Education and Career Forum

Sir, I want to know the procedure to apply for education loan and what documents will be required at the time of application? What will be the interest rate and what kind of EMI will be deducted from my salary? Please reply as soon as possible or mail me on my email id: [email protected].

You need to approach a bank near your residence once you get admission call. Contact the branch manager to discuss the education loan terms and conditions. Get to know every detail of education loan scheme and act as per bank's instructions to get your loan sanctioned.

Documents which are required in general are :-
- Admission call letter from the concerned college.
- Fee structure/letter of the concerned course.
- Rank card of the entrance exam based on which you got admission if any.
- Prospectus of the concerned institute.
- House tax certificate or rent certificate.
- Your previous academic records.
- Income tax certificate of your family.
- Signed loan documents.

The interest rate fluctuates from time to time as per orders from Reserve Bank of India. Usually it ranges in between 13-14.5 percent and is computed as simple interest for the entire study period.

EMI will start at the time of repayment. You need to choose the repayment period which is usually maximum of 7 years. Then the bank will fix the rate of interest as per the prevailing interest and calculate the EMI which you need to repay every month to the bank.