Education and Career Forum

What types of account needed, how to get education loan for higher education
how to fill up withdrawal form,cheque,cross cheque?

You need to follow the below procedure to get education loan.

Step 1 :- Approach the nearest branch of any bank to your residence.
Step 2:- Have a discussion with the branch manager or the administrative officer regarding the education loan.
Step 3 :- Get to know all the criteria and norms of education loan.
Step 4 :- Furnish all the requisite documents to the bank.
Step 5 :- DO as directed by the branch manager or the administrative officer.

You need to have a Savings Account in order to get an education loan.

Whenever fees will be needed to pay to the educational institute where you will be studying, you need to write an application to the branch manager to reimburse the loan amount in order to pay the fees. The manager will either pay the fees online through NEFT/RTGS or he/she may issue a Demand Draft. There is no need of cheque or any other mode of payment.

Education loans mainly depend on the worthiness of the borrower. It is completely bank’s discretion to sanction the loan after assessing your credit worthiness. In a way, the bank also checks out the merit of the borrower. It is on the basis of the marks scored in the entrance examination, you will get the loan sanctioned. You need to visit the nearest bank branch where you and family members hold accounts. Your merit score will decide the sanctioning part as bank officials check the borrower’s credibility. You will not receive the amount directly but the bank will directly deposit the amount in the name of the institute.