Education and Career Forum

Eligibility to apply for the bank loan for doing MCA after securing 60 percent in HSC and 62 percent in B.Sc? Can you please provide me with the details on this? Will I be granted for the loan or not? Can you please give me the information soon? Thank you!

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Eligibility to apply for the bank loan for doing MCA after securing 60 percent in HSC and 62 percent in B.Sc? Can you please provide me with the details on this? Will I be granted for the loan or not? Can you please give me the information soon? Thank you!

Students who have joined the MCA course through an entrance examination or merit based selection process are eligible to apply for an education loan. Students’ parents should sign the documents as co-borrowers, to get an education loan from a bank. They should contact the bank branch nearest to their permanent residence to apply for an education loan. They have to provide collateral security or third party security based on the loan amount. In general, education loans are offered to students based on academic strength, future employment prospects of the course, co-borrower’s financial standing, the institution in which student joined, etc.

Eligibility Criteria for obtaining bank loan is as follows:-

Candidate must be an Indian national

Candidate should have secured admission in any of the recognized College / Institute through written examination or through a selection process.

A candidate must have secured a minimum aggregate of 60% in class 12th for loan towards under graduate courses.

All nationalised banks will provide the educational loan to pursue higher education in India or abroad.

For studies in India the maximum education loan sanctioned is Rs. 7.5 lakh while for studying in Abroad is Rs. 15 lacs.

Some of the nationalised banks are State Bank of India, Bank of Baroda, Axis Bank, HDFC Bank, Punjab National Bank etc.