Education and Career Forum

Sir,
I need an Education Loan around Rs. 20 Lacs for my Bachelor's Degree in Australia and my course is 3 years long. Kindly tell me what is the procedure to apply for an Education Loan? What all documents are required?

Procedure to apply for education loan:

- Once you get admission call from a recognised institute in Australia , you need to approach bank to apply for education loan.
- Take the prospectus and admission letter of the concerned institute.
- Approach any bank near your residence and contact the branch manager.
- Have a detailed discussion with the branch manager concerning the education loan, its terms and conditions, formalities to complete.
- There will be many formalities since the loan amount is high and it will require mortgage as well.
- Act as per bank's instructions to get your loan sanctioned.

Documents required :-

- Your previous academic certificates.
- Your previous or ongoing scholarship proof.
- Your admission letter and rank card if admission done through entrance exam.
- Prospectus of the concerned institute.
- Proof of approval of the concerned institute by competent authorities.
- Income certificate of the family members.
- House tax proof, other property's tax proof, LIC and other income proof of the co-borrower.
- House tax proof, other property's tax proof, LIC and other income proof of the third party guarantor.
- Passport size photographs and fee structure proof of the concerned institute.
- Signed loan documents as per bank orders.
- Registry papers of mortgaged property.