates from all the banks and go ahead with which has lowest interest rate.

5. After submitting all the required documents, they will verify the documents and sanction the loan amount with in a very short period of time.

DOCUMENTS REQUIRED :

1. College admission letter which clearly specifies the academic fee, hostel fee etc..,

2. Attested photocopy of date of birth and residential address proof.

3. Attested photocopy of address and ID proof.

4. Photocopy of marks sheet and academic certificates.

5. Attested photocopy of Visa and passport for studies in Abroad.

6. Last 6 months bank statement.

Procedure of education loan :-

- You need to approach the nearest branch of any bank close to your residence from which you want to take education loan.
- You need to have a discussion with the branch manager concerning the education loan and its norms.
- Get to know all the details and take the prospectus of the college in which you are seeking admission while going for the discussion.
- Act as per the instructions of the branch manager to get your education loan sanctioned. If you are not satisfied, you can approach other bank.

Documents required will be specified by the concerned bank. So contact the branch manager for the same. However, in general the following documents are required.

- Certificates of academic background.
- Admission letter and rank card of the entrance exam (if any).
- Prospectus of the college where you are seeking admission.
- Income tax certificate of the co-borrower and house tax certificate (if any).
- Property papers in case of mortgage.