Education and Career Forum

How can we get the education loan & what is the limitation of the loan & what is the process the loan money submission????????????

Education Loans have increased the standards and quality of education to a great extent. It has brought the entire education of the world under one umbrella where a student can go to foreign lands to pursue various courses without the tension of their financial stability. Now coming to your queries.

How can we get education loans?
→ Education loan can be received from any nationalized and private banks of India. You need to approach the concerned branch manager and discuss with him/her regarding the loan amount. He/She will put forward all the norms and conditions of the loan. If you are compatible with the norms and conditions and fulfill all the clauses of the bank then your loan will be sanctioned. But before that you need to open an account in their branch if you do not have. The bank will analyze the entire matter and will sanction when documents are authorized and you sign the requisite document papers of the loan.

What is the limitation of the loan?
→ For study in India, the maximum loan amount is 10 lakhs and for study abroad the maximum loan amount is 20 lakhs. However for loan above 4.5 lakhs needs a third party guarantee and for loans more than 7.5 lakhs require mortgage of some property having good market value.

What is the process of loan money submission?
→ There are various ways of submitting loans. You can pay only the interest during the entire study period and repay the loan at one time at any time during the study period. For that you need to talk to the concerned branch manager. After your study period, you can repay the loan as a lump sum in one or two installments. Otherwise when you will get job, the bank will deduct a specific amount from your salary so that the loan is repaid. For all these cases, you need to discuss with the branch manager before repaying the loan. He/She will guide you with the entire formalities which are needed to be done to ensure a proof of your repayment of loan.

In case you do not get job after completion of your study period, the bank will give you a time of six months after which it will ask you to repay the loan,be it from any source.

As a student, you can pay only the interest during the entire study period and then repay the loan at one time during the study period. Try to talk to the branch manager and after the study period, you can repay the loan as a lump sum in one or two times. You can also repay after getting job, the bank will deduct the EMI from your salary. 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.